White House announces steps to boost affordable housing supply

By Sylvan Lane | The Hill

The Biden administration on Wednesday announced a slew of policy maneuvers meant to expand the supply of affordable homes amid a record-breaking rally in housing prices.

The White House said Wednesday that the Department of Housing and Urban Development (HUD), the Treasury Department, and Federal Housing Finance Agency (FHFA) would expand and reimpose several incentives and grants for the construction of roughly 100,000 additional homes over the next three years.

The administration is also seeking to limit the amount of new homes bought by investors and asset managers by expanding exclusive purchasing windows for individuals, families and nonprofits.

“While Congress works toward passing the Build Back Better Agenda, which includes an historic investment in building new homes and making existing housing safer, healthier, and more energy efficient, the President knows that we can’t wait to take action,” the White House said in a Wednesday statement.

“The large and long-standing gap between the supply and demand of affordable homes for both renters and homeowners makes it harder for families to buy their first home and drives up the cost of rent,” it added.

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