Stockton Williams: What Happens when the Payment Comes Due?

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Stockton Williams (1)Stockton Williams is Executive Director of National Council of State Housing Finance Agencies. Their staff have been teleworking to serve the HFAs who are considered essential business members, State Housing Finance Agencies who are active in single family and rental housing. There are aspects of housing finance that affect developers, mortagers, and others to get an affordable housing buyer financed. In almost every state, the pipeline has continued except in some smaller states. The homebuying and homebuilding, including multifamily, early on, is still thriving. There are warning signs which may affect them in the future.

He feels the unemployment statistics of those people out of jobs and other low-income families will face enomous economic challenges in the months ahead. The stimulus packages will not last forever, and as we get into summer and fall, they expect a jump in deliquencies and foreclosures. He also anticipates a stress on renters who are temporarily protected but when the forebearance period ends, all the rent will become due.

Stockton and Nan discussed the impact of the coronavirus pandemic on the already-long waiting lists for assisted housing. When the economic pain increases, it will become critical. We are already having a hard time producing multifamily apartments and rents now are high in many localities. However, rental owners may have a problem finding tenants who can pay the higher rents as the economic aspects of the pandemic continue.

About nanmckay

Nan has been President of Nan McKay and Associates, Inc. since 1980. She started Nan McKay Connects LLC in 2019 and has started 4 other businesses over the last 50 years. She has received numerous awards including the Allan Anderson Award of Merit from Minnesota National Association of Housing and Redevelopment Officials, the Section 8 Administrators Award, in 2018 the National Association of Women Business Owners’ (NAWBO) Signature Award for Southern California, and in 2019 she was selected by NAWBO as the California Woman Business Owner of the Year. She was co-founder of Minnesota Women in Housing and has served on the Board of Directors for the National Leased Housing Association for many years. She has two buildings named after her in Minnesota, a 10-story elderly high-rise, the Nan McKay Building, and a family subsidized development, McKay Manor. Nan now hosts four podcast shows featuring stories of women empowerment, oral history makers of affordable housing and community development, and stories of ordinary people coping with COVID-19 pandemic.;

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