NCSHA Washington Report | February 27, 2026

More than a few affordable housing organizations and projects have taken the name Nehemiah in honor of the 5th century B.C. Jewish leader who rebuilt the walls of Jerusalem, most famously East Brooklyn Congregations’ initiative for the last 40-plus years to build thousands of homes in some of New York’s toughest neighborhoods.

The Rev. David Bowers finds running through the Book of Nehemiah a detailed “Biblical roadmap” for a new generation of faith organizations looking to “arise and build” in response to one of their communities’ greatest needs. Bowers, who helps many of them do that as an executive at Enterprise Community Partners, gave a rousing keynote address at a national summit of marchers in the YIGBY (“Yes in God’s Backyard”) movement in Alexandria, Virginia, this week.

Among the assembled were religious leaders, builders, businesspeople, and government officials — a similar group, Bowers observed, to the one Nehemiah mobilized. The optimism in the room was contagious, grounded by accounts of lives changed and lifted by evidence of momentum on several fronts.

One indicator is the amount of real estate faith-based groups control that could conceivably be developed for housing — as much as 2.6 million acres worth, according to the Center for Geospatial Solutions at the Lincoln Center. The group acknowledges its estimate that more than 700,000 homes could be created on the most optimally located parcels probably “understates the true scale of the real estate holdings of religious organizations.”

Indeed, the Church of Jesus Christ of Latter-Day Saints is the fifth-largest landowner in the country, and the U.S. Conference of Catholic Bishops “owns property in nearly every county in the U.S.,” according to Route Fifty. The New York Times reported that as many as 25 – 33 percent of Christian church-owned properties — roughly 100,000 — may be sold in the next decade, suggesting potential redevelopment opportunities could exist all over the place.

The YIGBYs, squarely in the prophetic tradition, are also speaking truth to power and gaining traction. California, Florida, and Washington have passed laws recently to facilitate faith-based development. Legislation was introduced in at least seven more states last year, according to Stateline. Cities from San Diego to St. Petersburg have enacted similar policies. In Atlanta, houses of worship are expected to contribute 2,000 of the 20,000 new affordable homes the city plans to create over the next eight years.

Faith-based and -inspired organizations have delivered affordable housing using the main federal programs for multifamily rental development from the long-gone HUD programs of the ’60s and ’70s to the Low-Income Housing Tax Credit today.

Less well-known, besides the work of Habitat for Humanity, are efforts by religious organizations and their allies to build for-sale homes. Entrepreneurs like summit participant Wayne Johnson, whose Presidential Cottage Homes wants to help faith-based groups “create tens of thousands of housing units throughout the country,” may change that.

Whatever type of project — and whatever one believes — houses of worship bring a lot to the table in creating more of the homes the nation needs.

Stockton Williams | Executive Director

In This Issue

• Mamdani Reappoints Enderlin NYC HDC President
• Senate to Consider Housing Legislation Next Week
• SOTU, New Senate Bills Give Momentum to Federal Investor Single-Family Purchase Ban
• Fannie Mae, Freddie Mac Revise Duty-to-Serve Plans
• HUD Revokes 30-Day Notice Prior to Nonpayment-of-Rent Lease Terminations in Public Housing, Project-Based Rental Assistance
• Looking Ahead

Mamdani Reappoints Enderlin NYC HDC President
On Tuesday, Mayor Zohran Kwame Mamdani reappointed Eric Enderlin president of the New York City Housing Development Corporation (NYC HDC). Enderlin has served as president of the country’s largest municipal housing finance agency since 2016. Under his leadership, NYC HDC has issued more than $2 billion in bonds annually and financed the creation and preservation of thousands of affordable homes each year.

Senate to Consider Housing Legislation Next Week
The Senate is expected to begin consideration of the ROAD to Housing Act (S. 2651) Monday evening, after Senate Majority Leader John Thune (R-SD) filed a motion yesterday to initiate debate on the bill. While Thune technically filed a cloture motion on the Housing for the 21st Century Act (H.R. 6644), which passed the House of Representatives overwhelmingly two weeks ago, the Senate will use the House bill as vehicle to substitute the ROAD to Housing Act.

