NCSHA Washington Report | September 5, 2025

Our annual September homage to the Harper’s Index is a “housing emergency” edition.

Median age of a first-time home buyer last year: 38
Median age in 2020: 32
Price per square foot of a U.S. home in July: $231
Price in July 2020: $166
Percentage of home builders who reduced prices for new homes in August: 37 percent

Increase in the nationwide average price of a starter home over the past five years: 54 percent
Number of cities where the price of a typical starter home exceeds $1 million: 233
Number five years ago: 85
Percentage of new homes built by one of the 10 largest home builders in 2024: 45 percent
Percentage in 2000: 19 percent

Median asking rent for apartments completed in the fourth quarter of last year: $1,900
Share of renters for whom this amount would create a “severe cost burden”: roughly half
Reduction in the number of apartments available for rent between $600 and $999 nationwide since 2015: 5 million
Percentage of America’s metropolitan areas where an income of at least $50,000 is required to affordably rent a two-bedroom apartment: 42 percent
Increase in average operating expenses in U.S. apartments, per unit, from 2001 to 2024: $445

Number of states where 15 percent or more of all apartment starts are financed by the Low-Income Housing Tax Credit: 40
Average amount by which LIHTC-financed project development costs increased for the 50 largest developers from 2022 – 2024: 32 percent
Number of federally subsidized apartments with remaining rent-restricted affordability periods of five years or less: approximately 375,000
Median length of time households with federal rental assistance receive it: 4 – 5 years
Reduction in purchasing power of HUD rental assistance programs, due to inflation, between 2010 and 2024: $28 billion

Number of states that have adopted “policies aimed at increasing the supply of housing” recently: more than 20
Number of pro-housing supply bills passed at the state level this year as of July 1: 104
Portion of total private activity bond authority states allocated to their housing finance agency in 2024: two-thirds
Number of states with a state-funded rental assistance program: 35
Number of states with a state tax credit for affordable apartment construction: 31

Number of governors’ races in 2025 and 2026: 38
Of the two in 2025 — in New Jersey and Virginia — number of races in which housing is a top issue: 2
Percentage of all voters in the 2024 presidential election who said they “completely agree” with the statement “the increasing costs of housing and everyday expenses was the most critical issue to my vote”: 21 percent
Percentage of Trump voters who said so: 33 percent
Share of Americans who say they are “concerned about their ability to maintain stable housing,” whether they own or rent: 69 percent

Stockton Williams | Executive Director

In This Issue

• Arrington Named Arkansas DFA Interim President
• NCSHA Collects State Guidance on 25 Percent Test Implementation
• Trump Administration May Declare National Housing Emergency
• Changes to Fair Housing, Tenant Protection Regulations Pending Review
• Ivory Prize Nomination Period Open
• NCSHA in the News
• Looking Ahead

Arrington Named Arkansas DFA Interim President
The Board of Directors of the Arkansas Development Finance Authority (ADFA) approved Ro Arrington as interim president, effective August 29. Arrington has served as ADFA’s vice president of homeownership and public finance since 2014.

NCSHA Collects State Guidance on 25 Percent Test Implementation
A growing number of state housing agencies are issuing official guidance to operationalize the new 25 percent bond finance test for 4 percent Housing Credit developments enacted earlier this summer in the One Big Beautiful Bill Act. At least five states so far have issued guidance on the test, while many other states are expected to publish guidance by the end of 2025. NCSHA is compiling state 25 percent test guidance on its website. State agencies that have finalized their policies or know when they will be published should contact Deborah Yi to have that information included in NCSHA’s compilation.

Trump Administration May Declare National Housing Emergency
In an interview with the Washington Examiner over Labor Day weekend, Treasury Secretary Scott Bessent suggested the Trump Administration is considering declaring a “national housing emergency” to highlight efforts to increase housing affordability ahead of the 2026 midterm elections. While it is unclear what additional authorities such a declaration might unlock for the administration, Secretary Bessent alluded to lowering interest rates, simplifying zoning codes and building permitting, exempting some construction materials from tariffs, and possible changes related to closing costs, noting “everything is on the table.” Read the full interview.

