The Biden administration Tuesday announced $5.5 billion in grants for building more affordable homes, a key effort to lower housing costs and address homelessness in the US, a White House press statement said.
“Homeownership is an essential part of the American dream that represents so much more than a roof over our heads,” Vice President Harris while announcing the grants. “For people all across our nation, a home represents financial security, the opportunity to build wealth and equity, and a foundation for a better future for themselves, their children, and future generations.”
The grants are part of a broader effort by the administration to boost housing supply and affordability, which has been a key priority for cities and states.
In 2023, the administration said the Housing Trust Fund, which provides grants to states and local governments to build affordable housing, helped create more than 1,680 units of affordable rental housing for extremely low- and very low-income households.
The administration also said the Section 108 Loan Guarantee programme, which provides loans to cities and states to transition historic buildings into new housing units, helped a downtown historic building in Cleveland, Ohio, become a place for affordable housing, seniors and people with disabilities.