May 16, 2022
The Biden Administration announced today a host of changes to increase housing supply and decrease housing costs burdening millions of Americans. These measures aim to close the housing supply shortfall over the next 5 years, and is the most comprehensive effort in history, says the White House.
The plan put forth focuses on building and preserving rental housing for low- and moderate-income families. Through programs to support production and availability of manufactured housing, scaling accessory dwelling units (ADUs) and home renovations, boosting construction of single-family homes in rural areas, leveraging finance for more multifamily housing, and disposing of federal properties to create affordable housing for people experiencing homelessness, the administration is aiming to create and preserve hundreds of thousands of homes in the next 3 years.
Some measures in the plan require congressional passage of legislation, such as The Neighborhood Homes Investment Act to build and rehabilitate 125,000 homes for low- and middle-income homebuyers, expanding and strengthening the Low-Income Housing Tax Credit to finance 800,000 affordable rental units, and the Unlocking Possibilities Program which would help states and localities eliminate barriers to affordable housing production.