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Biden Administration Extends Federal Housing Financing Program

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Government + Policy

Biden Administration Extends Federal Housing Financing Program

Funds from the program are used to develop or rehabilitate affordable rental homes, helping boost US housing supply

March 1, 2024
Model house on federal check
Image: Karen Roach / stock.adobe.com

In an announcement on Thursday, Feb. 29, the Biden administration said it is extending a federal housing financing program originally set to expire in September, Route Fifty reports. According to the Federal Housing Administration (FHA), this extension will allow states and localities to either build or preserve 38,000 affordable rental homes over the next 10 years. Under the initiative, $2 billion in financing has been allocated to state and local housing finance agencies since 2021, providing funds for building or rehabilitating nearly 12,000 affordable rental homes for seniors, low-income families, and people with disabilities. 

The National Council of State Housing Agencies praised the decision to continue the Housing Finance Agency Risk-Sharing Initiative “at a time when affordable housing is scarce for so many people who need it so much,” the group said. The program “is an important and effective way of helping to build and maintain apartments for low- and moderate-income families.”

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