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Treasury will allow recipients of the Low-Income Housing Tax Credits ( LIHTC ) to average the income of their projects ’ residents in order to meet their affordability requirements .
HUD will update its guidance on the HOME Investment Partnerships Program which provides grants for several housing-related projects .
HUD and Treasury agreed to restart the Federal Financing Bank ’ s Risk Sharing program last September . This program offers reduced interest rates on loans to local housing finance agencies to create and preserve affordable housing .
The Administration will work to reduce transaction costs and duplication associated with accessing multiple sources of federal financing .
The Department of Agriculture has reduced initial and annual guarantee fees for lenders under the Section 538 program in order to increase multifamily housing development .
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HUD will provide funding to Tribal Communities through the Indian Housing Block Grant to increase affordable housing .
Legislative Proposals ɑ Increase funding and for the LIHTC . ɑ
Expand federal subsidies for housing programs that produce and preserve affordable housing such as the Housing Trust Fund , the HOME Program , Housing Choice Voucher Program and the Project Based Rental Assistance Program .
ɑ Increase investments in public housing . ɑ
Provide funding to construct and rehabilitate 10,000 HUDassisted multifamily properties in rural America .
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Administrative Actions
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Leaders will meet with building industry representatives to explore ways of reducing supply chain disruptions . ɑ
The Administration will promote innovation in the housing industry such as modular construction .
Legislative Proposals ɑ
Increase funding for apprenticeship programs in the construction industry .
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NAA commends the Biden Administration for their continued commitment to addressing the nation ’ s housing needs . The White House notes , however , that these administrative steps alone will not correct the decades of underdevelopment and lack of governmental support for affordable housing . NAA continues it work to drive forward short- and long-term , sustainable solutions that meaningfully address the nation ’ s housing affordability challenges and support renters who need more time to recover from the financial impacts of the pandemic . Legislative action , such as passing the Yes In My Backyard Act ( S . 1614 and H . R . 3198 ) and the Choice in Affordable Housing Act ( S . 1820 and H . R . 6880 ), is critical to expand affordable housing access across the country .
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