On Monday, May 16, the Biden Administration announced its Housing Supply Action Plan “to ease the burden of housing costs over time, by boosting the supply of quality housing in every community.” The Plan is a list of proposals intended to increase the nation’s housing supply through both regulations and legislation. Some of what is in the plan are REALTOR® supported proposals, including:
• More affordable housing funding going towards homeownership
• Incentives for local and state governments to increase housing development
• Financing for more ADU development
• Reduce the number of FHA, Fannie Mae and Freddie Mac REOs going to institutional investors
Other proposals in the plan focus on increasing multi-family housing, financing for manufactured homes, changes to the Low-Income Housing Tax Credit and others.
C.A.R. anticipates the Administration to move the regulatory part of the plan over the next two-years.