tv HUD Secretary Addresses National Housing Conference CSPAN June 10, 2017 1:33am-2:03am EDT
carson spoke about assisting first-time homebuyers at a conference in washington d.c.. his remarks are one half hour. [applause] >> [applause] we are excited to have those five the web cast it is my pleasure to introduce starter person 17 secretary of housing and urban development. so we went to highlight those 30 years of pediatric neurosurgeon in very excited to have dr. carson joined us last night at the 45th it
the jury award to me appreciate him and joining us for dinner and we will bring him up to the podium right now. [applause] >> i am delighted to be here with you. thank you for all the work you have done. it was a great opportunity to see many people i have not seen for quite somee time. last week the dow posted a housing policy forum it is stable and secure and sound to recognize that. in the market is in good shape and much of of credit goes to the people in this room after the turbulence of
2008 we must remain vigilant and very watchful and anticipate more than react. and to maintain responsible lending practices and wishful thinking cannot be our sole criteria for credit worthiness. so have the central role of housing in the 2008ng recession.ooth out to smooth out those cycles do best bubbles we want to avoid anyone going under water. there is always room for improvement more stability your growth but with the small fluctuations in the market but they seem to be
smoothing out to be more predictable and the data shows on that upward trajectory and those cycles for much less dramatic. but the homeowner shipmate 63 .6% in those that make 35 percent of all home buyers. their knives states will add 13.6 million households and the federal housing administration had a strong role.
35 percent of all fha loans were closed by millenials. so there are reports from california from the state legislature and italy 13% to buy a home. that is historical lows. because the high prices escalate out of reach for some. like new york or washington d.c. or los angeles very stark choices to have even 50 or 60%. because either you are housee for - - for to sacrifice
of the other aspects of life even if you are credit worthy this affects the future creation of wealth and quality of life in this country. to have the stories of millenials living at holman the these people and are excluded from the possibility of homeownershipdera and cuts across the entire age group and in the 1920's contemporaries were famously called a lost generation in they could be a lost generation for hall motorship excluded from the american dream punished as the unintended byproduct of
the crisis of 2008 we must be mindful of the situation you don't want to exclude generation of buyers for the generations to come of meto must do more to find that a prudent pathway for those millenials for the investors and lenders in the housing market interestingly enough at the beginning of the nation and people came here from all areas of the world and they worked extremely hard not eight hours a day not five days a week or six or seven days a week for a minimum-wage but for their children and their grandchildren. it was always thinking about the next generation and something we have to start doing again. we offer step toward home
ownership is the purchase of a condominium as a step on the home ownership latter we know fha has a central role to play the lender of choice for many first-time home buyers and now to find credit worthy first-time homebuyers to enter the market to one where i direct your attention to the modernization act through 2016 that allows fha under certain circumstances to lure the required owner occupancy through condominium developments. the minimum has been reduced from 50 percent at 35%.
in to use the fha to buy condos and fannie mae reduce the debt to income ratio to attract more millennial home buyers and for those to remain a powerful option i welcome this action. and in concert with our efforts millenials will have been changing circumstances to encourage homeownership we don't want to return. when in response the federal government was the only lender for home ownership.that w lenders horror bankers the to do anything possible to help credit worthy
millenials. it cannot be the solution. we need to stop punishing an entire generation and as we recover from that time and that they couldn't become a powerhouse for homeownership and that could lead beecher ruth so with those right conditions to shape the future prosperity to placetry br the firm foundation to wealth creation and future financial prosperity. and a derecognize better for
fathers and the pilgrims were very operate -- brave when they faced tremendous odds to go across hostile aliens to conquer those obstacles something known as the can-do attitude that characterized america. so now we are addis setting of fiscal austerity so that means american ingenuity or that spirit must once again emerge. so to utilize these incredible brains of powers
-- powers with exciting innovations to allow the american dream to flourish for the future for pope thank you so much. [applause]one of t >> one reason it is the budget proposed and i think you'd expect anybody to be kicked out with those properties that cannot exist with the they cannot afford day higher pavement that feels like a difficulty to achieve so how will we
achieve people from if it will shrink by $7 billion. that is not the primary mechanism for assistance. given those fiscal restraints that we have to prioritize now there are millions of families of 4. 6 million households to make sure all those people continue to get assistancenue t otat is priority number one.
