Category Archives: Housing

Affordability, Economic Development, Governor Kathy Hochul, Housing, Infrastructure, New York State politics, News & Photo Features

Governor Hochul Rallies Statewide Support for “Let Them Build” Agenda to Address Housing Crisis, Critical Infrastructure

Common Sense Reforms to State Environmental Quality Review Act Will Speed Up Building of Housing Localities Want While Preserving Environmental Safeguards

Agenda Will Cut Red Tape That Delays the Building of Critical Infrastructure like Clean Water, Green Infrastructure, and Parks

State Will Establish Clear Timelines for Environmental Review, Standardize and Simplify Review Process, and Expedite Major Projects

Builds on Governor’s Historic Agenda To Address New York’s Housing Crisis and Make the State More Affordable and Livable for All New Yorkers

Governor Kathy Hochul is rallying state-wide support for her “Let Them Build” agenda to address the housing shortage and critical infrastructure © Karen Rubin/news-photos-features.com

Governor Kathy Hochul rallied with local leaders from across the state to highlight her “Let Them Build” agenda, a series of landmark reforms to speed up housing and infrastructure development and lower costs as part of her 2026 State of the State. This initiative will spur a series of common sense reforms to New York’s State Environmental Quality Review Act (SEQRA) and executive actions to expedite critical projects that have consistently been found to not have significant environmental impacts, but caught up in red tape and subject to lengthy delays. Together, these actions will make it easier to build the housing and infrastructure that localities want.

The Governor’s proposal has now secured the backing of the New York State Association of Counties (NYSAC), the New York State Association of Towns (NYAOT), and the New York State Conference of Mayors (NYCOM), along with New York City Mayor Zohran Mamdani and dozens of other local elected officials from communities across New York.

“For far too long needless, outdated red tape has stood in the way of the housing and infrastructure that New Yorkers need to address the housing crisis and make life more affordable in communities across our state,” Governor Hochul said. “New York is a place defined by our boundless ambition — we are a state that builds. It is time that we cut the red tape that too often slows down projects and let communities build, so we can offer all New Yorkers the more affordable and livable state that they deserve and attract new residents who want to call New York home.”

Today, it is too difficult to build major projects in New York: manufacturing, housing and energy projects can take as much as 56 percent longer in New York State to get from concept to groundbreaking compared to peer states. Longer projects mean higher costs, a challenge that is especially critical in New York’s housing crisis, where the only solution to high costs and scarce homes is to build more housing faster and cheaper than before. According to a report from the Citizens Budget Commission, red tape increases the cost to build a unit of housing in New York City by as much as $82,000 per unit. Similarly, burdensome requirements delay needed investment in clean water infrastructure, child care centers, and parks.

New York City Mayor Zohran Mamdani said, “We cannot address our housing crisis without making it easier to build housing in New York City. Environmental review reform would bring our regulations into the 21st century and ensure we can deliver an affordability agenda on the timetable needed. I commend Governor Hochul for this commonsense proposal and hope it will be a part of the enacted state budget this year. New Yorkers can’t wait any longer for action on housing.”

New York State Association of Counties Executive Director Stephen J. Acquario said,“Counties across New York State recognize that the State Environmental Quality Review Act plays an important role in protecting our natural resources and communities, but we also know that the current SEQR process can be overly complex, time-consuming, and costly — often delaying housing and infrastructure projects that have little or no environmental impact. We welcome the Governor’s review of the SEQR framework and look forward to working with her and the Legislature to modernize the process in a way that preserves strong environmental protections while allowing counties and municipalities to deliver the housing and infrastructure New Yorkers urgently need.”

New York State Conference of Mayors Executive Director Barbara Van Epps said, “NYCOM applauds Governor Hochul for her efforts to streamline the State Environmental Quality Review Act (SEQRA) process, while preserving local control. SEQRA was designed to protect the environment, but it has too often been used to delay or block projects that would deliver clear environmental and community benefits. These targeted reforms would strike an important balance by expediting projects with minimal environmental impact while allowing communities to move forward with critical investments in housing, water and wastewater infrastructure, and other essential services.”

“The New York Association of Towns supports the governor’s effort to cut red tape and modernize the State Environmental Quality Review Act (SEQRA),” said New York Association of Towns’ Executive Director Christopher A. Koetzle. “We look forward to our continued partnership with the governor and our shared work together helping local governments become more efficient while still ensuring the integrity of the land-use review process.”

Helping Our Communities Build Housing We Need

One of the Downtown Revitalization Projects in Hicksville, Long Island, tied to the Long Island Railroad Third Rail and transit-oriented development, presented at Vision Long Island’s Smart Growth Summit. Governor Kathy Hochul is proposing to eliminate the red tape that has delayed and raised costs of housing and infrastructure development.  © Karen Rubin/news-photos-features.com

When Governor Hochul took office, she vowed to tackle the housing crisis and bring down costs by building the housing that New Yorkers desperately need so that more hard working households and families can afford a place to call home. However, too much critically-needed affordable housing development is forced to navigate a web of red tape created by state mandates that add unnecessary costs and years of needless delays, despite such housing development consistently being found to have no significant environmental impact. Studies have quantified how State-mandated environmental review can slow down housing projects by an average of two years, costing hundreds of thousands of dollars per project, at a time when New Yorkers can least afford the wait for the housing they need to continue to live and thrive in New York.

