In response, they have outlined several proposals to “address the supply shortage and reduce price pressures in the housing market.”
Chief among the proposals is a goal to deliver 100,000 housing units over the next three years.
To accomplish this, the White House said that it will authorize government-sponsored corporations (GSC) Fannie Mae and Freddie Mac to expand the number of mortgages available for manufactured homes and two-to-four-unit properties. It also plans to increase financing opportunities for apartment buildings through loans, tax credits, and grants.
Additionally, officials said that supply-side policies from its economics agenda will lead to the construction and rehabilitation of approximately two million housing units nationally.
Officials said the construction of new affordable housing units will be aided through a combination of federal subsidies, low-income housing tax credits, a tax credit subsidy for building and rehabilitating homes for homeowners living in economically vulnerable communities, and by incentivizing the removal of exclusionary zoning and land use policies that limit new construction.