Progress Report on Biden’s Housing Supply Action Plan

The Biden-Harris Administration recently announced key progress on the Housing Supply Action Plan – a set of administrative and legislative priorities aimed at closing the housing supply shortfall in five years. NAA, alongside our industry partners at the National Multifamily Housing Council (NMHC). Key highlights include:

• Reforming the income guidelines for Low-Income Housing Tax Credits (LIHTCs) – the main source of financing for affordable housing
• Extending LIHTC deadlines to ensure certain delayed affordable housing projects can still qualify for LIHTCs
• Reforming and streamlining financing program at Fannie Mae and Freddie Mac that will provide more affordable financing for multifamily housing construction

NAA continues to advocate on behalf of the industry as the Administration pursues housing affordability solutions. Please see this statement from NAA and NMHC on the Administration’s progress report.