To speed up the development of housing to create a more affordable and sustainable New York, Governor Hochul is proposing to amend the State Environmental Quality Review Act (SEQRA) to exempt certain types of housing that have no significant impacts on the environment from additional SEQRA review. Housing exempted from SEQRA will still be required to comply with crucial State regulatory and permit requirements governing water use, air quality, environmental justice, and protection of natural resources. The proposal does not supersede local zoning and other permitting requirements, and exempted housing also must be located outside of flood risk areas in order to qualify.

Years of experience in both New York City and across the state, involving more than a thousand projects, has shown that virtually none of such projects ultimately were found to have significant environmental impacts, but nevertheless were still subject to lengthy reviews. These reforms will accelerate the delivery of much needed housing and reduce the cost of building in ways that are consistent with sustainable and environmentally-protective development, driving down the cost of housing and rents across the state while protecting our natural resources.

“We’re not eliminating local review permits or approvals. And we’re not saying anything goes,” Governor Hochul stated.” What we are saying, and I’ll repeat it. When a community says yes, they know that it’ll not impact the government, that the State is going to step out of the way and let them go forward and build. And right here in New York City, we can significantly speed up construction of housing units up to 250 citywide.

“But in areas that are medium and higher density, up to 500 units without having to go through this redundant review. And of course they have to comply with preliminary environmental regulations, State and local law permitting. None of that’s changing, but my reformers will be a game changer and send a strong message to communities and developers alike. We are open for business and just like all the other challenges I approach, as I mentioned, I approach this one with urgency. I am impatient as our New Yorkers, we cannot wait anymore. And those who oppose us, who want to keep the status quo. You explain that to the family living in a homeless shelter, waiting for a home. You explain your opposition to the young couple who wanted to start a family here in New York, but can’t.”

Accelerating Critical Infrastructure Projects That New Yorkers Depend On

Governor Hochul also has proposed to facilitate the speedier, cheaper delivery of a broad range of beneficial infrastructure projects that New Yorkers depend on. Specifically, the Governor has proposed to adjust SEQRA’s classifications to exempt the following important categories of infrastructure that meet specific criteria from additional SEQRA review to start serving New Yorkers faster:

  • Clean Water Infrastructure: Critical water infrastructure that avoids impacts to natural resources.
    • Green Infrastructure: Nature-based storm water management.
    • Parks and Trails: Public parks and recreational bike/pedestrian paths
    • Child Care: New or renovated child care centers

Governor Hochul’s proposal would reserve these fast-track environmental review processes for only infrastructure that would be located at previously disturbed areas, protecting our natural resources and undisturbed lands, while strengthening our neighborhoods. The Governor’s approach would yield tangible environmental benefits including improved air and water quality, a reduction in greenhouse gas emissions, and the preservation of critical habitats when compared to policies which encourage sprawl and unchecked development of natural areas.

Currently SEQRA review timelines vary greatly across projects, creating unpredictability for local communities, project sponsors, and state agencies alike. To cut through the red tape, Governor Hochul has proposed to:

  • Deliver faster decisions for local communities by setting clear timelines for environmental impact statements and driving accountability
    • Streamline environmental impact statements to cut down on review timelines for key categories of projects
    • Modernize New York’s permitting processes to save time and money for localities by improving processes and utilizing new technologies
    • Expedite major state infrastructure projects to serve New Yorkers faster
    • Support local communities through a new permitting academy

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said,“New Yorkers desperately need more opportunities to rent apartments and buy homes they can afford. The SEQRA reforms outlined in the Governor’s Let Them Build agenda will deliver that by bringing clarity, speed, and fairness to the process of increasing housing supply and building the infrastructure and community resources that go along with it. The changes and modernization that the Governor is proposing will reduce the time it takes to get shovels in the ground by more than fifty percent while continuing to preserve and protect our natural resources. This is a brilliant idea that will make an enormous difference toward creating the homes and the thriving communities that people deserve.”

New York State Department of Environmental Conservation Commissioner Amanda Lefton said,“Governor Hochul’s ‘Let Them Build’ agenda is centered around incentivizing doing the right thing, avoiding impacts to natural resources, by driving development to previously disturbed sites. Common-sense reforms to SEQRA will speed up the delivery of zoned and permitted affordable housing and other critical infrastructure projects that New Yorkers need, and secure more certainty in environmental review timelines on vital transportation improvements, municipal infrastructure, and other projects benefitting local communities. The Governor’s approach will yield tangible environmental benefits compared to policies that encourage sprawl and unchecked development of natural areas.”

Empire State Development President, CEO and Commissioner Hope Knight said, “Governor Hochul’s ‘Let Them Build’ agenda is a critical step toward delivering the housing, infrastructure, and clean energy projects to benefit all New Yorkers. By modernizing environmental review, setting clear and accountable timelines, and removing unnecessary barriers while maintaining strong environmental protections, these reforms will lower costs, speed responsible development, and strengthen communities throughout the state.”

