NAHB Sounds Alarm on HUD Suspending FHA Multifamily Mortgage Insurance Applications

 
Statement from NAHB Chairman Granger MacDonald on HUD Suspending FHA Multifamily Mortgage Insurance Applications in Counties Hit by Hurricane Harvey
 
Granger MacDonald, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas, today issued the following statement regarding the Department of Housing and Urban Development’s decision to halt new FHA multifamily mortgage insurance applications in counties impacted by Hurricane Harvey and designated as Presidentially Declared Disaster areas:

“HUD’s directive to immediately halt new applications and delay those that are pending for FHA multifamily mortgage insurance in the counties impacted by Hurricane Harvey and designated as Presidentially Declared Disaster areas could undermine efforts to meet the urgent housing needs of countless Americans displaced by this natural disaster.

“While we recognize the need to evaluate the impact of this devastating storm on HUD’s current portfolio, it is absolutely vital that the Senate confirms the agency’s pending nominees so that HUD can fully mobilize all of its resources to achieve a clear and decisive plan to quickly resume multifamily mortgage applications in the hardest hit Texas counties. HUD must also ensure that program participants across the rest of the nation do not experience delays in processing applications. The housing recovery efforts cannot make headway without a functioning FHA multifamily mortgage insurance program.”

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