President Biden announced $9 billion in federal funding to build and preserve affordable rental housing across the country. The funding will be used to construct and renovate more than 50,000 affordable housing units, including those for extremely low- and low-income families, seniors, and individuals with disabilities.
The funding is part of the Biden administration’s goal of creating or preserving 100,000 affordable housing units within the next three years. The administration has already committed more than $10 billion to affordable housing initiatives, including the creation of a new Housing Voucher Program and the expansion of the Low-Income Housing Tax Credit program.
The $9 billion announced today will be distributed through the Department of Housing and Urban Development’s (HUD) HOME Investment Partnerships Program and the HOME Investment Partnerships American Rescue Plan Act (HOME-ARP) program. The HOME program provides grants to states and local governments to fund affordable housing development, while the HOME-ARP program provides additional funding to support affordable housing development in response to the COVID-19 pandemic.
HUD Secretary Marcia Fudge said the funding will help to address the nation’s affordable housing crisis and ensure that everyone has a safe and affordable place to live.
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