Governor Hochul’s Housing Agenda

Governor Hochul is dedicated to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. Since FY23, the Governor has worked to increase housing supply through nearly $4 billion in targeted investments, a comprehensive Housing Plan, and implemented new protections for renters and homeowners. Under Governor Hochul’s leadership, HCR has created new programs that jumpstart development of affordable and mixed-income homes — for both renters and homebuyers. These include the Pro-Housing Community Program, which allows certified localities exclusive access to up to $750 million in discretionary State funding. Currently, more than 400 communities have received Pro-Housing certification.

The FY27 Executive Budget completes the Governor’s current five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations plus the electrification of an additional 50,000 homes. More than 77,000 affordable homes have been created or preserved to date. The Executive Budget also invests $250 million to accelerate affordable housing construction to speed up the building of thousands more affordable homes.

East Hampton Town Supervisor Kathee Burke-Gonzalez said,“East Hampton needs more affordable housing so the people who keep our town running can continue living here, including teachers, health care workers, first responders, town employees, and young families. I appreciate Governor Hochul for making this a priority and for backing a clearer, more consistent review process that helps communities build the homes New Yorkers need while continuing to protect our environment, our water, and our open space.”

“I applaud Governor Hochul’s proposed SEQRA reforms through her Let Them Build Agenda,” said White Plains Mayor Justin Brasch. “These common-sense changes cut through unnecessary red tape while striking the right balance-encouraging smart growth and preserving zoning authority, home rule, and environmental integrity. As the fastest-growing city in New York State, White Plains needs tools that allow us to build faster and more affordably, and this plan delivers.”

Queens Borough President Donovan Richards Jr. said, “Our city and state face a generational housing crisis that endangers countless families living on the sharp edge of homelessness, and we must leave no stone unturned in order to protect, preserve and rapidly build affordable housing. That is exactly what these reforms put forth by Governor Hochul will do by removing the red tape that has contributed to this crisis by unnecessarily delaying and blocking construction. I commend the Governor for putting forward her comprehensive Let Them Build initiative, and I am proud to partner with her in this effort.”

New York State Association for Affordable Housing President and CEO Carlina Rivera said, “New York is running out of time to address its affordable housing crisis, and unnecessary delays in the SEQRA process are making it harder and more expensive to build the homes New Yorkers need. Governor Hochul’s proposed SEQRA reforms strike the right balance by streamlining review for appropriate affordable housing projects while preserving critical environmental protections. These changes will reduce costs, create predictability, and help deliver more homes faster. We urge the Legislature to work with the Governor to ensure these important reforms remain in the final budget.”

New York Housing Conference Executive Director Rachel Free said,“Reforming SEQRA is critical to unlocking housing production in New York. The current process often creates years of delay, drives up costs, and blocks housing and infrastructure projects without delivering better environmental outcomes. The Governor’s suggested modernization would rightly focus on projects with truly significant impacts, while reducing the delay on key housing projects. SEQRA reform is essential to advancing affordable housing and the economic vitality New York urgently needs while maintaining strong environmental protections.”

National Federation of Independent Business New York State Director Ashley Ranslow said, “Governor Kathy Hochul’s proposal to reform SEQRA is a practical and necessary step to help streamline and expedite the development and building process. In New York, it takes too much time and resources to get a project off the ground — inevitably driving up the cost of construction. Reforming SEQRA will cut red tape, accelerate building projects, and make them more affordable, ultimately helping the state’s economy, small businesses, and communities across the state.”

Partnership for New York City President and CEO Steven Fulop said,“I hear often from Board members at the Partnership that SEQRA has needed fixing for a long time. It is needlessly bureaucratic, and it drags out projects. I am glad Governor Hochul is taking this on, because it is an unnecessary factor driving up the cost of housing development in the city.”

Open New York Executive Director Annemarie Gray said, “Modernizing SEQRA is about restoring faith that our government can deliver on the things New Yorkers need. When critical projects spend five years being delayed by paperwork, people lose faith in government. Right now, we’re facing both an affordability crisis and a climate crisis — these demand immediate action, and New York families can’t afford to wait years for delays driven by frivolous lawsuits. We commend Governor Kathy Hochul for taking this on and urge the State Legislature to pass SEQRA reform in this year’s state budget.”

Citizens Budget Commission President Andrew Rein said, “We commend Governor Hochul for proposing this bold step to boost much-needed housing production. Reforming the onerous environmental review process will make building housing cheaper and faster, without additional cost to the State. That’s the sort of smart choice that will make our state more affordable and competitive.” 

Regional Plan Association President and CEO Tom Wright said,“Reforms to the State Environmental Quality Review Act (SEQRA) will help fast-track the smart, sustainable infrastructure our region needs, and we commend Governor Kathy Hochul for her bold leadership in taking on this long-overdue work. For over one hundred years, RPA has focused on one core mission: improving quality of life across the tri-state region by advancing solutions that lead to economic vitality, environmental resilience, and healthy, thriving communities. SEQR modernization will greenlight the housing, energy, and transit investments New Yorkers support, and that our region needs to remain competitive, equitable, and resilient.”

Association for a Better Long Island Executive Director Kyle Strober said,“This is a significant update for the New York economic development community. One of the biggest hurdles that economic development projects face is unpredictable timelines and prohibitive soft costs for small to mid-sized projects. These reforms, proposed by Governor Hochul, will help spur economic development, create housing and help make New York more affordable.”

