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White House To Lower Housing Costs And Boost Supply, Announces New Actions

The White House announces new actions to lower housing costs by increasing affordable housing supply and striving to end homelessness.

August 25, 2023

The main goal of the Biden-Harris administration’s Housing Supply Action Plan is that everyone in the economy has access to a safe and affordable home. Consequently, the White House recently announced new actions to lower housing costs and boost housing supply for low and middle-income households to achieve this goal.

The recent data reveals that inflation in the rental markets is decelerating and more apartments are on track to be built this year. The administration’s actions are centered around creating thousands of affordable housing units. For example, Jurisdictions participating in American Rescue Plan (ARP) Home funds have a goal of producing 20,000 affordable housing units and providing rental assistance and supportive services to 23000 households.

It was recently announced by the treasury that communities across the country will use ARP state and Local Fiscal Recovery Fund funds for 25000 projects to meet the housing needs of Americans and end homelessness. Since the start of the program named Federal Financing Bank’s Risk Sharing program, nearly 12000 rental homes have been created so far.

The new actions announced by the White House last month include reducing barriers to building housing, expanding financing opportunities for housing, and promoting commercial to-residential conversion opportunities.

As per HUD’s announcement, the larger loans will participate in the agency’s Low Income Housing Tax Credit Program (LIHTC) to increase the number of eligible apartment sites for a program to streamline financing. The updated guidelines of HUD allow the Public Housing Authorities to easily use housing choice vouchers and finance transactions to create housing.
The White House will lead a new Interagency working group to develop funding opportunities for conversion from commercial to residential housing units.

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The content provided in this article draws inspiration and includes quotes from various reputable sources, including news articles, government data, and interviews. Affordable Housing 411 strives to ensure accuracy and credibility, but the information presented may be based on some external sources. We encourage readers to refer to the referenced materials for more in-depth insights and verification.

United States Interagency Council on Homelessness. “White House Announces New Actions To Lower Housing Costs And Boost Supply”. United States Interagency Council on Homelessness, August 7, 2023,
White House Announces New Actions to Lower Housing Costs and Boost Supply | United States Interagency Council on Homelessness (USICH)

Last Updated: September 20, 2021