Press Release
☷Ahead of the State of the Union President Biden Highlights the Administration s Investments in Affordable Housing and Plan to Lower Housing Costs for Working Families
U.S. Department of Housing and Urban Development ( By Press Release office)
Mar 09,2024
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As President Biden gets ready to give the State of the Union address in 2024 , the White House has released a fact sheet highlighting HUD ' s efforts to improve housing affordability for Americans . The fact sheet outlines various actions taken by HUD and the Biden - Harris Administration to increase housing supply and reduce costs . HUD Secretary Marcia L . Fudge emphasized the importance of expanding access to affordable housing for all Americans . Some of the actions mentioned in the fact sheet include securing rental assistance for over 100 , 000 additional households , reducing mortgage insurance premiums for FHA mortgages , and proposing tax credits and down payment assistance for first - time homebuyers . These efforts aim to make housing more affordable and accessible for everyday Americans . The President wants Congress to pass a law to create and fix up over 2 million homes , which would help bring down housing costs for renters and homeowners . This law would build on actions taken by the Biden - Harris Administration to increase housing construction last year . Their plan includes expanding tax credits to build more affordable rental units and providing a tax credit for building or renovating affordable homes for homeownership . The President is also introducing a $20 billion grant fund to help communities build more housing and make it more affordable . When President Biden and Vice President Harris took office , things were tough with high housing costs and job losses due to COVID - 19 . But since then , Secretary Fudge has made significant investments in housing . They have built and repaired over half a million affordable housing units , helped millions of homeowners avoid foreclosure , issued more rental assistance vouchers than ever before , and served or housed over 1 . 2 million people experiencing homelessness . You can learn more about President Biden ' s plans in his 2024 State of the Union address .
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