Long Island Contractors’ Association Executive Director Marc Herbst said, “Contractors across Long Island welcome efforts to modernize SEQRA so essential infrastructure projects can move forward in a more timely and predictable way. Streamlining reviews for projects with minimal environmental impact will help communities deliver critical upgrades to roads, water, energy, and public facilities — supporting good-paying local jobs while maintaining strong environmental standards.”

Permanent Citizens Advisory Committee to the MTA Executive Director Lisa Daglian said, “SEQR reform is a crucial complement to transit-oriented development projects around the MTA region, simultaneously combating the housing affordability and climate change crises. We applaud Governor Hochul for taking on this common-sense legislation that will cut red tape and encourage more transit ridership across the region.”

New York State Economic Development Council Executive Director Ryan M. Silva said, “Cutting through red tape and reducing timelines for project approvals is critical to achieve our housing, economic development, and renewable energy goals. The governor’s proposal to exempt housing projects from SEQRA and install a two year cap for review is an important and necessary first step to help support New York’s business climate. These initiatives will help reduce project costs, create predictability in the permitting approval process, and create economic opportunity across the state.”

Westchester County Association President & CEO Michael N. Romita said, “Governor Hochul’s SEQRA reforms are a very important step toward addressing the state’s critical housing shortage. Notwithstanding its noble underpinnings, over the past half century, SERQRA has become increasingly abused by overuse and modernization is overdue. These reforms do not override local control, and they don’t require communities to change their zoning. Rather, they empower local officials to meet today’s needs.”

Westbury, Long Island is taking advantage of its $10 million state-funded Downtown Revitalization Initiative and its Pro-Housing Certification to build new transit-oriented housing and attract new businesses © Karen Rubin/news-photos-features.com

Long Island Association President & CEO Matt Cohen said, “Red tape and overregulation stifles innovation and hinders sorely needed projects that contribute to economic growth. The LIA commends the Governor’s proposal to streamline environmental reviews for new housing, which would go a long way to addressing our existential cost-of-living crisis on Long Island.”

New York State Business Council President & CEO Heather Mulligan said, “New York’s housing shortage is an ongoing economic concern in all regions of New York State. Modernizing environmental review rules — without hindering protections — can cut years of red tape, lower construction costs, and accelerate the delivery of housing that families and workers can afford. Expediting essential investment projects — will support job creation, community growth, and help make New York more competitive.”

Rockland Business Association CEO Jeffrey Greenberg said, “Governor Hochul’s proposal to cut red tape and modernize permitting is a smart, common-sense step for New York. By streamlining outdated processes while preserving environmental protections and public input, these reforms will help Rockland move critical projects forward faster and at a lower cost while simultaneously supporting economic growth across New York State.”

Westchester Business Council Vice President John Ravits said,“The BCW has always advocated for SEQR Reform. Governor Hochul’s proposal to streamline New York’s permitting and environmental review process is a practical step toward helping communities get projects built more efficiently. By reducing unnecessary delays while maintaining strong environmental safeguards and public engagement, these reforms will lower costs, improve timelines, and support the housing, infrastructure, and economic development projects our region needs.”

New York State Builders Association President Peter Florey said,“It is important that we get back to the original intent of the SEQR process which was to protect our environment. SEQR was not intended to be used as a means of slowing or preventing much needed housing production. Governor Hochul’s meaningful recommendations will go a long way towards ensuring that SEQR is used to help housing production and affordability while also safeguarding our environment.”

Enterprise Community Partners Senior Vice President of Programs Baaba Halm said, “When it comes to delivering affordable housing, every second counts. Too often, SEQR creates lengthy, costly, and sometimes insurmountable barriers to affordable housing projects. Enterprise applauds Governor Hochul for recognizing sensible SEQR reform as a way to accelerate the delivery of the affordable homes that New Yorkers so desperately need.”

Real Estate Board of New York Executive Vice President of Public Policy Basha Gerhards said,“The Governor’s thoughtful reforms to SEQRA will accelerate new housing production and save significant time and money. We applaud the administration for identifying a solution to streamline this process while protecting the opportunity for local review.”

Long Island Builders Institute CEO Mike Florio said,“New York’s housing shortage is a crisis that demands action, and Governor Hochul’s proposed reforms to SEQRA are a critical step in the right direction. SEQRA was never intended to be a tool to delay or block much-needed housing for years at a time. Modernizing the review process while maintaining strong environmental protections will help communities add housing faster, reduce costs for families, and support smart, responsible growth across Long Island and New York State.”

Long Island Housing Services Executive Director Ian Wilder said, “On Long Island, SEQRA has long been an essential tool for protecting our drinking water, open space, and air quality, and those protections must remain strong. At the same time, a small number of bad-faith challenges have abused the statute to delay or derail lawful, environmentally responsible housing — particularly infill development, code-compliant homes with appropriate sewage systems, and accessory dwelling units. Thoughtful SEQRA reform restores balance. It preserves meaningful environmental review while reducing misuse that has worsened traffic congestion and fueled sprawl that puts greater strain on groundwater and infrastructure. On an island with limited land and a severe housing shortage, smart, compact housing is not in conflict with environmental protection — it is one of the most effective ways to achieve it.” 

