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HUD delays Obama-era fair housing policy

Posted by The Aramco Group on Wed, Jan 10, 2018 @ 14:01 PM

The U.S. Department of Housing and Urban Development announced last week that it plans on postponing the implementation of an Obama Administration rule mandating the communities address racial segregation in their housing policies. Known as the Affirmatively Furthering Fair Housing policy, it requires cities to assess local housing trends to uncover any racial biases and if so, to offer plans to address such disparities.

HUD issued a statement stating the localities that have submitted plans have struggled to meet the requirements and need more time to and help completing the paperwork.

"HUD stands by the Fair Housing Act's requirement to affirmatively furthering fair housing, but we must make certain that the tools we provide to our grantees work in the real world," read the statement. Implementation of the policy has been suspended until 2020.

The Trump Administration has previously halted other Obama-era mandates related to housing. Within his first hour of being sworn-in last year, President Trump signed an executive order rolling back a reduction on mortgage insurance premiums on federally insured home loans.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4 percent while 15-year rates are near 3.375 percent.

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