Housing

The Biden-Harris Administration and Democrats’ passage of the American Rescue Plan, along with President Biden’s executive orders and agency actions, have helped Americans stay in their homes, find more affordable housing, and buy homes. They are also working to expand affordable housing across the country, reduce discrimination in lending and home appraisals, and provide housing options to vulnerable populations.

 

What Have the Biden-Harris Administration and Dems Done?

 

  • Expanded funding for the development of affordable housing nationwide by permitting nonprofits and developers to finance long-term affordable housing loans via the American Rescue Plan (ARP).
  • Provided ARP funding to additional federal housing programs, including low-income housing credits, affordable housing preservation (including “development, repair or operation”), supportive housing for the elderly and disabled, and public housing capital projects.
  • Created the first-ever national eviction assistance plan for over 5M renting households and reduced evictions significantly.
  • Increased housing stability within vulnerable populations and households experiencing homelessness, domestic violence, or trafficking.
  • Established the Homeowner Assistance Fund which is distributing financial assistance to eligible homeowners with 60% designated for low-income homeowners.
  • Taken action to reducing housing discrimination, eliminate the racial homeownership gap and address the disproportionate rates of homelessness among people of color, low-income individuals and families, veterans, and LGBTQI+ Americans.
  • Taken action to eliminate discrimination in the home appraisal process with a wide-ranging set of reforms ever put forward to advance equity in the home appraisal process.
  • Combatting redlining practices by home lenders and removing barriers to home ownership in communities of color and/or low-income communities.
  • Implemented homeowner protections and supports, extending foreclosure moratoriums and forbearance options for nearly 11M households, resulting in a 29% decline in foreclosure filings in 2021.
  • Provided no-money-down loans to rural families through the USDA.
  • Increased access to affordable housing for seniors providing funding to create new deeply affordable housing for seniors with extremely low incomes.

What Have the Biden-Harris Administration and Dems Done?

      • Expanded funding for the development of affordable housing nationwide. The Biden-Harris Administration expanded how cities and states can build affordable housing by permitting nonprofits and developers to finance long-term affordable housing loans via the American Rescue Plan.
      • Provided ARP funding to additional federal housing programs. New regulations will also allow cities and states to direct ARP funding to additional federal housing programs, including low-income housing credits, affordable housing preservation (including “development, repair or operation”), supportive housing for the elderly and disabled, and public housing capital projects.
      • Created the first-ever national eviction assistance plan for over 5M renting households. Under the American Rescue Plan, the national eviction assistance plan has committed over $30B in assistance to cover back rent, prospective rent, and utilities. Over 80% of assistance went to low-income families, 60% to Hispanic or Black renters, and over 66% to female-headed households. As a result, low-income and majority-Black neighborhoods have seen a reduction in eviction filings.
      • Increased housing stability within vulnerable populations. The Public Housing Authorities partnered with Continuum of Care organizations to distribute over 74% of the 70K new Emergency Housing Vouchers made available to households experiencing homelessness, domestic violence, or trafficking. State and local jurisdictions have also committed to investing $5B of funding from the American Rescue Plan for housing, rental assistance, and supportive services to prevent and address homelessness in hard-hit communities.
      • Established the Homeowner Assistance Fund. Treasury has distributed over $9B to HAF programs nationwide. As of May 2022, more than 40 states/territories have opened their HAF programs to applicants, and 5 states and Washington D.C. are operating pilot programs. These funds will be distributed to eligible homeowners with 60% designated for low-income homeowners.
      • Taken action to reducing housing discrimination. The Department of Housing and Urban Development is working to eliminate the racial homeownership gap and address the disproportionate rates of homelessness among people of color, low-income individuals and families, veterans, and LGBTQI+ Americans.
      • Taken action to eliminate discrimination in the home appraisal process. In March 2022, the Biden-Harris Administration’s Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) released the PAVE Action Plan, which represents the most wide-ranging set of reforms ever put forward to advance equity in the home appraisal process.
      • Combatting redlining practices by home lenders and removing barriers to home ownership in communities of color and/or low-income communities. The DOJ has launched a new enforcement effort banning modern-day redlining practices. Redlining is a discriminatory practice in which lender refuse to issue loans and other financial services to customers who reside in neighborhoods that are predominately low-income and/or communities of color.
      • Implemented homeowner protections and supports. The Administration implemented measures extending foreclosure moratoriums and forbearance options for nearly 11M households, resulting in a 29% decline in foreclosure filings in 2021. This had the greatest impact on Black and Hispanic families, who experience foreclosure rates 2-3 times greater than white homeowners. In addition, the American Rescue Plan’s Homeowner Assistance Fund has helped struggling homeowners make their mortgage payments and utility costs.
      • Providing no-money-down loans to rural families. The USDA provides loans to individuals for home purchases with no money down for families in rural America.
      • Increased Access to Affordable Housing for Seniors. In January 2021, the HUD made $150M in available funding to create new deeply affordable housing for seniors with extremely low incomes through the Section 202 Supportive Housing for the Elderly program. The program supports the construction of new rental homes, as well as their ongoing management and affordability through long-term project-based rental assistance. This will expand access to critically-needed affordable housing for our nation’s seniors.

LAST UPDATED ON SEPTEMBER 20TH, 2022