The White House has announced that the government will create and sell 100,000 affordable homes over the next three years.
President Joe Biden has pledged to spend $350 billion for housing units in rural and urban areas as part of the $3.5 trillion package that is being considered by Congress.
Marcia Fudge, Secretary for the United States Housing and Urban Development (HUD), says the initiative is a “significant downpayment” for President Biden’s plan.
“President Biden promised the American people that his Administration would dramatically expand our nation’s supply of affordable rental housing—and the actions announced today represent a significant down payment toward that commitment,” said Secretary Fudge.
“These actions will expand access to critical capital for state Housing Finance Agencies, empower local communities to build more affordable housing using the historic investments contained in the American Rescue Plan, and advance equitable housing policies such as inclusionary zoning practices. Moving forward, HUD and the Biden-Harris Administration will continue to pursue bold actions to create and preserve affordable homes for all Americans.”
The White House said in a press release that “President Biden is committed to using every tool available in government to produce more affordable housing supply as quickly as possible, and to make supply available to families in need of affordable, quality housing – rather than to large investors.”
“Housing has long been too expensive and too hard to find for many families,” Senate Banking Chair Sherrod Brown (D-Ohio) said in a statement. “Building more affordable homes — and keeping the homes we have in the hands of homeowners, not investors — is key to bringing down housing costs, including for communities that have been denied access to housing for too long.”
HUD will work directly with the United States Treasury Department, Fannie Mae, and Freddie Mac to increase financing opportunities for Americans.
The Biden administration will work with state and local governments to reduce discriminatory practices, such as exclusionary zoning, that hinder people from purchasing homes.