New York Housing Conference Executive Director Rachel Fee said, “Reforming SEQRA is critical to unlocking housing production in New York. The current process often creates years of delay, drives up costs, and blocks housing and infrastructure projects without delivering better environmental outcomes. The Governor’s suggested modernization would rightly focus on projects with truly significant impacts, while reducing the delay on key housing projects. SEQRA reform is essential to advancing affordable housing and the economic vitality New York urgently needs while maintaining strong environmental protections.”

New York State Association of REALTORS® President Ron Garafalo said“The New York State Association of REALTORS® supports Governor Hochul’s proposal to streamline New York’s State Environmental Quality Review Act (SEQRA). The proposals will expedite project timelines for key initiatives like the critical need for housing, accelerate the implementation of necessary infrastructure projects, reduce red tape and focus on meaningful revisions while maintaining strong environmental protections. These reforms are essential to addressing housing affordability across New York.”

Suffolk County Village Officials Association President and Village of Brightwaters Mayor John Valdini said, “The Suffolk County Village Officials Association supports common sense efforts to cut unnecessary red tape and help communities with smart, responsible growth. Governor Hochul’s approach respects local zoning and home rule while streamlining a process that too often delays projects our residents need.”

Rebuilding Together NYC Executive Director Valerie Payne said,“As the Executive Director of Rebuilding Together NYC, whose mission is to repair homes, rebuild lives, and revitalize communities, our work is directly aligned with the Governor’s initiative to “Let Them Build”. As a nonprofit that provides critical repairs to preserve existing homes in the midst of a housing crisis, we acutely understand the need to build more and to improve the infrastructure of New York City neighborhoods. We work with so many homeowners who cannot afford to keep up their homes and are living on fixed incomes and without our support, have nowhere to turn. Our critical home repairs prevent displacement, as well as avoidable hospitalizations due to older adults living with environmental hazards and preserving family assets. If forced to move, homeowners would not be able to afford the rent in a new building. “Let them Build” offers hope that in the future, our low-income NYC homeowners will not be in such a vulnerable position. Thank you, Governor Hochul!”

Supportive Housing Network of New York Executive Director Pascale Leone said, “The Network strongly shares the Governor’s commitment to building more housing, including urgently needed supportive housing. The proposed reforms in this year’s budget thoughtfully balance environmental protections with the pressing need to address New York’s housing crisis,”

LISC NY Head of National Housing Strategic Initiatives & Senior Executive Director Valerie White said, “The most effective way to address New York’s housing crisis is to build more housing, and removing barriers that slow projects down or stop them altogether by cutting red tape and modernizing outdated rules will help achieve that goal. Governor Hochul advancing these important reforms will spur housing development across New York State and we look forward to seeing how they will help neighborhoods grow in ways that are community-centered, sustainable, and responsive to real housing need.”

CDC LI President and CEO Gwen O’Shea said, “Long Island’s has a serious housing crisis; driven in part by lack of inventory and affordability. Removing unnecessary barriers to allow more housing opportunities to develop is a win for all Long Island. This proposal will allow more homes to be available to Long Islanders while protecting the uniqueness and beauty of Long Island’s environment.”

NYU Furman Center Faculty Director Vicki Been said, “NYU’s Furman Center has long raised concerns about whether the costs of the environmental review process for infill housing and some other types of development outweigh the benefits. A few other states have begun to make progress in streamlining and targeting environmental review, and we commend Governor Hochul and her team for tackling this critical issue for New York.”

Nassau County Village Officials Association president Elena Villafane said, “The Nassau County Village Officials Association backs efforts to simplify the approval process, eliminate needless hurdles, and give communities the tools to act efficiently. Preserving local decision-making on zoning is extremely important, and Governor Hochul’s plan allows villages to advance sensible growth.”

Bruce Blakeman, Nassau County Executive who is the Republican challenging Hochul for governor, has consistently opposed Hochul’s efforts to address the state’s housing and affordability crisis. He has done nothing to improve critical infrastructure; the only infrastructure improvements, such as to the Long Island Railroad, and downtown revitalization programs have been funded by the state. His one economic development project during his term was to award the Nassau Coliseum property (dubbed “The Hub”) to the Sands to build a casino resort, which was opposed by much of the surrounding community.

Governor Kathy Hochul, home ownership, Housing

NYS Governor Hochul Launches $215 Million Housing Acceleration Fund to Build Up to 1,800 New Homes Statewide

Governor Kathy Hochul announced the launch of the Housing Acceleration Fund, a $215 million first-of-its kind program to speed up construction of shovel-ready mixed-income residential projects across New York State. The program, part of Hochul’s commitment to attack the housing crisis,  is expected to generate $1 billion in housing investment and  incentivize construction of 1,800 new homes statewide © Karen Rubin/news-photos-features.com

Governor Kathy Hochul announced the launch of the Housing Acceleration Fund, a $215 million first-of-its kind program to speed up construction of shovel-ready mixed-income residential projects across New York State. One of the Governor’s key housing proposals from her 2025 State of the State, the Housing Acceleration Fund is part of her all-of-the-above approach to increasing housing supply to address acute housing needs, and accommodate job growth statewide. Too often, communities do not have tools to create mixed income rental housing, leaving many developments permit-ready, but unable to secure financing. New York’s Housing Acceleration Fund will help address this vital need and spur the development of new housing statewide. The fund is catalyzed by the Governor’s $100 million investment secured in the FY26 Enacted Budget and matched with $115 million from awarded participating lenders.

