FHC Conference

The rise in interest rates, combined with already limited supply, production challenges, and elevated house prices, have cooled the surprisingly hot pandemic market. The rise in interest rates has stymied the increase in buying power for first-time homeowners.  Interest rate hikes did not bring down the high housing prices, creating an affordability gap for many lower income buyers. When home prices and interest rates are high, reducing the mortgage loan amount through price buy-downs in the form of increased downpayment is key. Experts will discuss strategies to continue increasing access to affordable homeownership, including, but not limited to, the CLT steppingstone, the Hometown Heroes program (with its improved terms for eligibility) and a fully funded SHIP program, for a blend of downpayment assistance. Also included in the discussion are strategies to proactively preserve homeownership through uncertain economic times.