Biden Administration announced new policies to boost affordable housing

Biden Administration announced new policies to boost affordable housing

Biden Administration announced new policies to boost affordable housing
The Biden administration announced last week that it was taking action to increase the supply of affordable housing in the U.S. over the next three years. The announcement included an ambitious goal of creating 100,000 new units available to homeowners and renters who are in lower income brackets.

Among the policies proposed was a call on state and local governments to ease zoning restrictions for multi-unit dwelling construction. This is an attempt by the federal government to intervene in the severe housing shortage that is especially hurting low income households.

The National Association of Realtors currently estimates that the nation’s housing deficit is as much as 6.8 million units. While the administration’s efforts only call for 100,000, the NAR applauded the effort as a solid first effort.

Today, conventional conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

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