The Biden Administration’s $100M Boost to Housing Supply

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The White House is investing $100 million to boost affordable housing construction through grants and streamlined regulations, aiming to overcome economic challenges and increase housing availability.

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The Biden Administration’s $100M Boost To Housing Supply

The White House is investing $100 million to spur housing construction across the United States, building on the administration’s Housing Supply Action Plan, first announced two years ago. The funds will be distributed as grants to state and local governments to help boost the country’s housing stock.

This announcement follows recent years of record housing construction, driven by a hot multifamily market during the pandemic. Currently, more housing units are being built than at any time in the last 50 years. In June, approximately 60,000 multifamily units were completed, according to Zillow, helping to cool rent prices in areas with the most new deliveries. However, single-family home construction is progressing much more slowly. While June saw record numbers for multifamily development, single-family home production fell to a four-year low.

The new investment will be managed by the Department of Housing and Urban Development (HUD) through its Pathway to Removing Obstacles to Housing (PRO Housing) program. In addition to the $100 million boost, the Department of the Treasury and HUD announced an improvement to the Federal Financing Bank Multifamily Risk Sharing Program, which aims to give housing finance agencies greater certainty about interest rates after the construction period ends, making housing developments more financially viable.

Additionally, requirements for transit-oriented residential development projects will be streamlined, historic preservation reviews for federal housing projects will be accelerated through a new tool, more housing types will be allowed under the HUD Code, and housing permits will be expedited. These new actions by the White House, spanning multiple agencies, are the latest in the Biden Administration’s push to create much-needed affordable housing and break down barriers to development. Given today’s landscape of high interest rates, elevated construction costs, and restrictive zoning laws, any measures that streamline the development process will likely be welcomed by the real estate industry.

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