Brian Montgomery’s Nominated as HUD’s Deputy Secretary LIHTC Industry Reacts

The U.S. Department of Housing and Urban Development (HUD) announced on 10/9 that Brian Montgomery has been nominated to serve as Deputy Secretary of HUD.

Montgomery, who is also the Assistant Secretary for Housing and Federal Housing Commissioner, would manage the day-to-day operations of the agency and assist the Secretary in leading HUD’s 8,000 employees.

“Once again, I am tremendously honored to be called upon by President Trump and Secretary Carson to serve this Department and the American people,” said Montgomery. “Service to our fellow Americans is the cornerstone of our Department and I look forward to continuing to help fulfill HUD’s critical role.”

A HUD News Release says Montgomery was nominated for these roles in September 2017 and he is the first man to serve as the head of the Federal Housing Administration twice and under three different Administrations.

“Brian brings tremendous experience to our team and has been a strong voice in the effort to reform the Nation’s housing finance system,” said HUD Secretary Dr. Ben Carson. “As Federal Housing Commissioner, Brian made certain FHA remains a stable and reliable resource for first-time and minority homebuyers, and other underserved borrowers while protecting the interests of taxpayers. Brian is a key member of our team and I look forward to having him confirmed as our Deputy Secretary.”

 As Federal Housing Commissioner, Montgomery is responsible for the management of FHA’s more than $1.4 trillion mortgage insurance portfolio. He also heads HUD’s project-based Section 8 rental assistance housing program, the Officer of Housing Counseling, and HUD’s Manufactured Housing Program.

“The Manufactured Housing Institute applauds the nomination of Brian Montgomery for Deputy Secretary of HUD. His leadership and vision during two tours at HUD demonstrates his commitment to solving our nation’s affordable housing supply challenges through solutions that support innovative housing methods,” said Lesli Gooch, Vice President, Government Affairs for the Manufactured Housing Institute.

John Smaby, President of the National Association of Realtors, said Montgomery has demonstrated “consistent support for American consumers,” while capitalizing on the role the FHA plays in addressing affordability and facilitating homeownership in the U.S.

“His vision of modernizing the critical infrastructure of the FHA is essential to successfully serving all Americans with affordable and responsible mortgage financing while protecting both borrowers and taxpayers from avoidable risk,” said David M. Dworkin, President and CEO of National Housing Conference. “He will be a valuable voice within the administration and in the housing community as a whole.”

Montgomery served in the Executive Office of the President as the Assistant Deputy to President Bush and Cabinet Secretary from January 2003 until April 2005. He led the White House’s internal working group to monitor all facets of the Space Shuttle Columbia accident investigation, for which he was awarded the NASA Exceptional Service Medal.

He served as Deputy Assistant to the President and Director of Advance from January 2001 until January 2003.

President Donald J. Trump is Tearing Down Red Tape in Order to Build More Affordable Housing

We’re lifting up forgotten communities, creating exciting new opportunities, and helping every American find their path to the American Dream. President Donald J. Trump

President Donald J. Trump

BREAKING GROUND ON AFFORDABLE HOUSING: President Donald J. Trump is working to eliminate barriers that are holding back affordable housing development.

• President Trump is signing an executive order to establish a White House Council on Eliminating Barriers to Affordable Housing Development.
  • The council will consist of members from across 8 Federal agencies and will be chaired by Secretary of Housing and Urban Development (HUD) Ben Carson.
• This new council will engage with State, local, and tribal leaders to identify and remove obstacles that impede the development of new affordable housing.
• The Council will look at the affect Federal, State, and local regulations are having on the costs of developing affordable housing and the economy.
  • At the President’s direction, the Council will take action to reduce Federal regulatory barriersto affordable housing development.
  • The Council will support State and local efforts to reduce regulatory barriers.
  • The Council will recommend ways to reduce statutory, regulatory, and administrative burdens at all levels of government that hinder affordable housing development.
• Creating this Council will streamline interagency processes and deliver results even faster.

CUTTING EXCESSIVE COSTS TO SPUR CONSTRUCTION: Regulations are creating excessive costs that are holding back the development of needed affordable housing.

• Many of the markets with the most severe shortages in affordable housing have the most restrictive State and local regulatory barriers to development.
• More than 25% of the cost of a new home is the direct result of Federal, State, and local regulations, with the price tag even reaching up to 42% for some new multifamily construction.
• Costly regulations have contributed to a shortage of affordable homes.
  • Census Bureau data shows that from 2010 to 2016, only seven homes were built for every 10 households formed.
• High housing prices are a primary determinant of homelessness, and research has directly linked more stringent housing market regulation to higher homelessness rates

HELPING AMERICANS FIND A HOME: President Trump is building on efforts his Administration has taken to lift up all Americans and make it easier for them to find a home.

• Earlier this year, President Trump signed a memorandum to initiate needed reforms to our housing finance system.
  • President Trump is working to improve Americans’ access to sustainable home mortgages.
  • The Trump Administration is committed to enabling Americans to access Federal housing programs that help them finance the purchase of their first home.
• In 2018, HUD launched a campaign to encourage more landlords to participate in the Housing Voucher Program, the country’s largest rental subsidy program.