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.”
Advertisement
Related Stories
Off-Site Construction
New Study Examines Barriers and Solutions in Manufactured Housing
The study from Harvard's Joint Center looks at the challenges faced by developers using manufactured housing and how they're overcoming those barriers
Affordability
The Disappearing Act That Is Middle-Income Housing
An expert weighs in on the diminishing supply of middle-income housing, which is particularly acute in California, and what to do about it
Off-Site Construction
Utah Passes Bill to Regulate Modular Construction at the State Level
Goals for housing innovation and affordability meet in Utah's passage of a new bill that establishes a statewide modular construction program