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Biden Administration Unveils Sweeping Plan to Create 100,000 Affordable Homes by 2024
President Joe Biden’s administration announced Wednesday a suite of changes geared at creating 100,000 affordable homes during the next three years. The administration’s fact sheet put the emphasis on the lower- and middle-income sectors of the market. Among the announcements was the relaunch of the Risk Sharing Program, a partnership between U.S. Department of the Treasury’s Federal Financing Bank and the U.S. Department of Housing and Urban Development (HUD) that delivers low-cost, Ginnie Mae-comparable financing to housing finance agencies; boosting the low-income housing tax credit (LIHTC) equity cap for Fannie Mae and Freddie Mac; making $383 million available to Community Development Financial Institutions (CDFIs) and nonprofits under the Capital Magnet Fund; prioritizing homeownership in the sale of Federal Housing Administration-insured properties; expanding an exclusivity period in the sale for HUD, Fannie Mae and Freddie Mac’s real-estate-owned sales; working with state and local governments to boost their housing supply by leveraging existing federal funds and more.
Learn more about the state of affordable housing at the Novogradac 2021 Affordable Housing Tax Credit and Bond Conference from Sept. 30-Oct. 1 in Nashville, Tennessee.