The National Association of Realtors® (NAR) issued a press release stating that the Biden Administration recently announced new steps to tackle the housing supply crisis.
The plan by the U.S. Department of the Treasury allows the use of $350 billion in American Rescue Plan funds by state, local, and tribal governments toward the development, repair, and operation of affordable housing units.
The following is a statement from NAR President, Leslie RoudaSmith:
"The top issue around the country among our 1.5 million members is housing supply. NAR commends the White House for addressing this challenge head-on and working across agencies on a comprehensive plan to provide the necessary flexibility for state and local governments.
"Any effort to add supply will help alleviate a historic shortage in affordable housing. NAR commissioned a landmark research report last year showing a lack of 5.5 million homes in the U.S.—a gap so large it would take more than a decade to dig out of, even with accelerated new construction. It is nothing short of an affordability crisis hurting first-time, first-generation, and middle-income Americans the most.
"NAR supports comprehensive action that includes investment in new construction, zoning reforms, expansion of financing, and tax incentives to spur investment in housing and convert unused commercial space to residential.
For more information on supply and affordability policy proposals supported by NAR, you can visit their website at https://www.nar.realtor and click on Advocacy to see their 2022 Realtors® Legislative Policies report.
Lauren Bunting is a licensed Associate Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
