July 12, 2024

Mandatory Property Upgrades Begin May 28, 2024

The U.S. Department of Housing and Urban Development and the Department of Agriculture announced updated Minimum Energy Standards for newly built federally supported single-family and multifamily homes. Once the codes take effect May 28, the departments will only insure mortgages for new homes built to the newly adopted standards.

Without adequate review and consideration of how it will affect home buyers or renters, HUD and USDA have rammed through a mandate that will do little to curb overall energy use but will exacerbate the housing affordability crisis and hurt the nation’s most vulnerable house hunters and renters.

Studies have shown that building to the 2021 IECC can add up to $31,000 to the price of a new home and take up to 90 years for a home buyer to realize a payback on the added cost of the home. This unreasonable trade-off for a new home buyer will do little to offer meaningful energy savings for residential homes and apartments and in fact, will make older, less efficient homes more attractive.

Mandatory Property Upgrades Begin

Mandatory Property Upgrades Begin - 2023 Housing Market

“The Biden-Harris administration has set a goal of building an additional 2 million homes and this new policy runs completely counter to that objective,” said NAHB Chairman Carl Harris. “HUD and USDA are supposed to help the most vulnerable home buyers and renters — not price them out of the housing market. This senseless nationwide codes mandate will significantly raise housing costs — particularly in the price-sensitive entry-level market for starter homes and affordable rental properties — and limit access to mortgage financing while providing little benefit to new home buyers and renters.”

Carl Harris, chairman of the National Association of Homebuilders trade group and a custom homebuilder from Wichita, Kansas, said in a statement. “Studies have shown that building to the 2021 IECC can add up to $31,000 to the price of a new home and take up to 90 years for a home buyer to realize a payback on the added cost of the home.”

Mandatory Property Upgrades Begin

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