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US Treasury Invests $100 Million in Housing Market
Posted on July 4, 2024 |
After the pandemic, high food prices and interest rates have dramatically increased the cost of living, prompting the Biden administration to announce new measures to increase access to affordable housing.
During a visit to Minneapolis on June 24, Treasury Secretary Janet Yellen promoted the new investments. Among them are $100 million in new funds for affordable housing over three years and a boost to the Federal Financing Bank's financing of affordable housing.
Between March 2020 and March 2024, the Case-Shiller 20-City Composite Home Price Index showed a 46% increase in home prices. Recent Treasury analysis shows that housing costs have increased faster than incomes over the past two decades. The number of previously occupied homes sold in May 2024 fell for the third straight month as record-high mortgage rates and high home prices discouraged many prospective buyers.
More than 10.8 million extremely low-income U.S. families lack affordable housing, according to the National Low Income Housing Coalition. According to the group, a renter working full-time at minimum wage cannot afford a two-bedroom apartment in any state or county.
Biden and presumptive GOP nominee Trump have proposed a variety of ways to make life more affordable for average Americans, including taxing tips for workers and cutting student loan payments. While increased housing costs may delay the end of the crunch, some economists believe the Federal Reserve will eventually lower its 5.3% interest rate.
As part of the budget, Congress is asked to provide tax credits to first-time homebuyers and to build more than two million new homes. Specifically, it would increase the Low-Income Housing Tax Credit.
Housing and Urban Development allocated $85 million to communities in July 2023 to narrow housing barriers, such as zoning restrictions which have made it difficult to increase
affordable housing density and supply.