September 17, 2021

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Mortgage News

White House reveals plan to tackle housing affordability

In response, they have outlined several proposals to “address the shortage of supply and reduce price pressures on the housing market”.

The most important of the proposals is the goal of delivering 100,000 residential units over the next three years.

To do this, the White House said it will authorize state-sponsored corporations (GSC) Fannie Mae and Freddie Mac to increase the number of available mortgages for prefabricated houses and properties with two to four units. She also plans to increase the financing options for apartment buildings through loans, tax credits, and grants.

In addition, officials said supply-side measures from their economic agenda will result in the construction and renovation of approximately two million housing units at the national level.

Officials said the construction of new affordable housing units will be supported by a combination of federal subsidies, low-income residential property tax credits, a home construction and renovation tax credit for homeowners living in economically depressed communities, and incentives for the elimination of exclusionary zones and homes Land use policy that limits new construction.