NCSHA Washington Report | November 14, 2025
After the longest shutdown in history, the federal government is back open. Five questions are top of mind in housing policy circles heading into the holiday season.
How will the White House respond to housing affordability concerns in the aftermath of the midterms?
The Trump Administration has long understood high housing costs are at the heart of the affordability issue dominating American politics. Treasury Secretary Scott Bessent said over Labor Day weekend that President Trump was considering declaring a national housing emergency this fall. There are lots of ways Washington could help make housing more affordable — top of our list would be relieving excessive environmental, labor, and especially domestic sourcing rules strangling home building — but we’ve yet to see anything of major substance.
What about that Fannie – Freddie IPO?
President Trump and FHFA Director Bill Pulte have each mused since the summer about the possibility the federal government might sell some of its effective ownership (in the form of U.S. Treasury-held stock warrants) of Fannie Mae and Freddie Mac, in what could be the biggest public offering of all time. To whatever extent administration officials may be exploring that idea behind the scenes, the president and Pulte have more recently floated other ideas for the companies to potentially drive down mortgage payments, such as a 50-year mortgage and a “portable” one.
When will new regulations on citizenship and work requirements in public and assisted housing be released?
The White House has been reviewing two new rules written by HUD. One would deny entire households with any undocumented members access to housing aid, instead of continuing to prorate assistance to citizens and others with eligible immigration status. The other would allow public housing authorities and private-sector owners of HUD-assisted properties to impose work requirements on residents and time limits on their federal support. Either new policy, if widely adopted, would have huge financial ramifications for residents, landlords, and state and local agencies.
Which jurisdictions will be able to meet new requirements for homeless housing funding?
HUD has made major changes to the main source of funding for homeless housing: Continuum of Care grants (see below). The new approach emphasizes transitional housing and services, a sharp departure from the “housing first” strategy that both parties have long embraced, based on evidence of its effectiveness. State and local agencies and their nonprofit partners will also need to establish work and addiction treatment requirements for the people they serve and agree to “cooperate and assist” in enforcing camping bans in order to be competitive for funding, potentially putting them at odds with other policies of their jurisdictions.
Will housing’s bipartisan momentum in Congress continue?
The months leading up to the shutdown were the most productive period for bipartisan legislating on affordable housing Capitol Hill had seen in years. A major housing policy bill passed the Senate, and key parts of it started moving in the House, where efforts to reauthorize and improve the HOME housing block grant were also gaining steam. Even as tensions between the two parties are as high as ever, 46 days from the start of an election year, Republicans and Democrats have found some common ground on housing affordability, which is a political trend that’s actually encouraging.
Stockton Williams | Executive Director
In This Issue
- President Trump Signs Funding Measure to Reopen Federal Government After 43-Day Shutdown
- HUD Issues New Continuum of Care Grants NOFO
- Looking Ahead
President Trump Signs Funding Measure to Reopen Federal Government After 43-Day Shutdown
On Wednesday night, President Trump signed legislation to end the longest federal government shutdown in U.S. history, allowing federal operations to resume as of Thursday morning. The package includes a three-bill “minibus” that funds the Department of Agriculture (USDA) and the Food and Drug Administration, the Department of Veterans Affairs and military construction projects, and the operations of Congress through the rest of FY26. All other federal agencies, including the Department of Housing and Urban Development (HUD), are funded through a short-term continuing resolution (CR) at current funding levels until January 30, 2026.
The legislation also guarantees that federal employees issued a reduction-in-force (RIF) notice during the shutdown are to be fully reinstated and all furloughed federal employees will receive backpay from October 1, when the shutdown began. There is also a ban on future RIFs for any department or agency at least until January 30, when the CR is set to expire. For more information on the FY26 USDA funding bill, see NCSHA’s blog.
The House passed the funding measure 222–209 Wednesday evening, with six Democrats voting to approve the measure and two Republicans voting against it. The Senate passed the legislation 60–40 Monday night, with eight Democrats voting to approve the bill and one Republican voting against it.
HUD Issues New Continuum of Care Grants NOFO
On Thursday, HUD issued a notice of funding opportunity (NOFO) for the FY25 Continuum of Care (CoC) Competition and Youth Homeless Demonstration Program Grants. The NOFO makes $3.9 billion available to state and local governments, nonprofits, and public housing authorities for efforts to end homelessness, rehouse those experiencing homelessness, and promote self-sufficiency among individuals and families experiencing homelessness. It differs from previous CoC NOFOs by lowering the percentage of assistance available for permanent supportive housing and recommending applicants direct resources instead toward outreach, intervention, and self-sufficiency. The NOFO also says CoCs should work with law enforcement, first responders, and their state and local governments to reduce encampments, public camping, and public drug use in order to address barriers to maintaining housing and increasing self-sufficiency and should prioritize projects that provide the treatment and services people need to recover and regain self-sufficiency, including on-site behavioral health treatment, robust wraparound supportive services, and participation requirements.
The full announcement provides additional information on selection criteria and submission requirements. Applications are due January 14.
Legislative and Regulatory Activities
- January 14 | NOFO Application Deadline | HUD Continuum of Care Competition and Youth Homeless Demonstration Program Grants
NCSHA, State HFA, and Industry Events
- November 14 – 16 | 2025 NAR NXT | Houston, TX
Greg Zagorski will speak at this event. - November 17 – 19 | AHF Live | Chicago, IL
Jennifer Schwartz will speak at this event. - December 2 | National Women’s Affordable Housing Network Quarterly Policy Update | Virtual
Jennifer Schwartz will speak at this event. - December 3 | National Housing Conference’s 2025 Solutions for Affordable Housing | Washington, DC
Stockton Williams will speak at this event. - December 5 | Early-Bird Registration Deadline: NCSHA’s HFA Institute 2026 | Washington, DC
- December 5 | Application Deadline | Vera Institute of Justice RFP: Opening Doors Technical Assistance
- December 16 | Housing Supply 2025: Market & Policy Achievements & 2026 Opportunities | Virtual
- January 11 – 16 | NCSHA’s HFA Institute 2026 | Washington, DC
