Today, the Biden Administration released a new Housing
Supply Action Plan with the aim of closing the housing
supply gap in five years. This plan, part of the
Administration's efforts to combat inflation, looks to
ease the burden of housing costs by boosting supply of
quality housing. The five-year plan will start with the
creation and preservation of hundreds of thousands of
affordable housing units in the next three years, in
addition to other policies, such as rental assistance and
down payment assistance.
Aspects of the plan include:
- Rewarding jurisdictions that have reformed zoning and
land-use policies with higher scores in certain federal
grant processes, for the first time at scale.
- Deploying new financing mechanisms to build and
preserve more housing where financing gaps currently
exist, such as manufactured housing, accessory dwelling
units (ADUs), two- to four-unit properties, and smaller,
- Expanding and improving existing forms of federal
financing, including for affordable multifamily
development and preservation.
- Ensuring that more government-owned supply of homes
and other housing goes to owners who will live in them -
or non-profits who will rehabilitate them - not large
- Working with the private sector to address supply
chain challenges and improve building techniques to
finish construction in 2022 on the most new homes in any
year since 2006.
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