March 1, 2023

by Elizabeth R. Elstien

Below are some President Joe Biden-administration initiatives that impact the general real estate industry.

The U.S. Department of Housing and Urban Development (HUD) premium charged to FHA-insured borrowers will be reduced for those with case numbers endorsed on or after March 20, 2023, saving borrowers on average $800 or more a year.  This is on top of the other HUD-implemented changes to make housing more affordable and accessible for low- and moderate-income Americans, such as adding positive rental history as one factor for a lender to evaluate creditworthiness. For more HUD changes, check their Factsheet.

It will be a standard requirement that all construction materials–lumber, glass, drywall, fiberoptic cable–used to build federal infrastructure projects be made in the U.S. Infrastructure projects fall under this requirement, even if only partially federally funded. Roads, bridges, and highways will be made with American products, too. Made in America might be a thing again.

In January of this year, the Blueprint for Renters Bill of Rights was announced. This bill sets guidelines for safe, quality, accessible, and affordable rental housing. Several federal agencies will be part of implementing this bill, including Federal Housing Finance Agency (FHFA), HUD, Federal Trade Commission (FTC), Department of Agriculture (USDA), Department of Justice (DOJ), Consumer Financial Protection Bureau (CFPB), and the Department of Defense (DOD).