The U.S. Department of the Treasury has announced a new effort to boost housing affordability.
According to a press statement from the Treasury, the new initiative will include the launch of a program administered by the CDFI Fund to provide an additional $100 million over the next three years to support the financing of affordable housing. Treasury also pledged “an effort to provide greater interest rate predictability to state and local housing finance agencies borrowing from the Federal Financing Bank to support new housing development,” along with a push to encourage increased housing programs spending the Federal Home Loan Banks.
Furthermore, the department will publish a “How-To Guide” for state and local governments seeking to use Treasury recovery funds to construct housing, and it will update to the Capital Magnet Fund to provide greater flexibility to community development financial institutions and nonprofits engaged in affordable housing financing.
Treasury Secretary Janet Yellen acknowledged this will not be a be-all/end-all solution to the issue.
“Given the scale of the challenge, we must and will continue to do more,” she said.
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Keep printing money so those who over spend and buy things way overpriced are rewarded.
Joe Biden’s secretary of the treasury, Janet Yellen, was in MN Monday. Yesterday it was announced a Special Purpose Credit Program at 5% loans. The purpose of an SPCP is to make access to financing easier for groups that might have a harder time qualifying for loans or credit because their communities were underserved in the past. How about just work hard?
Is that not a possibility? Additionally they announced 6% loans for everyone else needing a boost. Where does the free money end? And we wonder why inflation is what it is? We need to take a step back and logically determine the impacts of such decisions.
Nicholas, you are SO RIGHT! Another vote buying attempt that will bankrupt the nation.
Of course the maga-baby boomer, Trump responses above who have had every opportunity don’t want anyone else to get ahead, I am embarrassed to be a baby boomer we have ruined the country and society due to their selfishness
So you two guys against this government assistance to help create some workforce housing. How would you two create the five million homes that are needed in the U.S. ?
Incentivize building, not buying. More homes will help keep prices from increasing dramatically. Artificially stimulating demand without an increase in supply will lead to home prices skyrocketing
This adminstration has no interest in helping Americans get into homes. If they did, they would lower interest rates. This would help all Americans-the ones that pay taxes too. If we have such a housing shortage why do they keep allowing Illegal aliens to come into our country? Stop spending money, printing money, paying illegals to be here and let our economy grow.
Curious how there is no mention of the large corporations who were allowed to buy up 67% of available housing units and turn them into rentals for the next 10 to 15 years. It’s a mess now and will be a mess when they decide to finally sell those properties. It should have never been allowed in the first place.
Thank you for being a voice of reason, Elaine. I’ve been concerned about the corporate takeovers of rentals for a while. I recently perused rentals in LA and found corporate landlords renting out expensive bedrooms in new units. They’re not even renting whole apartments. They’re not requiring a typical year lease, either. The minimum lease is 30 days. So, they make more on each unit. Like a 30+ day Airbnb. Where does this leave families who need homes? How safe can living in one of these things be? In these units, landlords pick the roommates, tenants have zero say. And who’ll be liable when someone gets hurt or raped? Honestly, IMO, the corporate masters of the universe have gone too far.