Debra Guerrero is a multifamily housing industry veteran, serving as senior vice president of strategic partnerships and government affairs at The NRP Group, a prominent developer and owner of affordable and market-rate communities.
This year, she has another big role—chairwoman of the National Association of Homebuilders’ (NAHB) Multifamily Council, a coalition that brings together professionals from across the multifamily housing industry to exchange ideas, tackle emerging challenges, and strengthen their collective impact.
As chair, Guerrero will serve as an ambassador and advocate for council members, including builders, developers, owners, and managers of affordable, mixed-income, workforce, condos, student housing, and specialized housing for military and veterans.
Beyond her work in housing, Guerrero has served on the San Antonio City Council and on the San Antonio Independent School District board.
What’s at the top of your to-do list as chair of the Multifamily Council this year?
My top priority is leveraging NAHB’s platform to inform and advocate with congressional leaders and the executive administration on the ways federal policies and regulations are impacting multifamily housing production, for both market-rate and affordable housing.
At a time of political and economic uncertainty, we cannot let the urgent need for housing production get lost in gridlock on the Hill. I’m committed to ensuring policymakers understand how their decisions directly impact our members by sharing real resident stories that showcase the importance of housing stability and the impact of policy.
What is the biggest headwind that market-rate and affordable multifamily developers are facing, and how are they navigating that challenge?
Uncertainty remains our greatest challenge. Developers are navigating the ripple effects of tariffs, labor shortages, rising interest rates, inflation, and unpredictable shifts in immigration enforcement. All of these factors drive up construction costs and disrupt development timelines. Additionally, the potential defunding of workforce programs, like Job Corps, will only add to the strain.
At The NRP Group, we are responding by adapting timelines, renegotiating financing structures, and advocating aggressively for workforce investment and regulatory clarity. At the federal level, we need thoughtful immigration reform that secures America’s borders without undermining housing production.
With immigrants making up 1 in 4 workers in the construction industry, according to NAHB, they are integral to closing the construction skills gap and ensuring we can meet the nation’s growing housing needs.
What are your concerns on the affordable housing side?
Rising insurance and operating costs are outpacing rent growth, making it increasingly difficult to keep properties financially viable while maintaining affordability for residents. This creates a delicate balancing act: keeping rents accessible while covering the rising costs of security, staffing, and quality maintenance. Adding to these challenges is the continued erosion of key federal resources such as the Community Development Block Grant, the HOME Investment Partnerships Program, and Housing Choice Vouchers. These programs have long played a crucial role in bridging financing gaps for affordable housing. While some states and local governments are stepping up to help, engagement across all levels of government is needed to ensure a full spectrum of housing opportunities is available.
The Department of Housing and Urban Development’s (HUD’s) rental assistance and new construction programs are vital to supporting low- and moderate-income families. As affordable housing developers, we are concerned by the sweeping cuts to HUD programs in the president’s fiscal 2026 budget request. These programs are not luxuries but foundational to a healthy and functioning housing ecosystem.
Congress recently passed permanent improvements to the low-income housing tax (LIHTC) program in the One Big Beautiful Bill. What impact do you expect this will have on housing supply, and what’s next on NAHB’s agenda for LIHTC?
The housing credit enhancements in the bill are game-changing for the housing industry. According to Novogradac, a leading accounting and consulting firm specializing in affordable housing, these reforms are projected to finance the development of 1.22 million additional affordable homes over the next decade. These homes would not have been financially feasible without these changes.
This impact is being driven by two key provisions: a permanent 12% increase in housing credit allocations starting in 2026 and a permanent reduction of the 50% bond test to 25%, which enables states to use their private-activity bond volume cap more efficiently and finance more developments.
Looking ahead, NAHB is laser-focused on ensuring these reforms are implemented effectively at both the federal and state levels. We’re also continuing to advocate for further enhancements that improve program efficiency of the credit, reduce regulatory friction, and expand resources to meet the immense demand for affordable rental housing.
At the same time, we must remain vigilant as federal budget negotiations continue. Sustained funding and long-term policy support are essential to translating these reforms into real housing production. Without that commitment, we risk falling short of the full potential of this historic win.
What else are you watching closely on the federal front that could significantly impact multifamily development?
Several key issues are on our radar. First, proposed updates to energy codes must strike the right balance; if adopted without flexibility, they could substantially increase construction costs and undermine housing affordability goals. Second, workforce development remains a critical concern. With over 200,000 unfilled construction jobs and a large share of the workforce made up of foreign-born individuals, immigration enforcement and retirements in key trades like electrical, plumbing, and carpentry pose serious threats to production capacity. Lastly, inconsistent and unpredictable tariff policies have complicated project planning. With about 7% of multifamily construction materials being imported, NAHB estimates that proposed tariff changes could add thousands of dollars per unit. This level of volatility discourages investment and disrupts long-term planning.
What question do you get most from policymakers, and what’s your answer?
The most common question I am asked by policymakers is, “How can we make housing more affordable?” My answer is always plain and simple: “Start by removing barriers.”
One of the biggest challenges developers face is navigating complex regulations during housing development. Policymakers can help by eliminating unnecessary regulatory red tape that increases costs without providing meaningful benefits to the community. They should also encourage tools and financing mechanisms that support mixed-income communities and avoid well-intentioned, but misguided policies that ultimately increase development costs and slow production. By doing so, elected officials can make it easier for developers to collaborate with local governments and other organizations to meet the urgent housing needs across the country.
What’s a recent ‘aha’ moment you’ve had?
The profound power of local stories has been a recent revelation for me. Real examples from our members about their experiences navigating affordable housing challenges resonate more than statistics ever could. Whether it’s in meetings with congressional staff, HUD, or the Federal Reserve, these stories resonate and make it simple why reduced regulatory burden is so crucial for increased housing production. These personal experiences also help policymakers connect the dots between federal decisions and real-world outcomes for those who will be affected by them. Advocacy matters and personal stories are our most effective tools for building understanding and driving meaningful policy change.
How is The NRP Group evolving as a company?
At The NRP Group, we are always focused on developing housing in the communities where people need it most. Our mission remains to build high-quality, best-in-class housing for all renters, regardless of income. Expanding into new markets like Washington, D.C., and Florida this past year further demonstrates our commitment to meeting critical affordable housing demand, and today we operate across 17 markets nationwide.
A key driver of this evolution is our focus on forming unique, collaborative partnerships with local governments, nonprofits, and other community organizations. These relationships enable us to navigate complex development landscapes and efficiently get deals done. By working closely with a diverse range of stakeholders, we ensure that our projects not only provide much-needed homes but also enhance neighborhoods and improve the lives of residents.
Alongside our development efforts, we remain deeply committed to advocacy, recognizing that policy shapes outcomes. We prioritize education by sharing best practices and advocating for policies that support affordable housing at all levels. This integrated approach positions us to lead the industry while addressing the evolving challenges and opportunities in affordable housing nationwide.
