By Tim Glaze | HousingWire
President Joseph Biden’s $2 trillion infrastructure plan represents the most sweeping national investment in decades. The “American Rescue Plan,” unveiled Wednesday, includes $213 billion allocated for housing, with a focus on low- and middle-income homeowners and prospective homebuyers.
Specifically, the plan calls for the construction and rehabilitation of over 500,000 homes in low- and middle-income areas. According to Biden, two million affordable homes and commercial buildings would be built and renovated over the next decade as part of the initiative.
Biden is also calling on Congress to eliminate exclusionary zoning laws, which he says inflates housing and construction costs – an issue that has crippled homebuilders across the country for more than a year.
Biden wants homes upgraded through “block grants” – annual sums awarded by the federal government to a state or local body to help fund a specific problem – and through extending and expanding home and commercial efficiency tax credits.
