Secretary Scott Turner Applauds President Trump for Cutting Red Tape, Restoring Housing Affordability, and Increasing Access to Home Loans
HUD Attacks Barriers to Building Homes and Mortgage Credit
WASHINGTON, DC - Secretary Scott Turner applauds President Trump’s Executive Orders (EO), “Removing Regulatory Barriers to Affordable Home Construction” and “Promoting Access to Mortgage Credit.” The first EO terminates burdensome regulations that stall housing construction, deplete supply, and increase housing costs for hardworking American families. The second reduces regulatory hurdles that drive up borrowing costs, limit Americans’ access to home loans, and constrain community banks’ participation in the lending process.
“Homeownership is the bedrock of the American Dream, but that foundation crumbled under the Biden administration as red tape made building homes and securing mortgages increasingly more expensive,” said Secretary Turner. “President Trump’s Executive Orders will help HUD deliver on his promise to provide economic relief to American families and make homeownership affordable again. Ending burdensome regulations and improving mortgage affordability supports increased housing supply and pushes affordable homeownership back within reach for American families.”
Regulatory costs account for nearly $94,000 of the final price of a new single-family home, and green energy mandates in building codes can add more than $30,000 to the cost of construction. Overall deregulation efforts in 2025 are projected to save Americans a collective $212 billion.
In accordance with the EOs, the Department will terminate regulatory barriers, reform programs, and incentivize states and localities to change burdensome rules that hinder residential development, housing affordability, and availability of home loans.
Cutting layers of red tape, including onerous energy and water requirements for manufactured homes, laborious permitting processes, woke “green” building codes, costly building mandates, and outdated mortgage processes, will boost housing stock, lower the cost of newly built homes, and broaden opportunities for mortgage credit.
HUD will also increase efforts to expand housing supply by aligning Opportunity Zone incentives with single-family home development and New Markets Tax Credit programs. Opportunity Zones have already created more than 400,000 housing units in distressed communities.
These Executive Orders will ensure that small banks, financial institutions, and housing developers have the resources they need to help first-time homebuyers, veterans, and families forge pathways to homeownership.
Since Day One, HUD has prioritized making the American Dream of homeownership attainable again for American families, including:
- Ending the Obama-Biden-era Affirmatively Furthering Fair Housing rule,
- Rescinding onerous rules within its Federal Housing Administration (FHA) single-family mortgage insurance program,
- Supporting homeownership and housing affordability for more than one million Americans, including more than half a million first-time homebuyers.
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