CNU, NAHB to Push Fannie/Freddie on Mixed-Use Commercial Space
Posted January 17, 2011
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As part of an effort to relax Fannie Mae and Freddie Mac underwriting rules, The National Town Builders Association (NTBA), the National Association of Home Builders (NAHB) and The Congress for New Urbanism (CNU) have agreed to push Fannie and Freddie to raise their minimum threshold for the amount of commercial space in mixed-use developments from 25 percent to 45 percent. The standard would also apply to mortgages guaranteed by HUD.
At the NAHB winter Board of Directors meeting, Frank Starkey of NBTA, and William Tuyn, a member of the NAHB board and a longtime CNU member, worked with four committees to authorize the NAHB lobbyists to help reform Fannie, Freddie and HUD.
For developers and designers of urban infill, mixed-use and Main Street development, the reforms will provide federally-backed loan gurantees for a sector that the CNU says has been overlooked for decades.
"CNU looks forward to continued efforts to work with NAHB and NBTA to remove obstacles in the way of good urban development," said CNU's John Norquist.
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