A Message from NAHB’s Chair: Working with the White House to Provide Housing Stimulus

Disaster Response
Published
A Message from NAHB Chairman Dean Mon:

With the coronavirus hitting all sectors of the economy, NAHB is working diligently to mitigate its effects on the residential construction sector. Congress has passed an emergency response coronavirus bill that includes tax credits to help businesses and self-employed individuals to cover some of the costs of mandatory sick leave included in the legislation. More details on the bill can be found here.

Earlier this week, NAHB participated in a conference call with White House officials to discuss strategies to provide needed aid and stimulus to the housing sector in the wake of the coronavirus threat that is wreaking short-term havoc on the national economy.

I am pleased to report that less than 48 hours later President Trump put our recommendation to provide mortgage relief to home owners into effect when he announced that HUD is suspending foreclosures and evictions for mortgages insured by the Federal Housing Administration through the end of April.

Below is a list of other topics we discussed with the White House to keep the housing sector running with as little disruption as possible during this outbreak:

  • Urge Congress to temporarily eliminate the payroll tax to provide additional cash reserves to businesses and individuals.
  • Work with HUD and USDA to ensure that federal rental assistance programs are properly funded.
  • Ensure uninterrupted processing of applications for federal mortgage insurance and loan guarantee programs assistance.
  • Provide emergency rental assistance to help those unable to pay their rent due to lost income from COVID-19.
  • Ensure there are no delays to Low-Income Housing Tax Credit (LIHTC) projects that are in the pipeline.
  • Establish a minimum 4% LIHTC rate for acquisition and bond-financed projects, which would provide more certainty and flexibility in financing these properties.
  • Fix Davis-Bacon split wage determinations for FHA-insured multifamily mortgages to provide certainty to lenders and developers.
  • Provide emergency HOME and CDBG funding to stimulate housing construction and public works spending on state and local projects.
  • Let Fannie Mae and Freddie Mac purchase AD&C loans from community banks to help maintain the flow of credit for home building.
  • Provide a one-year extension to the GSE Qualified Mortgage patch to prevent undue disruptions to the mortgage industry.
  • Allow investors to use the FHA203(k) program as a source of financing for renovation activities.
  • Restore new construction approvals in the HUD condo rule to boost the supply of affordable housing.
  • Provide relief for federal business license renewals, training and certification classes affected by the outbreak.
  • Ensure the federal government issues permits and other approvals promptly.
  • Ease the SBA Economic Injury Disaster Loan requirements and allow builders to use these loans for construction of spec homes.
  • Ensure any aid to targeted to industries must be equally available to trade associations of any size that have been financially harmed by the coronavirus pandemic.
  • Consider options to keep home construction active amid government guidelines for work activities.

This is not an inclusive list. Our message to the White House is simple, yet urgent: As housing goes, so goes the economy. We are just at the beginning stages of this process. We'll reevaluate as the situation progresses and will be making more policy asks as warranted.

Meanwhile, builders in the near-term should be prepared for approval and other business delays, check on their subs and workforce, and watch their cash reserves. Once mitigation efforts end to check the spread of the coronavirus, housing should be set for a rebound given low mortgage rates.

NAHB continues to work tirelessly and do all we can at the local, state and federal levels to assure that the housing sector continues to remain healthy during this difficult time.

As always, I will keep you informed of any significant updates as they arise.

You can visit NAHB's Coronavirus Preparedness and Response section on nahb.org to keep current on this rapidly changing situation.

Subscribe to NAHBNow

Log in or create account to subscribe to notifications of new posts.

Log in to subscribe

Latest from NAHBNow

Construction Statistics

Jun 16, 2025

Permit Activity Declines for Fourth Consecutive Month

Housing permits continued a downhill trend for the fourth month in a row, pointing to a broader residential construction slowdown for 2025. Single-family permits were down in three out of four regions, while multifamily permits were up in three out of four regions. See the 10 largest markets for single-family and multifamily activity.

Workforce Development

Jun 13, 2025

Podcast: Addressing the Labor Shortage through Advocacy and Key Collaborations

On the latest episode of NAHB’s podcast, Housing Developments, CEO Jim Tobin and COO Paul Lopez are joined by SkillsUSA Executive Director Chelle Travis to discuss a new collaboration with NAHB’s Professional Women in Building (PWB) Council to bridge the workforce gap in construction.

View all

Latest Economic News

Economics

Jun 13, 2025

Household Real Estate Asset Value Falls to Start the Year

The market value of household real estate assets fell from $48.1 trillion to $47.9 trillion in the first quarter of 2025, according to the most recent release of U.S. Federal Reserve Z.1 Financial Accounts. The value of household real estate assets declined for three consecutive quarters after peaking at $48.8 trillion in the second quarter of 2024 but remains 2.1% higher over the year.

Economics

Jun 12, 2025

Producer Prices Rise in May: New Construction Input Analysis

Prices for inputs to new residential construction—excluding capital investment, labor, and imports—rose 0.2% in May, following a (revised) decrease of 0.2% in April. These figures are taken from the most recent Producer Price Index (PPI) report published by U.S. Bureau of Labor Statistics.

Economics

Jun 11, 2025

Inflation Up Slightly in May

Despite inflationary pressure from tariffs, inflation in May rose slightly but came in softer than expected. The Consumer Price Index increased from 2.3% in April to 2.4% in May year-over-year, according to the Bureau of Labor Statistics’ report.