Changes to Fair Housing, Tenant Protection Regulations Pending Review
Several modifications to regulations implementing fair housing and tenant protections are currently pending review by the Office of Information and Regulatory Affairs (OIRA), a division of the White House Office of Management and Budget. OIRA review precedes the issuance of proposed rules and other forthcoming regulatory actions, which typically provide the public an opportunity to comment prior to finalizing rule changes. In recent weeks, fair housing-related rules, including the Verification of Eligibility Status, also known as the “mixed-status” rule, which determines eligibility requirements for HUD assistance for households in which one or more members is undocumented, and regulations implementing the Fair Housing Act’s disparate impact standard, which addresses neutral policies and practices that have a disproportionately negative impact on protected classes, have gone to OIRA for review. A revision of HUD’s equal access to housing regulations also has been pending at OIRA since February.

Other policies currently under review at OIRA include one that would impact work requirements and term limits in HUD-assisted housing and another that would revoke the requirement for a 30-day notice prior to termination of a lease for nonpayment of rent in certain HUD-assisted housing. The details of the pending guidance will not be publicly available until HUD is ready to publish these proposals in the Federal Register.

Ivory Prize Nomination Period Open
The Ivory Prize for Housing Affordability is now accepting nominations for its 2026 awards. This annual prize honors innovative approaches that expand access to affordable housing in three key areas: construction and design, finance, and policy or regulatory reform. Winners receive up to $100,000, and finalists benefit from national recognition, networking opportunities, and strategic support through Ivory Innovations. Nominations are open through October 31. To learn more and nominate an organization, visit ivoryprize.org.

NCSHA in the News
Bangor Daily News, 9.2.25, Trump Wants to Ax an Affordable Housing Grant That’s a Lifeline for Many Rural Communities
FHA+, 9.4.25, Three Questions with Stockton Williams
Notes from Novogradac, 8.26.25, Novogradac’s LIHTC Mapping Tool Provides Valuable Advocacy Data
American Banker, 8.25.25, Even opponents of Biden CRA want to preserve part of the rule

Looking Ahead

Legislative and Regulatory Activities

• September 19 | Comments Due to NCSHA | FHFA Notice on Repealing the Fair Lending, Fair Housing, and Equitable Housing Finance Plans Regulation
• September 26 | Comments Due | FHFA Notice on Repealing the Fair Lending, Fair Housing, and Equitable Housing Finance Plans Regulation
• October 15 | Comments Due to NCSHA | Federal Banking Regulators’ Request for Comment on Simplifying and Updating Community Reinvestment Act Regulations
• October 23 | Comments Due | Federal Banking Regulators’ Request for Comment on Simplifying and Updating Community Reinvestment Act Regulations

NCSHA, State HFA, and Industry Events

• September 5 | Early-Bird Registration Ends: NCSHA Annual Conference & Showplace | New Orleans
• September 7 – 9 | PHADA 2025 Legislative Forum | Washington, DC
  Jennifer Schwartz will speak at this event.
• September 9 | 2025 Maine Affordable Housing Conference | Bangor, ME
  Stockton Williams will speak at this event.
• September 17 – 19 | New Mexico Housing Summit | Albuquerque, NM
  Stockton Williams and Jennifer Schwartz will speak at this event.
• September 17 – 19 | 2025 Southeastern States Conference | Richmond, VA
  Garth Rieman will speak at this event.
• September 18 | New York State Association for Affordable Housing’s Upstate New York Affordable Housing Conference | Rochester, NY
  Robert Henson will speak at this event.
• September 25 – 26 | Novogradac 2025 Housing Tax Credit and Bonds Conference | Nashville, TN
  Jennifer Schwartz will speak at this event.
• October 4 – 7 | NCSHA Annual Conference & Showplace | New Orleans