Today, the White House released a fact sheet detailing President Biden’s plans to lower housing costs for working American families. The fact sheet, published in advance of the President’s State of the Union address tonight, calls for Congress to expand the Housing Credit to create or preserve approximately 1.2 million additional affordable rental homes nationwide, among other policy proposals. The fact sheet explains that the legislation builds on the executive actions contained in the Administration’s Housing Supply Action Plan, which was published in 2022. The fact sheet previews elements of President Biden’s Fiscal Year 2025 budget request to Congress, scheduled to be released on March 11.
The fact sheet also highlights the President’s support for legislative action to lower the cost of homeownership, enact the Neighborhood Homes Tax Credit, and reduce rental costs. Learn more about the specific proposals in the President’s fact sheet via this analysis by ACTION member Novogradac & Co.
