$85 Million for Housing Funds To Address Affordable Housing Shortages; Biden Administration Announcement

Quoted in Yahoo News by David Lawder

Washington: On Wednesday, The Biden Administration announced the award of $85 Million in Housing funds to 21 state and local governments for a new program. This new program will assist them in alleviating barriers to developing and preserving affordable housing.
Vice President, Kamala Harris, and HUD Acting Secretary – Adrianne Todman stated that this award aims to update the state and local housing plans as well as revise land use policies. Moreover, this will also streamline the permitting processes for new housing developments.

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HUD’s Pathway to Removing Obstacles (PRO) Housing program was created in the fiscal 2023 appropriations bills.

“This investment is part of a larger strategy to lower rents and help more Americans buy a home,” Harris told reporters in announcing the grants. “President Biden and I have proposed a national housing plan to build 2 million units of affordable housing.”

Furthermore, On Tuesday, U.S. Treasury Secretary – Janet Yellen announced that $100 Million in revenue from COVID-era would be dedicated to a new affordable housing financing fund.