White House Announces New Steps for Housing Supply Action Plan

New steps have been announced by the Biden administration to achieve the goals of the Housing Supply Action Plan: close the housing supply shortfall in five years.

According to the U.S. Interagency Council on Homelessness, these steps include:

  • Finalizing regulations that make it easier to build mixed-income housing, housing that includes very-low-income tenants, and housing in sparsely populated rural areas by reforming the income guidelines for the main source of financing for affordable housing — Low-Income Housing Tax Credits (LIHTCs).
  • Extending LIHTC deadlines to ensure that affordable housing projects delayed by public health, economic, and supply-chain issues can be built as expeditiously as possible and still qualify for LIHTCs.
  • Reforming and streamlining a financing program at Fannie Mae and Freddie Mac that will make it easier to build homes for rent by providing more affordable financing for multifamily housing construction.
  • Continuing to promote more housing options near transit and other modes of transportation, coordination of transportation and housing planning, and rewarding jurisdictions that have removed barriers to housing development.

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