The Senate initially passed the ROAD to Housing Act in October as part of the National Defense Authorization Act after the ROAD bill unanimously passed the Senate Banking Committee. While the Senate does not have to pass the ROAD to Housing Act again, it is choosing to do so to highlight the bill and boost its position in negotiations with the House. The Senate may amend the ROAD to Housing Act to incorporate some of the provisions of the Housing for the 21st Century Act, but it is not yet clear which ones. The Senate may also consider adding language codifying President Trump’s proposal to ban single-family home purchases by institutional investors, on which more information is available below.

In advance of Senate consideration of the ROAD to Housing Act, NCSHA sent a letter to House and Senate leadership and the chairs and ranking members of the Senate Banking and House Financial Services committees expressing our thanks for their work and underscoring the provisions in both bills we believe are most impactful and should be included in the final legislation upon enactment. NCSHA’s priorities outlined in the letter include both bills’ improvements to the HOME Investment Partnerships Program, raising the cap on banks’ public welfare investments, modernization of rural housing programs, and other provisions that would help housing finance agencies achieve their missions.

SOTU, New Senate Bills Give Momentum to Federal Investor Single-Family Purchase Ban
Congress appears closer to considering legislation to limit single-family home purchases by institutional investors after a series of developments this week. In his State of the Union address Tuesday night, President Trump reiterated his previous calls for Congress to advance such a ban, arguing home purchases by institutional investors have prevented many working families from achieving the dream of homeownership. Last week, the administration shared with congressional committee leaders a draft proposal for legislation to ban investors who own more than 100 single-family homes from purchasing additional homes, with some exceptions.

Earlier this week, Senate Banking Committee Ranking Member Elizabeth Warren (D-MA) and 18 other Senate Democrats introduced their own legislation, the American Homeownership Act, to address this issue. This bill would prevent hedge funds, private equity investors, Wall Street banks, and other large investment funds, as well as any other entity that owns more than 50 single-family homes for rent, from utilizing certain federal tax deductions for the single-family and multifamily homes they own. Some new and affordable housing, including homes funded through the Housing Credit, would be excepted. Savings realized by the curbing of such tax exemptions would be used to provide additional funding for HOME and a first-generation down payment assistance program.

On Thursday, Senators Josh Hawley (R-MO) and Jeff Merkley (D-OR) introduced another bill that would prohibit large institutional investors from buying single-family homes and empower the U.S. Department of Justice with enforcement authority and prioritized antitrust review for large investor home purchases. Hawley also said he and Merkley would introduce tax legislation pushing large investors and hedge funds to divest their single-family real estate holdings.

On the other side of the Hill, House Financial Services Committee members briefly suggested the committee would consider similar legislation as soon as at a markup Wednesday, then said they were not going to mark up such legislation but instead would focus on working with the Senate and the administration on the legislation they appear to be developing. Committee Republicans at first expressed reluctance to advance a ban, but some reportedly changed course after a meeting this week with Treasury Secretary Scott Bessent.

Fannie Mae, Freddie Mac Revise Duty-to-Serve Plans
The Federal Housing Finance Agency (FHFA) late last week approved a series of revisions to Fannie Mae’s and Freddie Mac’s Duty-to-Serve Underserved Markets Plans for 2025 – 2027. The Underserved Markets Plans outline how the government-sponsored enterprises (GSEs) intend to fulfill their obligations under FHFA’s Duty-to-Serve rule. Many of the modifications reduce or eliminate the GSEs’ purchase targets in several areas, including Housing Credit investments, rural housing, manufactured housing, and energy-efficiency loans, though several new goals are added.

Notably, Freddie Mac eliminated its objective to make Housing Credit equity investments for homes that serve high-needs rural populations; Freddie initially had planned to make nine such investments during the plan cycle. In its justification for the proposed change, Freddie Mac said the market for such credits is too limited to justify a specific goal. The GSE pledged to continue making Credit investments that support affordable housing for high-needs rural populations through its general goal to make such investments for homes in rural areas. Freddie Mac also removed its objective to investigate the use of the Qualified Contract (QC) right in Housing Credit transactions, arguing the QC right has little impact on its portfolio and many HFAs have taken steps to limit its use.

