In August, the Biden-Harris administration announced several actions to help increase the supply of affordable housing. Building on the administration’s June announcement — which the National Association of Realtors (NAR) supported, and which awarded $85 million in grants through the Department of Housing and Urban Development’s (HUD) Pathways to Removing Obstacles (PRO) Housing program — the new actions included an additional $100 million in grant funding to assist state and local governments with identifying and overcoming barriers to housing development. The administration’s fact sheet on creating more affordable housing included a number of other items, including solutions to interest rate predictability for multifamily development, streamlined processes through the Department of Transportation for loans near transit centers, and a commitment to finalizing its rule for updating the Manufactured Home Construction and Safety Standards. Read more on the NAR website.
Source: NAR; 8/13/2024