NAA Five, for the Week Ending November 21st, 2025

Date postedNovember 21, 2025
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NAAHQ // Nov 21, 2025
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NAA FIVE
A weekly digest of key rental housing news and takeaways
prepared exclusively for NAA’s leadership
 

The Big Picture: There will be impacts on the housing market now that the government has reopened. JPMorgan Chase has announced $40 million in philanthropic funding for housing. Governor Newsom has announced that an underutilized state property will become 209 affordable housing units.  
This week’s top stories
What We're Advocating

Appropriations: As the government reopens, Congress has resumed the appropriations process. A continuing resolution (CR) funds most of the government through Jan. 30, while the U.S. Department of Agriculture (USDA) bill included several important provisions for the industry with full-year appropriations. Learn more on what is next for funding. 

Deeper Dive: Listen to NAA’s Maria Spencer on the latest episode of the NAA Apartmentcast. The episode features a conversation on what’s next following the end of the government shutdown. Listen here. 
What We're Saying

Federal Housing Programs: The ROAD to Housing Act focuses on boosting available housing and ensuring that affordable housing units are kept. NAA’s Assistant Vice President, Housing Policy and Regulatory Affairs Nicole Upano says, “FHA’s multifamily loan limits have not been raised since 2003.” Read more on what this means. 

Mortgage Rates: This week, Freddie Mac released information on mortgage rates. NAA’s Vice President of Research George Ratiu says that “for housing markets, the balmy breeze of the Federal Reserve’s two rate cuts is frosting over in the premature winter of today’s housing landscape, where high prices, stiff interest rates and cold employment prospects are keeping buyers frozen out." Read more on George’s insights. 
What We're Doing

DMV 2025 Women Leading Real Estate Awards: This week, NAA’s Chief Operating Officer Amy Groff attended Bisnow’s DMV 2025 Women Leading Real Estate Awards and was recognized in the excellence in ownership, development and operations category. This event gathered hundreds of industry professionals to recognize women who are making an impact every single day. Congratulations to all of the winners! Read more.  
What We're Hearing

Affordable Housing: “On Friday, state leaders broke ground on an affordable housing community in Riverside. Through Governor Gavin Newsom’s executive order to address the housing and homelessness crisis by transforming state land, the development is now in Phase II and will include 150 affordable family housing units for low-income households.” (Governor Gavin Newsom) 

Housing Funds: “JPMorgan Chase on Wednesday announced more than $40 million in philanthropic funding to increase America's housing supply, including more than $20 million in grants and $20 million in flexible loans.” (Axios) 

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