Both Fannie Mae and Freddie Mac rescinded objectives to finance energy- and water-efficiency loans for multifamily and single-family properties, with both firms citing changing priorities. Freddie Mac also eliminated its loan purchase objective for resident-owned manufactured housing communities. Fannie Mae added new goals to make deposits in rural Community Development Financial Institutions to promote single-family lending in rural areas and to change its manufactured home lending products to support the purchase of single-width homes.

HUD Revokes 30-Day Notice Prior to Nonpayment-of-Rent Lease Terminations in Public Housing, Project-Based Rental Assistance
On Thursday, the U.S. Department of Housing and Urban Development (HUD) published in the Federal Register an interim final rule revoking regulations put in place in 2021 and 2024 requiring public housing agencies (PHAs) and owners of properties receiving project-based and other project rental assistance to notify a tenant 30 days before terminating a lease for nonpayment of rent. The interim final rule reinstates the policy in place prior to 2021 that required notice periods of five to 30 days, depending on the program.

By issuing the policy change as an interim final rule, HUD bypasses the usual procedure of first issuing a proposed rule before putting policy into effect. HUD maintains the move is justified as these properties continue to see significant financial instability due to unpaid arrearages and because of the many comments HUD received highlighting the financial burden on PHAs and owners prior to implementation of the 2024 final rule. While the interim final rule is effective March 30, HUD is accepting comments until April 27. To help NCSHA consider whether to submit comments and what feedback to provide, please send any input to Jennifer Schwartz by April 17.

Looking Ahead

Legislative and Regulatory Activities

• March 4 | House Financial Services Committee | Markup of Various Measures
• March 5 | House Appropriations Transportation, Housing and Urban Development, and Related Agencies Subcommittee | Hearing: Inspectors General for the Departments of Transportation and Housing and Urban Development
• March 26 | House Financial Services Committee’s Housing and Insurance Subcommittee | Hearing: Mitigation and Multiple Loss Properties: Factors Influencing the High Cost of Flooding
• April 10 | Comments Due to NCSHA | HUD Proposed Rule: Verification of Eligible Status for HUD-Subsidized Housing Assistance
• April 17 | Comments Due to NCSHA | HUD Interim Final Rule: Revocation of the 30-Day Notification Requirement Prior to Termination of Lease for Nonpayment of Rent
• April 21 | Comments Due | HUD Proposed Rule: Verification of Eligible Status for HUD-Subsidized Housing Assistance
• April 27 | Comments Due | HUD Interim Final Rule: Revocation of the 30-Day Notification Requirement Prior to Termination of Lease for Nonpayment of Rent

NCSHA, State HFA, and Industry Events

• March 9 – 11 | NAHRO Washington Conference | Washington, DC
  Jennifer Schwartz will speak at this event.
• March 17 | 2026 COSCDA Program Managers Training Conference | Washington, DC
  Garth Rieman will speak at this event.
• March 18 | New Hampshire Housing Homeownership Conference 2026 | Concord, NH
  Stockton Williams will speak at this event.
• March 18 | National Housing Supply Summit | Washington, DC, and Virtual
• March 18 – 19 | Yardi Forum: Affordable Housing and PHA | Boston, MA
  Jennifer Schwartz will speak at this event.
• March 20 | Early-Bird Registration Ends | NCSHA’s 2026 Legislative Conference | Washington, DC
• March 23 – 26 | NAHMA Top Issues in Affordable Housing Conference | Washington, DC
  Jennifer Schwartz will speak at this event.
• April 1 | Entry Deadline | NCSHA’s 2026 Awards for Program Excellence
• April 14 – 16 | NIFA Innovation Expo 2026 | Lincoln, NE
  Jennifer Schwartz will speak at this event.
• April 21 – 23 | NCSHA’s 2026 Legislative Conference | Washington, DC
• April 21 – 23 | Affordable Housing Investors Council Spring Meeting | Scottsdale, AZ
  Jim Tassos will speak at this event.
• June 2 – 5 | NCSHA’s Housing Credit Connect & Marketplace | St. Louis, MO