“To combat the housing crisis in New York, we’re leaving no stone unturned,” Governor Hochul said. “This new, innovative loan program is a powerful new tool to help jumpstart the construction of mixed-income housing in communities across the state. These new resources are just one more way for us to help build more housing opportunities for our families, seniors and young adults.”

The Housing Acceleration Fund awards announced today are expected to result in approximately 1,800 new homes statewide. The awardees are:

  • Community Preservation Corporation: $45.5 million
    • Merchants Bank: $42 million
    • Enterprise Community Partners: $7.5 million
    • Local Initiatives Support Corporation: $5 million

Half of the State’s $100 million investment is appropriated for projects within New York City and half is allocated to projects throughout the rest of the state. Awardees will provide $115 million in additional capital, bringing the total amount of funding for projects within New York City to $100 million and the amount for projects throughout the rest of the state to $115 million.

The Housing Acceleration Fund, administered by New York State Homes and Community Renewal (HCR), will provide low-cost, construction loans to fill financing gaps in the construction of mixed-income housing developments. The Fund is designed to utilize public capital to leverage private capital investment in mixed-income multifamily rental production. The Fund is estimated to generate upwards of $1 billion in new housing investment throughout New York State.

The revolving loan fund model complements other HCR programs to enhance housing production and will speed up production of new rental housing beyond reliance upon limited resources dedicated to the creation of 100 percent affordable housing such as tax-exempt bonds and low-income housing tax credits. The program is designed to self-sustain over time through loan repayments once projects convert to permanent financing once the project is complete. To learn more about the New York State Housing Acceleration Fund program, visit the HCR website.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “By partnering with these four lending institutions, we are injecting more than $200 million towards the creation of 1,800 new apartments for residents across the state. Other states have shown this innovative, self-sustaining loan model can fill funding gaps that may be the difference between new housing being built or never getting off the ground, and we’re thrilled to bring this important tool to New York. We once again applaud Governor Hochul for her efforts to boost the supply of housing across the state, and we thank our partners for sharing our commitment to creating affordable, modern housing in all our communities.”

“I applaud Governor Hochul and Commissioner Visnauskas for continuing to advance an ambitious housing agenda that puts the needs of New York’s communities at the forefront,” The Community Preservation Corporation CEO Rafael E. Cestero said. “At a time when cities large and small are facing challenges of housing affordability and supply, this Administration has given us a tool that drives critical investment in housing and will speed the development of new projects across the state. My thanks to the Governor and her team at HCR for their continued partnership. We stand ready to put this funding to work alongside our capital to get shovels in the ground and provide new housing opportunities to all New Yorkers.”

Merchants Capital Vice Chairman of Agency Lending Mathew Wambua said,“Merchants Capital is honored to be selected to participate in the HCR Housing Acceleration Fund Program and thrilled to deepen our partnership with HCR and our clients in this important initiative. This program represents a powerful opportunity to accelerate the development of shovel-ready affordable housing projects across New York City and New York State. By leveraging these low-cost loans, we can help bring much-needed housing to communities throughout the region—ensuring more New Yorkers have access to safe, stable and affordable homes.”

“Enterprise Community Partners is honored to partner with New York State’s Homes and Community Renewal through its Housing Acceleration Fund.,” Enterprise’s Capital Division President Lori Chatman said. “This innovative program reflects our shared vision of making home and community places of pride, power, and belonging. By combining public resources with mission-driven capital, we can move shovel-ready, mixed-income housing projects forward faster — closing critical financing gaps and delivering the affordable homes New Yorkers urgently need.”

LISC NY Senior Executive Director Valerie White said, “We thank Governor Kathy Hochul and New York State Homes and Community Renewal for their leadership and partnership in creating the Housing Acceleration Fund and moving swiftly to bring it to fruition. LISC NY is proud to work with the State to deliver critical resources that help communities develop mixed-income housing and move more projects from vision to reality. This $5 million investment from HCR, alongside LISC NY’s own $25 million commitment, will empower affordable housing developers to overcome predevelopment barriers, strengthen housing pipelines, and deliver the quality, affordable homes New Yorkers urgently need.”

State Senator Rachel May said, “The Housing Acceleration Fund is a smart, targeted investment in New York’s future. Communities across the state want to build more housing, but too often good projects are held back by gaps in financing. This program helps get good projects off the ground, including mixed-income housing that supports the workforce and strengthens neighborhoods. In Syracuse and across Central New York, the need for new, affordable, and energy-efficient housing is especially acute, and the State’s investment will help meet that demand while creating more vibrant, inclusive communities.”

Assemblymember Linda B. Rosenthal said, “The Housing Acceleration Fund is a welcome tool to help ease the housing crisis facing New York State. Communities around the state are grappling with rising construction costs and would welcome new rental housing, but lack the financing to get the job done. With Governor Hochul’s welcome announcement of a $215 million investment from the state, we can jumpstart construction on these projects and continue our work toward ensuring that every New Yorker has a safe, affordable place to call home.”

