WASHINGTON (September 18, 2024) – Today the Federal Reserve announced a much-anticipated interest rate cut, the first such move since 2020. Enterprise Community Partners' President and CEO Shaun Donovan, former HUD secretary and White House budget director, said the following:

“When it comes to housing, the Fed’s action today is welcome news for borrowers – and will bring down some of the costs of producing and preserving homes."

“At the same time, it’s no cure-all. We are still short some seven million affordable rental homes to make housing truly affordable in this country. Cutting interest rates does not make up for the fact that more than half of renters today are cost burdened, spending far too much on housing. Indeed, the affordability crisis is broader and deeper than at any time in my 30 years of public service."

 “As we head toward a divisive election, the scale of the crisis is bringing about a new political consensus: We can and must create more affordable homes for the millions of Americans without one.”

##

About Enterprise Community Partners

Enterprise is a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $72 billion and created 1 million homes across all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands – all to make home and community places of pride, power and belonging. Join us at enterprisecommunity.org.
 

MEDIA CONTACT:
Isabella Grella, enterprise@berlinrosen.com, 973-975-5071