🚨BREAKING NEWS: Biden-Harris Shake Up Housing Market with Bold Move! You Won’t Believe What They’re Doing to Lower Housing Costs! 🏠💸 #HousingCosts #BidenHarrisAdministration

In a bold move to revolutionize housing development in the United States, the Biden-Harris Administration has been unwavering in their commitment to building more homes and lowering costs for Americans. Despite decades of neglect in the housing sector, progress is finally on the horizon under the current leadership. With a robust Housing Supply Action Plan in place, the Administration is determined to make significant strides in increasing housing supply and affordability, paving the way for a brighter future for renters and homeowners alike.

Here are some key actions that the Biden-Harris Administration is undertaking to tackle the housing crisis in the country:

1. Funding to Break Down Barriers: The Department of Housing and Urban Development (HUD) is providing $100 million through the PRO Housing program to help communities identify and eliminate obstacles to affordable housing production. This initiative aims to enhance housing policy plans, improve strategies, and facilitate the production and preservation of affordable housing.
2. Interest Rate Predictability for Housing Development: The Department of the Treasury and HUD are enhancing the Multifamily Risk Sharing Program to provide greater interest rate predictability for housing projects financed by state and local agencies. This move is set to make housing developments more financially viable and expand the reach of the program.
3. Streamlining Transit-Oriented Development Projects: The U.S. Department of Transportation is introducing guidance to streamline requirements for residential development near transit, including commercial-to-residential conversions. These changes aim to expedite the loan process and save time and money for developers.
4. Accelerating Historic Preservation Reviews: The Advisory Council on Historic Preservation is proposing a tool to expedite historic preservation reviews for federally-funded housing units across the country. This would significantly reduce the review process and lower development costs for these projects.
5. Legacy Challenge: HUD is launching a challenge to encourage communities to leverage low-cost loans for transformative housing investments through the Section 108 Loan Guarantee Program. This initiative aims to support adaptive reuse, rehabilitation, and infrastructure projects to boost affordable housing development.
6. Upgrading Manufactured Home Construction Standards: HUD is finalizing a rule to update its Manufactured Home Construction and Safety Standards, enabling the construction of duplexes, triplexes, and fourplexes under the HUD Code. This move will extend the cost-saving benefits of manufactured housing to denser urban and suburban settings.
7. Expedited Housing Permitting: The Council of Economic Advisers is analyzing strategies to expedite the permitting process for new housing developments, ultimately lowering housing costs and addressing the nationwide housing shortage.

Through these initiatives and a series of executive actions, the Biden-Harris Administration is paving the way for a future where housing is more affordable and accessible for all Americans. By streamlining processes, providing funding, and promoting innovative solutions, the Administration is committed to building a brighter future for renters, homeowners, and communities across the nation.