The $1.5 trillion omnibus spending bill President Biden was expected to sign at deadline Friday promises to bring relief to the single- and multifamily mortgage markets by heading off several threats to operations supporting the flow of funds into U.S. housing.
In addition to funding broad, systemic risk-management measures like a 72-hour cyberattack reporting requirement, the 2,741-page bill avoids a federal shutdown, which could’ve impeded the functioning of a domestic housing-finance market largely dependent on its government ties. Although government and industry stakeholders have made strides in their preparedness for business continuity concerns after having to navigate several large-scale natural disasters, the pandemic and past lapses in federal funding authorization, government shutdowns have remained a significant threat to the housing market.
In addition to removing that threat, the bill’s language addresses other concerns that could otherwise impede access to government-related financing aimed at helping consumers access affordable housing. One aspect of the bill also addresses a key concern for private mechanisms used to fund purchases of residential real estate and other assets.
“These provisions will help consumers, including low-to-moderate-income tenants and borrowers, participate in both the rental and homeownership experience,” said Bob Broeksmit, president and CEO of the Mortgage Bankers Association, in an .ed statement.
Specific housing-finance issues the bill aims to alleviate include complications related to Libor’s phase-out, outdated Federal Housing Administration technology in need of modernization, continued availability of federal flood insurance and delays affecting the flow of government funds available to finance affordable, multifamily properties.
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