What’s Good for the Economy is Good for the Multifamily Industry, Says NHC

By Anuradha Kher, Online News EditorWashington D.C—In his final State of the Union address this week, George W Bush touched on everything from the Iraq war to the housing crises that has unfolded over the last one year.  As fears over recession continue to escalate, many looked to the President this week to understand what the government is doing to stimulate the economy.The President talked about passing legislation to reform Fannie Mae and Freddie Mac, modernize the Federal Housing Administration (FHA) and allow state housing agencies to issue tax-free bonds to help homeowners refinance their mortgages. Conrad Egan, president and CEO of National Housing Conference, tells MHN that he is pleased to see the President initiative to push for FHA reforms. “We need a strong player in the multifamily industry and there hasn’t been one. FHA can play that role. It can do things that the private sector cannot do,” he says. Egan says pending FHA reforms, the President’s emphasis on GSE (Government Sponsored Enterprise) reforms, and the proposal to allow state housing agencies to issue tax-free bonds are positives for the multifamily industry.Egan says though there is no direct evidence in the State of the Union address that multifamily housing has risen up in the government’s agenda, “what’s good for the economy is good for the multifamily housing industry.”