- The Biden Administration unveiled an updated plan this week for building and rehabilitating nearly 100,000 additional units of affordable housing, on top of the more than one million affordable units that would be produced by the Build Back Better package moving through Congress. The Administration plan includes the relaunch of a Treasury/HUD program to provide low-cost capital for affordable development, raising the Fannie Mae/Freddie Mac equity cap for the Low-Income Housing Tax Credit, and boosting the supply of manufactured housing through expanded financing. “President Biden promised the American people that his Administration would dramatically expand our nation’s supply of affordable rental housing—and the actions announced today represent a significant down payment toward that commitment,” HUD Secretary Marcia L. Fudge said in a statement.
- Senators Feinstein and Padilla called on Senate Majority Leader Chuck Schumer (D-N.Y.) and Senate Finance Committee Chairman Ron Wyden (D-Ore.) to strengthen the Low-Income Housing Tax Credit – our nation’s primary tool to produce and preserve affordable housing – to address the nation’s lack of affordable housing as part the Senate’s final budget reconciliation package in a joint statement released yesterday.
