New Proposal Would Change Affordable Housing Finance in Future System

According to a Bloomberg article, a new plan from the Bipartisan Policy Center's Michael Stegman, formerly a housing policy adviser under President Obama, would seek to eliminate the GSEs' affordable housing goals and instead require the GSEs in a future system to offer plans to provide financing to underserved markets, and include metrics by which to judge the success of such programs.

According to the article, the plan also would increase the amount of money the GSEs deploy to help develop affordable rental housing and to expand mortgage access. Bloomberg notes that the elimination or preservation of affordable housing goals has been a sticking point obstructing legislative efforts to reform housing finance, but that if a proposal such as the one offered by Mr. Stegman achieved bipartisan acceptance, it may lay the groundwork for future housing finance reform legislation.

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