Can This New Fund Solve the Affordable Housing Crisis

The Biden administration takes steps to address the housing supply crisis, including a $100 million fund to support affordable housing financing over three years. Treasury Secretary Janet Yellen outlines additional measures, such as enhancing the Federal Financing Bank's options for affordable housing and converting empty office buildings into housing units. Housing affordability emerges as a pressing issue amid a 46% increase in home prices from March 2020 to March 2024, coupled with rising financial pressures on homebuyers and renters. Sales of existing homes declined for the third straight month in May due to high mortgage rates and elevated prices, with a national shortage of over 7 million affordable homes reported. Yellen urges Congress to pass Biden's budget, which proposes a tax credit for first-time homebuyers and plans to build over 2 million homes, supported by $85 million from the Department of Housing and Urban Development to reduce barriers like zoning restrictions.

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