This article from HousingWire discusses the role of Karan Kaul, a senior research associate with the Urban Institute’s Housing Finance Policy Center, and his plans to prioritize affordability for low-income home buyers. Kaul has been studying the issue of housing affordability and his research shows that most Americans have difficulty finding housing that is truly affordable. Kaul has partnered with rocket mortgage to work on an initiative to help make housing more affordable, especially for the lower-income buyers who are the most vulnerable in the current housing crisis.
Kaul’s research revealed five key elements he believes are needed to make housing more affordable: trusted and experienced lenders who help qualified buyers get financing, realistic prices and expectations for housing, improved housing quality, policies that support lower-income buyers, and a greater investment in affordable rental housing. To address these issues, Kaul has developed an initiative at rocket mortgage to support these objectives. Kaul and his team plan to implement an “education-first” strategy to help low-income buyers understand the cost of homeownership and make sure they have access to the credit and mortgage options they need.
Kaul and rocket mortgage also plan to partner with non-profit organizations to help low-income buyers, and to simplify the mortgage application process and provide additional resources to help buyers more easily understand the costs of homeownership. Kaul and his team are also working to create incentives for first-time home buyers, such as down payment and closing cost assistance, access to mortgage counseling, and education about the home buying process. In addition, Kaul plans to work with local and state agencies to expand access to subsidized housing and create incentives for developers to build affordable housing.
Kaul’s plans and the rocket mortgage initiative are a direct effort to reduce the barriers to homeownership that low-income buyers face, and to make it easier for them to enter the housing market. The initiative goes hand in hand with other efforts to make housing more affordable and available across the US, and Kaul and his team plan to continue working to reach this goal. These initiatives will provide more opportunities for housing stability, security, and opportunity, and will help to ensure everyone has access to affordable housing.
You can read this full article at: https://www.housingwire.com/articles/rockets-karan-kaul-plans-to-prioritize-affordability-for-low-income-buyers/(subscription required)
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