Biden Invests $100 Million to Fuel Housing Construction
Biden Invests $100 Million to Fuel Housing Construction
Today, we stand at a pivotal moment in our nation’s history. The White House is proud to announce a transformative initiative designed to address one of our most pressing challenges—housing affordability and availability. We are allocating $100 million in grants to state and local governments to spur the construction of new housing and revitalize communities across America. This initiative is part of the Biden administration's broader effort to enhance the housing supply and ensure that every American has access to a safe and affordable place to call home.
I. Housing Production and Supply
We have witnessed unprecedented levels of housing production in recent years, driven largely by a surge in apartment buildings during the pandemic. In June alone, our nation saw the completion of 60,000 multifamily units. This impressive number reflects the resilience and adaptability of our housing market. As a result, we are beginning to see rents stabilize in various areas, providing some relief to renters across the country.
However, we must also address the challenges that remain. The production of single-family homes has dwindled, reaching a four-year low in June. This shortfall in single-family home construction underscores the need for continued and enhanced action to meet the diverse housing needs of our communities.
II. White House Actions
In response to these challenges, multiple cabinet-level agencies are mobilizing to tackle the critical issues of permitting, financing, and regulations that slow down housing construction. National Economic Advisor Lael Brainard has underscored the importance of providing strong incentives to accelerate the building of new units. By streamlining processes and supporting innovative approaches, we are committed to overcoming barriers and ensuring that housing production meets the growing demand.
III. Grants and Programs
The $100 million in grants we are announcing today will be pivotal in eliminating regulatory barriers and expediting the construction of new housing. For example, Bend, Oregon, will receive a $5 million grant to develop a comprehensive five-year plan aimed at ramping up housing construction in the region. The enthusiasm for this program is evident, with $13 in requests for every available dollar. This overwhelming response highlights the urgent need for increased investment in housing infrastructure and the widespread desire to address this critical issue.
IV. Cross-Agency Initiatives
In addition to these grants, we are implementing several cross-agency initiatives to further support housing development. The Department of Transportation will offer low-cost financing for transit-oriented housing projects, promoting sustainable growth and connectivity. New guidance from the DOT will exempt many loans for conversion programs from environmental review, further facilitating the development of essential housing. Furthermore, the Department of Housing and Urban Development (HUD) and the Department of the Treasury are expanding access to low-cost federal financing for state and local housing agencies, reinforcing our commitment to affordable housing solutions.
V. Conclusion
The White House is dedicated to using a multifaceted approach to keep the housing pipeline flowing and address the diverse needs of our communities. Vice President Kamala Harris has eloquently highlighted the importance of affordable housing and the administration's efforts to build millions of new homes. Our collective actions today are a testament to our unwavering commitment to ensuring that every American has the opportunity to thrive in a community that offers stability and hope.
Thank you for your dedication to this crucial cause, and together, let us continue to build a future where every person has a place to call home.
Today, we stand at a pivotal moment in our nation’s history. The White House is proud to announce a transformative initiative designed to address one of our most pressing challenges—housing affordability and availability. We are allocating $100 million in grants to state and local governments to spur the construction of new housing and revitalize communities across America. This initiative is part of the Biden administration's broader effort to enhance the housing supply and ensure that every American has access to a safe and affordable place to call home.
I. Housing Production and Supply
We have witnessed unprecedented levels of housing production in recent years, driven largely by a surge in apartment buildings during the pandemic. In June alone, our nation saw the completion of 60,000 multifamily units. This impressive number reflects the resilience and adaptability of our housing market. As a result, we are beginning to see rents stabilize in various areas, providing some relief to renters across the country.
However, we must also address the challenges that remain. The production of single-family homes has dwindled, reaching a four-year low in June. This shortfall in single-family home construction underscores the need for continued and enhanced action to meet the diverse housing needs of our communities.
II. White House Actions
In response to these challenges, multiple cabinet-level agencies are mobilizing to tackle the critical issues of permitting, financing, and regulations that slow down housing construction. National Economic Advisor Lael Brainard has underscored the importance of providing strong incentives to accelerate the building of new units. By streamlining processes and supporting innovative approaches, we are committed to overcoming barriers and ensuring that housing production meets the growing demand.
III. Grants and Programs
The $100 million in grants we are announcing today will be pivotal in eliminating regulatory barriers and expediting the construction of new housing. For example, Bend, Oregon, will receive a $5 million grant to develop a comprehensive five-year plan aimed at ramping up housing construction in the region. The enthusiasm for this program is evident, with $13 in requests for every available dollar. This overwhelming response highlights the urgent need for increased investment in housing infrastructure and the widespread desire to address this critical issue.
IV. Cross-Agency Initiatives
In addition to these grants, we are implementing several cross-agency initiatives to further support housing development. The Department of Transportation will offer low-cost financing for transit-oriented housing projects, promoting sustainable growth and connectivity. New guidance from the DOT will exempt many loans for conversion programs from environmental review, further facilitating the development of essential housing. Furthermore, the Department of Housing and Urban Development (HUD) and the Department of the Treasury are expanding access to low-cost federal financing for state and local housing agencies, reinforcing our commitment to affordable housing solutions.
V. Conclusion
The White House is dedicated to using a multifaceted approach to keep the housing pipeline flowing and address the diverse needs of our communities. Vice President Kamala Harris has eloquently highlighted the importance of affordable housing and the administration's efforts to build millions of new homes. Our collective actions today are a testament to our unwavering commitment to ensuring that every American has the opportunity to thrive in a community that offers stability and hope.
Thank you for your dedication to this crucial cause, and together, let us continue to build a future where every person has a place to call home.
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