some of those that have been very helpful particular king at the ability to leverageprov in order to provide more units. the rental assistance demonstration is a perfect example of that to create apl lot more units in your losing on an annual basis and to wipeout of backlog at the same time in to invest that local community into the well being of thosee neighborhoods and projects the old model with the government came in with a boatload of money to say bill -- build this facility for the homeless or low income people and that has
left us with housing infrastructure problems with the new model those that facilitate the public-private partnership a lot more money in the private sector than the government. and at the same time to lookout for the next generation those were the kinds of priorities. statore than 50 communities better on the path to do that as well.homeless that shows potential for a angelina -- ending homelessness.lan on bui >> so as far as veterans are concerned from history and
the main offices there is a lot of other groups also into the point that it has been reduced by 47%.t that that is significant progress that has been made. so the homeless assistance grants requesting two and 1/4 billion dollars or the emergency solution grants $255 million will support over 350,000 homeless shelters.ust over in to move to the right direction. the edits an excellentnt concept is of the reason that i say that they're
likely to end up in the emergency room. in the to to the hospitalal one week in the hospital cost more than an three years in housing. so we also must add sacking house and to lung negative housing second and third there is the reason they're in that situation and we must address that.g that is where real compassionate is. >> you mentioned in the fha in your opening remarks that is a pretty big role to help with the first-time homebuyers in the play is day compared rubble will as well that many of them members with the mortgage
insurance premium reduction is that will tie familythat has transformation so are you contemplating any policy changes?. >> yes. but i cannot talk about them in this forum for pro there are lots of interesting things so certainly as far as that is concerned we are making sure it is consistent with our goals of increasing homeownership. and looking at some of the impediments of the false claims act.
so the rules are imported to and we're making sure people understand what the rulesles ar are with the single-family and multifamily. finding ways to take obstacles out of the way and those mistakes that are made guard on material that could lead to complications in bad is that pushes people lot ofof the market. only looking at the materially fax and -- defect with that electronic assessment tool that allows people to read gainn certification online. and that also integrates a
process to kick out of non material errors. so obviously they will make a huge difference in the year looking forward to having a new commissioner in place and to strengthen though whole infrastructure of our organization in running it more like a business. >> i will not attempt to look around the audience to see who that commissioner maybe. something that came up in the election with a feeling of expression with said both usda and hud had played an important tool so how the ucle f
his responsibility?. >> we have a strong relationship between the department of agriculture to recognize that we have a joint interest which she now weighs to amalgamate that in the most efficient way. interestingly enough those that are severely affected in the metropolitan areas but that doesn't mean they are any less important in the will continue to focus on that. and then to the department of agriculture the housing h and rental assistance program and lateen and ways
to streamline and maximizeo stre the effectiveness to help more.th >> had placed several important roles with equal opportunity to support programs of those practices are you planning any changes with the fair housing act?. >> the fair housing act of 19681 of the most beautiful pieces of legislation we have ever crafted in aan bipartisan legislation. [applause] i will book to he it's everything we can for every
group in society. >> so i would come back to amene point in the success we have seen to recapitalize older properties. in the conundrum is thes. proposed elimination of homes are essentials elements. so what about that provisionof t with cuts to those programs? >> we need to lift the cap to spread that much further and faster. we see that it works. with a national tour in a number of cities in rio so
have the ability to modify some of their programs to make sure that we enhance those public-private partnerships with the low income housing tax credits and other incentives in order to bring give much more revenue. it is a matter to bring in interest. but those that are outside of the budget like the creation or the opportunity centers.vision they were all privately funded but in the low income neighborhoods because he rask the children what to do want to do when you grow up?
we would to breed in people that have the other 985 dancers because so many of the young women that ourme pregnant with education package is problematic we want to give them a chance to get that associates and master's degree to take control of their old lives. conth breaks the cycle. those mentor share programsli have shown to greatly reducentop high school dropouts. sova to focus in to teach people basic skills. what time was in his school i new basic skills. we need to give people basic skills once again.