Assemblymember Micah Lasher said, “It is outstanding that Governor Hochul and HCR are announcing a major public revolving loan fund for affordable housing. I was proud to introduce legislation at the beginning of the year with Senator May to create this kind of fund, and Governor Hochul and her team have done it even bigger and better. By leveraging public dollars to unlock private investment, this fund will create thousands of new homes and generate over a billion dollars in housing development across the State. When we think creatively to solve our housing crisis, we can deliver real results for New Yorkers.”

Governor Hochul’s Housing Agenda

Governor Hochul is dedicated to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives, capital funding, and new protections for renters and homeowners. Building on this commitment, the FY26 Enacted Budget includes more than $1.5 billion in new State funding for housing, a Housing Access Voucher pilot program, and new policies to improve affordability for tenants and homebuyers. These measures complement the Governor’s five-year, $25 billion Housing Plan, included in the FY23 Enacted Budget, to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 68,000 homes have been created or preserved to date.

The FY25 and FY26 Enacted Budgets also strengthened the Governor’s Pro-Housing Community Program — which allows certified localities exclusive access to up to $750 million in discretionary State funding. Currently, more than 370 communities have received Pro-Housing certification.

Biden Administration, Housing, News & Photo Features

FACT SHEET: Biden-Harris Administration Takes New Actions to Lower Housing Costs by Cutting Red Tape to Build More Housing

Actions include reforms to save developers time and money on federal projects and funds to encourage state and local governments to reduce barriers to affordable housing

Drawings for innovative affordable senior housing in Long Island based on shared-units. The Biden-Harris Administration is implementing reforms to save developers time and money on federal projects and funds to encourage state and local governments to reduce barriers to affordable housing © Karen Rubin/news-photos-features.com

The Biden-Harris Administration is announcing major new actions to build on progress in addressing the affordable housing crisis and further implement its Housing Supply Action Plan. Actions include reforms to save developers time and money on federal projects and funds to encourage state and local governments to reduce barriers to affordable housing. This fact sheet is provided by the White House:

Since launching its all-of-government Housing Supply Action Plan, the Biden-Harris Administration has been committed to using every available tool to build more housing and lower costs. President Biden and Vice President Harris have put building more homes at the center of their economic agenda because rents are lower and homes are more affordable when we build more housing. After decades of under-investment in housing, we are finally seeing progress under President Biden and Vice President Harris: more units are under construction than at any time in over 50 years, and the rate of new housing starts is up 17 percent compared to the last Administration. The Biden-Harris Housing Plan would build over 2 million new homes to further increase supply and lower housing costs for Americans.

Building rental units and homes faster means lower costs for consumers: not only will more units get to the market faster, but increasing the speed of construction lowers building costs. The President and Vice President have been laser-focused on lowering housing costs for renters and homeowners alike.

Today, the Biden-Harris Administration is announcing major new actions to build on that progress and further implement its Housing Supply Action Plan:

Making funding available to help communities break down barriers to housing. The Department of Housing and Urban Development (HUD) is announcing the availability of $100 million through its landmark Pathways to Removing Obstacles to Housing (PRO Housing) program, which provides grants to communities to identify and remove barriers to affordable housing production and preservation. Grantees may use awards to further develop, evaluate, and implement housing policy plans, improve housing strategies, and facilitate affordable housing production and preservation. In June, Vice President Harris announced the first-ever grantees of the program, which provided $85 million to more than 20 cities and states with funding to identify and overcome barriers to building more affordable housing.

Providing interest rate predictability to spur housing development. The Department of the Treasury and HUD are announcing a major improvement to the Federal Financing Bank (FFB) Multifamily Risk Sharing Program that would provide greater interest rate predictability for state and local housing finance agencies that finance housing projects through the FFB. This program already dramatically reduces costs for state and local housing finance agencies by allowing them to borrow funds at just above the rate at which the US government borrows. This new action will expand the reach of the Risk Sharing program, especially for new construction projects, by providing housing finance agencies with greater certainty about the interest rate that they will face after the construction period ends, making more housing developments financially viable. Treasury and HUD indefinitely extended the Risk Sharing Program earlier this year, after the previous Administration allowed it to lapse. The program has already supported more than 16,000 units since restarting in 2021 and is expected to help create or preserve tens-of-thousands of units over the next decade.

Streamlining requirements for transit-oriented development projects. The U.S. Department of Transportation (DOT) is announcing new guidance to streamline and clarify requirements for closing DOT loans for residential development near transit, including commercial-to-residential conversions. New guidance FAQs , issued by the Build America Bureau, clarify that Transportation Infrastructure Finance and Innovation Act (TIFIA) and Railroad Rehabilitation and Improvement Financing (RRIF) loans used for conversion projects may be eligible for a categorical exclusion under the National Environmental Policy Act (NEPA) that would exempt applicable projects from more detailed environmental analysis and save time and money, as long as those projects do not expand the footprint of the building being converted or modify other facilities. The guidance further clarifies that TIFIA loans can be used to refinance existing debt as part of building conversion or expansion projects, and clarifies that TIFIA and RRIF loans can serve as permanent, take-out financing for construction loans consistent with statutory requirements, as long as federal requirements are met. When DOT first announced these loan programs could be used to finance housing near transit, the estimated time between final Letter of Interest and the loan close was up to 18 months. With these changes, that time can now be under a year as long as all other statutory requirements are met. The FAQs also feature additional information on federal requirements, borrower eligibility, market studies, and the Bureau’s underwriting process, including typical terms and conditions for TIFIA and RRIF loans. On August 27, the Bureau will host an introductory webinar on the credit review process for TOD loans. These efforts build on federal actions to make commercial to residential projects financially viable. Last fall, the White House released a Commercial to Residential Federal Resources Guidebook with over 20 federal programs across six federal agencies that can be used to support zero emissions climate-resilient conversions.

