Todman
said
the
bulk
of
demand
comes
from
millennials
forming
families,
planning
to
own
homes
and
not
wanting
to
pay
rent
anymore.
But
they
face
competition
from
large
institutional
investors
in
the
housing
market.

“There’s
been
a
fair
amount
of
supply
that’s
been
removed
from
inventory
when
we
think
about
the
large
institutional
investors
who
are
buying
and
selling
single-family
homes.
And
that’s
not
a
criticism
but
an
observation,“
Todman
said.
“There
is
a
number
of
the
short-term
rental
market
that
has
also
taken
a
lot
of
typically
available
homes
off
the
market
as
well.“

Todman
said
that
HUD
has
a
role
in
incentivizing
the
private
marketplace
to
build
more
starter
homes
through
its
programs
and
grants.
It’s
working
in
partnership
with
mayors
and
the

U.S.
Department
of
the
Treasury.
But
there’s
also
a
need
to
make
sure
people
can
access
these
homes,
including
“a
whole
generation
of
Black
and
brown
people
who
are
completely
left
out.“

Before
joining
HUD,
Todman
was
the
CEO
of
the

National
Association
of
Housing
and
Redevelopment
Officials
(NAHRO)
from
2017
to
June
2021.
She
also
served
as
executive
director
of
the

District
of
Columbia
Housing
Authority
(DCHA). 

Todman
is
succeeding

Marcia
Fudge,
who
announced
her
resignation
from
office
on
March
11.
Fudge

has
since
joined
law
firm

Taft
as
a
partner
and
chair
of
public
policy. 

“I
mentioned
before:
I’m
a
practitioner.
I
like
to
look
at
rules
and
make
a
determination
on
which
ones
make
a
whole
lot
of
sense
and
which
ones
are
just
there
for
the
sake
of
being
a
rule,“
Todman
said.
She
added
that
she’s
working
with
the
Biden
administration
on
streamlining
things
and
having
the
rules
either
“harmonize
together
or
just
get
out
of
the
way.“

One
of
the
most
recent
steps
by
HUD
was
to
double
the
fee
paid
to
servicers
for

assumable
mortgages
to
$1,800.
These
government-backed
loans
allow
qualified
buyers
to
purchase
a
home
by
assuming
responsibility
for
the
sellers’
mortgage
terms,
including
the
current
balance
and
interest
rate.
It
can
make
sense
in
the
current
environment
since
a
buyer
can
assume
a
seller’s
2%
to
4%
mortgage
rather
get
a
new
one
at
7%.

HUD
is
ensuring
that
“we’re
getting
our
money
out
the
door,“
Todman
said.

But,
according
to
Todman,
the
current
problem
is
that
“we’ve
not
had
a

housing
strategy
for
this
country,“
which
is
essential
since
the
housing
market
has
been
“a
roller
coaster.“
The
responsibility
for
this
should
be
on
the
departments
“with
housing
in
their
names,“
she
added.

“One
truth
is
that
housing
isn’t
Democrat
or
Republican.
Everybody
needs
it,“
Todman
said.
“There
are
questions
about
how
to
get
there.
But
at
the
end
of
the
day,
when
I
talk
to
my
conservative
friends,
I
think
that
there’s
more
alignment
about
what
we
need
for
housing
…
and
maybe
disagreements
about
the
product.“

Todman
mentioned
the
Neighborhood
Homes
Tax
Credit,
which
the
Biden
administration
announced
during
the
president’s

State
of
the
Union
address
in
March.
The
credit
would
be
directed
to
“build
or
renovate
affordable
homes
for
homeownership,
which
would
lead
to
the
construction
or
preservation
of
over
400,000
starter
homes.“ 

This
tax
credit
would
be
a
“means
to
propel
into
a
better
supply
situation,“
but
we
“can’t
get
a
bill
from
Congress,“
Todman
said.