Ahead of the State of the Union, President Biden Highlights the Administration’s Investments in Affordable Housing and Plan to Lower Housing Costs for Working Families

By klrw460 March 7, 2024

Today, as President Biden prepares for the 2024 State of the Union address, the White House released a new fact sheet showcasing the efforts of the U.S. Department of Housing and Urban Development (HUD) and the wider Biden-Harris Administration to increase the housing supply and alleviate housing costs for Americans. This announcement serves as a continuation of recent initiatives by the White House and HUD aimed at enhancing housing accessibility.

HUD Secretary Marcia L. Fudge emphasized the Administration’s commitment to expanding safe and affordable housing access. The Administration, in collaboration with federal partners, is focused on increasing the housing supply to enhance affordability and eliminating obstacles to promote homeownership.

Key measures outlined in the fact sheet to improve housing supply, expand assistance, and reduce costs include:

  • Providing rental assistance to over 100,000 additional households in the past three years, with a call to Congress to further extend rental assistance to more than half a million households. This includes pioneering voucher guarantees for low-income veterans and youth transitioning from foster care.
  • Publishing summaries that clarify the prohibition of non-rent fees in Public Housing and Multifamily subsidized programs, building on the President’s previous commitments to ensure transparent rental costs.
  • Cutting the mortgage insurance premium for Federal Housing Administration (FHA) mortgages, projected to save 850,000 homebuyers and homeowners approximately $800 annually.
  • Proposing a mortgage relief credit aimed at offering middle-class first-time homebuyers a $5,000 annual tax credit for two years, anticipated to assist over 3.5 million families.
  • Advocating for up to $25,000 in down payment assistance for first-generation homebuyers, a move expected to benefit 400,000 families.
  • Urging Congress to pass legislation to construct and renovate over 2 million homes to narrow the housing supply gap and alleviate costs for renters and homeowners. This includes expanding the Low-Income Housing Tax Credit and introducing the Neighborhood Homes Tax Credit.
  • Proposing a $20 billion competitive grant fund to support the construction of affordable housing and lower housing costs.

Under the leadership of President Biden, Vice President Harris, and Secretary Fudge since 2021, notable achievements in addressing the housing crisis exacerbated by the COVID-19 pandemic include the construction and rehabilitation of over half a million affordable housing units, assisting approximately 2 million homeowners with FHA mortgages to prevent foreclosure, issuing a record number of rental assistance vouchers, and aiding over 1.2 million people experiencing homelessness.

For the full details and insights, please refer to the original press release at the following link: https://www.hud.gov/press/press_releases_media_advisories/HUD_No_24_047