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The National Association of Realtors (NAR) has given its support to several strategies proposed last week by the Biden administration to address the need to expand affordable housing opportunities.

NAR specifically praised the proposal for a new Department of the Treasury program administered by the CDFI Fund designed to provide an additional $100 million over the next three years to support the financing of affordable housing. The trade group hailed the proposed creation of a new “How-To Guide” to support state and local governments in using recovery funds provided by Treasury to construct housing. NAR also applauded the proposed Capital Magnet Fund to provide greater flexibility to CDFIs and nonprofits that finance affordable housing.

NAR’s Chief Advocacy Officer Shannon McGahn met with White House officials last week to discuss housing affordability issues and share some of NAR’s original research.

“Executive agencies have the power to act quickly to promote homeownership. We applaud the Biden Administration’s comprehensive, multi-agency response targeting solutions at every level of government. It will take an all-of-government approach to yield results in this fight,” said McGahn.