The U.S. Department of the Treasury has announced new steps to address housing affordability. The plan mirrors many policies also advocated by the National Association of Realtors (NAR) to help lower housing costs and increase housing supply. “Executive agencies have the power to act quickly to promote homeownership. We applaud the Biden administration’s comprehensive, multi-agency response targeting solutions at every level of government,” said NAR’s chief advocacy officer, Shannon McGahn. “It will take an all-of-government approach to yield results in this fight.” NAR also supports the Yes in My Backyard (YIMBY) Act (H.R. 3507), which would require localities receiving Community Development Block Grant (CDBG) funds to publicly report how they are removing barriers to affordable housing development. Read more at the NAR website.
Source: NAR; 6/28/2024