The Biden administration on Friday announced several steps to reduce barriers to building and financing affordable housing construction.
From a White House release:
Finalizing regulations that make it easier to build mixed-income housing, housing that includes very-low-income tenants, and housing in sparsely populated rural areas by reforming the income guidelines for the main source of financing for affordable housing — Low-Income Housing Tax Credits (LIHTCs).
Extending LIHTC deadlines to ensure that affordable housing projects delayed by public health, economic, and supply-chain issues can be built as expeditiously as possible and still qualify for LIHTCs.
Reforming and streamlining a financing program at Fannie Mae and Freddie Mac that will make it easier to build homes for rent by providing more affordable financing for multifamily housing construction.
Continuing to promote more housing options near transit and other modes of transportation, coordination of transportation and housing planning, and rewarding jurisdictions that have removed barriers to housing development.