White House Announces New Actions to Ease the Burden of Housing Costs
The Biden Administration has issued a comprehensive proposal, the Housing Supply Action Plan, intended to reduce housing costs over time by increasing the supply of quality and affordable housing in every community. The plan includes legislative and administrative actions that will help close the housing supply shortfall in five years, starting with the creation and preservation of hundreds of thousands of affordable housing units in the next three years. If aligned with other Administration policies to lower housing costs and ensure affordability, such as rental assistance and down-payment assistance, reducing the housing shortfall will ultimately lead to more affordable rents and more attainable homeownership. The Housing Supply Action Plan includes a series of measures designed to increase the supply of housing, including:
Using federal transportation funds to incentivize jurisdictions to reduce restrictive local zoning laws;
Supporting manufactured housing, accessory dwelling units, and small-scale developments; and
Streamlining federal financing and funding sources to help lower costs and speed development, including financing close to 1 million affordable homes through the expansion of LIHTC and the Neighborhood Homes Tax Credit.
The Administration’s goal is to build on the actions it took last September when it announced plans to construct and rehabilitate 100,000 homes over the next three years. With the new steps announced today – in partnership with state, local, for-profit, and non-profit partners – the White House is striving to put the economy on a path to closing the housing supply gap in the next five years. A NAHMAnalysis on the Housing Supply Action Plan will be forthcoming soon.
To view the White House Press Release and Fact Sheet on New Actions to Ease the Burden of Housing Costs, click here.
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