May 17, 2022 –
FOR IMMEDIATE RELEASE
May 17, 2022
Seth Nelson for Mike Loftin, CEO of Homewise
Homewise Statement Applauding President Biden’s Executive Actions to Increase Affordable Housing Supply
Santa Fe, NM –– Following the news that the Biden Administration is taking new executive actions to spur affordable housing supply and close the housing supply gap, Mike Loftin, CEO of Homewise, a New Mexico social enterprise that has been increasing access to homeownership for nearly 30 years, released the following statement:
“President Biden’s actions to help address the shortage of affordable homes couldn’t come at a better time. We’re in a housing crisis, and the status quo isn’t working for Santa Feans and Americans across the country who are facing skyrocketing home prices. That’s why I’m encouraged by today’s announcement by the Administration designed to make building affordable homes easier.
“While the median home price in Santa Fe jumped 25% in the last year, average hourly wages aren’t keeping up, and workers are forced to live further out in more affordable communities. The resulting long commutes not only contribute to climate change, but put financial, emotional, and physical strain on workers and their families. We’re seeing similar impacts in communities across the country.
“While today’s actions are a good start, the Administration and Congress should do more to help families that have been historically left behind by the current homebuyer system purchase homes. We need to fundamentally reimagine our homebuying delivery system, from providing more down payment assistance, affordable mortgage financing, real estate sales services, and homebuyer preparation services. That’s how we’ll start to make real progress on another major priority of the Biden Administration –– closing the racial wealth gap. Homeownership is a key wealth driver, but we simply must do more to help people buy affordable homes.”
Since 1986, Homewise has been helping people achieve their homeownership goals. We do this by focusing on our customers and placing their long-term financial wellbeing as the highest priority. We share in our customers’ challenges and successes, using those experiences to build a better way to buy a home. We believe that strong homeowners help build healthy, vibrant communities. And with the right tools and support, people can be empowered to change their lives.