NCSHA Commends Biden – Harris Administration for Reducing FHA Insurance Premiums, Making Homeownership More Affordable for Working Families

WASHINGTON, DC — The National Council of State Housing Agencies (NCSHA), on behalf of the nation’s state housing finance agencies (HFAs), commends the Biden – Harris Administration for today’s announcement that it will reduce annual mortgage insurance premiums for FHA home buyers, lowering costs for nearly a million home buyers and homeowners this year.

“Cutting the cost of FHA insurance will help more working families access affordable homeownership through state HFA programs and other financing options,” said NCSHA Executive Director Stockton Williams. “Today’s announcement by the administration will also open doors to homeownership opportunity for more households of color.”

NCSHA has urged the Federal Housing Administration several times in recent years to consider reducing its mortgage insurance premiums, arguing that it would increase access to homeownership. FHA’s single-family mortgage insurance programs are key to state HFAs’ affordable homeownership efforts. In 2021, 61 percent of HFA program loans were insured by FHA.

About the National Council of State Housing Agencies
For more than 50 years, state housing finance agencies have played a central role in the nation’s affordable housing system, delivering financing to make possible the purchase, development, and rehabilitation of affordable homes and rental apartments for low- and middle-income households.

The National Council of State Housing Agencies is a nonprofit, nonpartisan organization created to advance, through advocacy and education, the efforts of the nation’s state HFAs and their partners to provide affordable housing to those who need it. NCSHA’s vision: An affordably housed nation. Learn more at www.ncsha.org.

For more information, contact Lisa Bowman, Director of Marketing and Communications.