All multifamily mortgage insurance premiums will be leveled.
Department of Housing and Urban Development (HUD) Secretary Scott Turner announced that the Federal Housing Administration is proposing “an across-the-board leveling of its Upfront Capitalized and Annual Mortgage Insurance Premiums (MIPs) to 25 basis points for all Multifamily program categories.” The goal is to eliminate the green energy category to lower costs for lenders and developers to accelerate the supply of affordable housing stock.
Secretary Turner stated, “By leveling MIPs and cutting cost-inflating regulations, we’re unlocking competitive financing and driving down costs across the board to spur development. For too long, access to housing has been tied to obsolete, ideological mandates. Under President Trump’s leadership, Americans are no longer forced to subsidize misguided and inefficient green energy crusades at the expense of real housing solutions.”
As the Lord Leads, Pray with Us…
- For wisdom for Secretary Turner as he heads the Department of Housing and Urban Development.
- For HUD officials as they seek to reduce bureaucracy and streamline the construction of affordable housing.
Sources: Department of Housing and Urban Development
