March 13 (Reuters) – U.S. President Donald Trump on Friday signed two executive orders aimed at improving housing affordability as the White House moves to address a key voter concern ahead of November’s midterm elections.
Trump signed an order to eliminate unnecessary regulatory burdens that delay housing construction and increase housing costs, and another on easing regulations related to mortgage costs and home loans, according to fact sheets released by the White House.
Housing affordability has become an increasingly potent political issue as home prices remain near record highs and mortgage rates stay elevated, putting homeownership out of reach for many first-time buyers.
The White House has sought to highlight the issue as part of its economic agenda heading into the midterms, when Trump’s Republican Party will be defending slim majorities in both chambers of Congress.
One order directs federal agencies to identify and eliminate regulations that delay residential construction and increase costs for developers. The directive calls for a review of permitting and environmental requirements that can slow projects or add to building expenses, with the goal of accelerating new housing supply.
A second order focuses on mortgage lending, instructing regulators to examine rules that the administration says have discouraged smaller lenders from offering home loans and restricted access to credit.
The White House said the effort is intended to lower borrowing costs and make it easier for creditworthy Americans to buy homes.
The orders build on other steps by Trump to address housing costs since returning to office.
Earlier this year, the administration pushed government-backed mortgage firms Fannie Mae and Freddie Mac to expand purchases of mortgage-backed securities in an effort to lower borrowing costs, while also examining ways to curb large institutional investors’ purchases of single-family homes that critics say have tightened supply for prospective buyers.
(Reporting by Ismail Shakil and Jarrett Renshaw; Editing by Daphne Psaledakis, Ross Colvin and Alistair Bell)
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