In recognition of American Housing Month, the American Bankers Association Foundation today released a new infographic that examines affordable housing challenges in the U.S. and what America’s banks are doing to help ease the burden on consumers.
As the Foundation infographic shows, the rising cost of construction for new housing developments, as well as zoning and land-use regulations, have contributed to a shortage of affordable multi-family and low-income units. This limited supply of affordable housing has resulted in nearly one-third of American households devoting more than 30 percent of their income to housing costs.
“America’s banks are keenly aware of the housing affordability challenges facing the country,” said Rob Nichols, ABA president and CEO. “That’s why institutions across the country are stepping up and working closely with non-profits, Community Development Financial Institutions, State Housing Finance Agencies, the Department of Housing and Urban Development, as well as Fannie Mae and Freddie Mac to ensure their customers have access to the most affordable products and services.”
By working with these groups, banks can provide loans with flexible underwriting standards, secure lower interest rates and closing cost assistance for low-and moderate-income buyers. Additionally, banks work with various housing agencies to identify opportunities for rental housing development and preservation.
“Together, these offerings help bankers meet business development and community reinvestment goals and allow their customers find a place to call home in a challenging housing market,” said Corey Carlisle, ABA Foundation executive director.
In addition to the infographic, the ABA Foundation will provide other resources throughout American Housing Month – including tip sheets in English and Spanish, as well as two webinars — to help educate bankers and consumers on the issues and possible housing options. These materials will cover the following topics:
- Choosing your first home;
- Improving your credit score;
- Saving for a down payment;
- Understanding basic housing terminology;
- Helping seniors live at home longer;
- And more.
To register for the June Housing Month webinars, click here.
For more information on American Housing Month, visit aba.com/housingmonth.
The American Bankers Association is the voice of the nation’s $18 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard nearly $14 trillion in deposits and extend more than $10 trillion in loans.
Through its leadership, partnerships, and national programs, ABA’s Community Engagement Foundation (dba ABA Foundation), a 501(c)3, helps bankers provide financial education to individuals at every age, elevate issues around affordable housing and community development, and achieve corporate social responsibility objectives to improve the well-being of their customers and their communities.