June 10, 2024

Today, a broad coalition of groups representing America’s housing providers, lenders and residents sent members of Congress and the Biden administration a letter outlining a number of bipartisan policies to address the causes of rising insurance premiums across the nation’s housing market. The letter focused in particular on the significant negative impacts such increases have had on all stakeholders, including, but not limited to, single-family, multifamily, and affordable housing developers, lenders, investors, owners and our nation’s renters.

Rising insurance costs are one of several factors that are mostly beyond the control of housing providers, driving price increases. The volatility in the insurance market over recent years hinders the ability of housing providers to deliver the housing that is so desperately needed. Since housing costs are a major driver of inflation, addressing insurance and other operating costs challenges in the rental market will also have positive follow-on effects for the national economy.

Ultimately, our primary objective in this letter is to ensure housing providers can meet the long-term housing needs of the nearly 40 million Americans who live in rental homes and continue to foster the growing contributions rental housing makes to our economy and communities throughout the country.

Letter signatories include:

Affordable Housing Tax Credit Coalition
American Seniors Housing Association
Council for Affordable and Rural Housing
CRE Financial Council
Fairview Housing Partners
Housing Advisory Group
Housing Assistance Council
Institute of Real Estate Management
Local Initiatives Support Corporation
National Affordable Housing Management Association
National Apartment Association
National Association of Home Builders
National Association of Housing Cooperatives
National Association of Residential Property Managers
National Housing & Rehabilitation Association
National Housing Conference
National Leased Housing Association
National Multifamily Housing Council
National NeighborWorks Association
Stewards of Affordable Housing for the Future
The Real Estate Roundtable

(Reprint from NMHC Press Release)