Ep. 43 - Stockton Williams feels there is a devolution of housing to the state and local level. COVID-19's effect is being felt and details the severe housing affordability challenge coming. He feels there will be a rise in delinquency and defaults in the housing sector and a stress in the viability of the existing affordable housing stock.
Top Takeaways:
Listen for how Stockton looks for new sources of capital and ways to deliver it.
"The biggest challenge we have in the housing industry today is in fact 100 years old. It is the local land use decision-making authority that exists in the United States."
Stockton Williams was appointed Executive Director of the National Council of State Housing Agencies in 2018. NCSHA's state housing finance agency members have delivered nearly $500 billion in financing to make possible the purchase, development, and rehabilitation of more than 7 million affordable homes for low- and moderate-income households. Stockton leads NCSHA's wide-ranging efforts to advocate and strengthen the central role of state HFAs in the nation's housing system. He has 25 years of experience in housing development, finance, policy, research, and advocacy. He was previously Executive Vice President of Content and Executive Director of the Terwilliger Center for Housing Urban Land Institute. He was also Managing Principal of HR&A Advisors' Washington D.C., office, and previously served as Senior Advisor in the U.S. Department of Housing and Urban Development and the U.S. Department of Energy. Stockton talks about the state and national role of zoning in moving forward with affordable housing.
The housing finance agencies have a unique role because they span homeless and special needs to working class rental housing to first-time homebuyer opportunities. Stockton feels the best vehicle for affordable housing development is the low income housing tax credit program administered at the state level which is resilient and effective. On the for-sale side, the effective vehicle is tax exempt bonds with downpayment assistance. He discusses the policy-development of RAD and its use. He feels there is a devolution of housing to the state and local level. COVID-19's effect is being felt and details the severe housing affordability challenge coming.
Will there be a severe housing affordabilitiy challenge coming? Listen!
Key Moments:
He talks about the willingness of the private sector to involve themselves in the affordable housing development which he has seen in recent years [3:34]
The challenge of resistance of land use that has faced the affordable housing sector for close to a hundred years and is still happening [5:14]
He talks about his career in the housing sector that started in Baltimore [8:35]
He talks about the effectiveness of the low-income tax credit in producing new affordable housing and rehabilitation of preexisting ones [10:57]
He explains the changes he has seen in the affordable housing sector since he started [13:21]
How the Coronavirus has affected the housing sector [15:36]
Why the consequences of the Coronavirus will be felt for a long time in regards to the affordable housing [17:34]
Stockton answers the question of whether or not there is a need for new housing development [19:11]
Why there's a need for innovation in the construction, design, and delivery of homes in the development of affordable housing [20:51]
He talks about the possibility of 3D printing of homes and other forms of factory-produced homes that could lower costs of housing [23:01]
Things that are important and need to be done comprehensively at the local level for change to be experienced [25:05]
He talks about some projects he considers his most important contribution in the housing sector [26:45]
The increase of interest in young people today than when he was in college and the advice, he would give toa young person entering the affordable housing sector [29:05]
Relevant Links:
Affordable Housing Finance Article