Biden invests $100M to increase affordable housing construction
- More units are currently under construction than any time in the last 50 years
- New funding will remove barriers to housing construction
- The new plan spans several government agencies
Workers construct new homes in a development on Tuesday, June 25, 2024, in Loveland, Colo. On Thursday, July 11, 2024, Freddie Mac reports on this week’s average U.S. mortgage rates. (AP Photo/David Zalubowski)
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(NewsNation) — The Biden-Harris Administration granted $100 million to expand low-cost financing, ease regulations and incentivize reforms to increase housing supply.
The administration launched its Housing Supply Action Plan in 2022, and more units are currently under construction than at any time in the last 50 years.
On Tuesday, the administration announced a plan that will span several agencies and address permitting, financing and regulations that will help to speed up the construction of new homes.
The improvements to the program include new funding to its Pathways to Removing Obstacles Housing program, expediting housing permitting and enabling more types of housing to be built under the Department of Housing and Urban Development code.
There will also be streamlined requirements for transit-oriented development projects and improvements to the Federal Financing Bank Multifamily Risk Sharing Program that would provide greater interest rate predictability for state and local housing finance agencies.
