White House Unveils Plan to Increase Affordable Housing
The U.S. needs more affordable housing. Here's how the current administration plans to get the country where it needs to be.
On September 1, the Biden administration revealed its plan to increase affordable housing in the U.S. over the next three years. The plan involves boosting the housing supply by adding 100,000 affordable homes for first-time homebuyers and renters.
“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,” read the announcement from the White House. “Higher housing costs also crowd out other investments families can and should make to improve their lives, such as investments in education.”
The announcement highlighted four specific goals:
- Boost the supply of quality, affordable rental units;
- Boost the supply of manufactured housing and two-to-four-unit properties;
- Make more single-family homes available to individuals, families, and non-profit organizations, rather than large investors;
- Work with state and local governments to increase housing supply.
Chuck Fowke, chairman of the National Association of Home Builders, praised the plan and its emphasis on generating new residential construction.
“NAHB applauds the Biden administration for its newly announced plan to increase the affordable housing supply,” Fowke said. “It is important that the plan includes tangible policies to incentivize new residential construction.
“We look forward to working with the administration in the effort to boost the supply of affordable rental housing and single-family housing for America’s hard-working families.”
Learn more about the Biden administration’s affordable housing plan here.