The Biden administration is taking significant strides to increase the supply of affordable housing in the United States. In an effort to drive down housing prices and address the challenges faced by low-income communities, the administration has announced measures to reduce zoning and land-use restrictions that hinder housing construction and to provide better protection for renters.
Despite the fact that inflation in rental markets is slowing down and the construction of apartments is projected to reach record levels this year, housing prices continue to remain high across the country. Recognizing the need for action, the White House has pledged to make historic housing investments that will not only boost the supply of affordable housing but also lower costs and contribute to the reduction of climate pollution.
The issue of high housing costs and increased homelessness in cities has sparked concerns in communities nationwide and could potentially play a key role in the 2024 presidential election, in which President Joe Biden is seeking re-election.
To address these challenges, the Department of Housing and Urban Development (HUD) has collaborated with the White House to implement measures aimed at reducing or eliminating excessive application charges and so-called junk fees that contribute to increased costs for renters. These steps are part of a larger effort to ease the burden on renters and enhance affordability.
In order to further facilitate the creation of affordable housing, the administration is now turning its attention to zoning regulations that have often restricted housing development and perpetuated patterns of segregation. These restrictions not only limit the housing supply but also contribute to higher energy costs and climate-related risks. By loosening these regulations, the administration aims to increase the availability of affordable housing while simultaneously reducing associated costs.
HUD has also announced a new program, backed by an $85 million fund, designed to assist communities in identifying and overcoming barriers to affordable housing production and preservation. Under this program, communities in urgent need can apply for up to $10 million in funding, which can be utilized for zoning changes, rezoning for multifamily and mixed-use housing, and easing land use restrictions such as parking requirements.
In addition to these initiatives, the U.S. Department of Transportation is providing substantial funding for planning and capital construction projects that prioritize disadvantaged communities and improve accessibility. The Economic Development Administration (EDA) has updated its grant guidelines to focus on efficient land use and concentrate new developments in areas with nearby residential density.
The Biden administration is also streamlining the process for underwriting larger multifamily housing loans, simplifying financing for the creation of affordable housing, and leveraging federal funds to support commercial-to-residential conversions. These conversions not only address housing needs but also have the potential to create zero-emissions housing, reducing energy costs for residents and combatting climate pollution.
To further safeguard the rights of renters, HUD plans to enhance renter protections, including offering renters the opportunity to address any inaccurate tenant screening reports and ensuring that they receive adequate notice prior to eviction. Additionally, HUD will provide funding for tenant organizing efforts.
By implementing these comprehensive measures, the Biden administration aims to address the challenges of affordable housing, reduce housing costs, and protect the rights of renters. The steps taken to boost the supply of affordable housing, combined with other initiatives to foster equitable and sustainable communities, demonstrate the administration’s commitment to tackling the housing crisis and promoting fair housing for all Americans.