Accelerating historic preservation reviews for federal housing projects. The Advisory Council on Historic Preservation (ACHP) proposed a new tool that would accelerate historic preservation reviews for millions of federally-funded, licensed, or owned housing units across the country. Section 106 of the National Historic Preservation Act requires that federal agencies take into account how any proposed actions will affect historic properties and seek ways to avoid, minimize, or mitigate any adverse effects as a result of the project. If finalized, the tool would exempt several activities, including interior repairs and most installation of rooftop solar panels, from further Section 106 review, and significantly reduce the review process for applicable projects, which would lower development costs and more efficiently deliver affordable, accessible, energy-efficient, and hazard-free housing to people who need it. In the same program comment, ACHP will also be accelerating historic preservation reviews for activities related to climate-friendly transportation and climate-smart buildings, creating accessible, climate-resilient, and connected communities.

Challenging communities to use Section 108 to build housing. HUD is launching a Legacy Challenge — encouraging communities that directly receive Community Development Block Grants to leverage low-cost, low interest loans for transformative housing investments. Up to $250 million in loan financing will be made available through the Section 108 Loan Guarantee Program for adaptive reuse, commercial-to-residential conversions, rehabilitation of existing housing, housing enabling infrastructure such as water and sewer line installation or upgrades, and revolving loan pools to support local development. For communities that express interest by November 1, 2024, HUD will offer additional flexibilities for these loans including certain repayment flexibilities and waivers to streamline program requirements. HUD will invite applicants to participate in a technical assistance cohort and provide tools to support application development.

Enabling more housing types to be built under the HUD Code. HUD anticipates finalizing a rule to update its Manufactured Home Construction and Safety Standards. Manufactured housing provides an essential path to increasing overall housing supply and offers significant savings over site-built housing. The HUD Code creates economies of scale for manufacturers, resulting in significantly lower costs for buyers. In addition to making changes that will increase the quality, energy efficiency, and resilience of manufactured homes, the new rule, if finalized, would enable duplexes, triplexes, and fourplexes to be built under the HUD Code for the first time, extending the cost-saving benefits of manufactured housing to denser urban and suburban infill contexts.

Expediting housing permitting. The Council of Economic Advisers analyzed the importance of state and local government actions to permit and approve new developments more quickly, including examples from HUD’s PRO Housing grants. Permitting requirements contribute to the nationwide housing shortage, leading many would-be deals to not be financially viable or be scaled down, and driving up the cost of housing. Reforms to streamline permitting processes can lead to more housing being built more quickly, which will lower housing costs.

Today’s actions build on dozens of executive actions taken by the Biden-Harris Administration to improve the federal programs to support the construction and preservation of affordable housing. As part of the Housing Supply Action Plan, the Administration simplified the process to use American Rescue Plan State and Local Fiscal Recovery Funds for housing, facilitating nearly $20 billion committed for housing projects, including over $7.5 billion to construct, preserve, or stabilize tens of thousands of units; improved signature federal supply programs like the Low Income Housing Tax Credit and HOME Investment Partnerships program; made it easier to repurpose suitable federal land for affordable housing, while calling on state and local governments to do the same with land they own; launched a new effort to promote the conversion of underutilized commercial property into housing, including housing near transit; and made hundreds of billions of dollars available through the Inflation Reduction Act to cut energy costs and emissions in housing through energy efficiency, electrification, clean energy and climate resiliency.

See also:

INFLATION CAUSING GRIEF? HERE’S WHAT THE BIDEN-HARRIS ADMINISTRATION IS DOING TO SAVE YOU MONEY ON EVERYDAY COSTS FROM HOUSING TO HEALTHCARE TO CHILDCARE, UTILITIES TO GROCERIES



Biden Administration, Housing, News & Photo Features

Inflation Causing Grief? Here’s What the Biden-Harris Administration is Doing to Save You Money on Everyday Costs from Housing to Healthcare to Childcare, Utilities to Groceries

The White House provided this fact sheet on the ways the Biden-Harris Administration has worked to lower costs – and counter the impacts of inflation – for families, while highlighting the contrast with Republican policies, which if given power, would reverse, repeal the progress.

The Trump/MAGA campaign delights in attacking Vice President Kamala Harris for anything they charge went wrong in the last four years (falsely attacking her as the Border Czar and deflecting blame for sabotaging passage of the Bipartisan Border Security bill), especially inflating levels of inflation and lying about economic growth. But if she is blamed for what they say went wrong, shouldn’t the Vice President also take credit for what the administration is doing so well to improve lives for ordinary Americans and counter the impacts of inflation, price-gouging and profit-taking by corporations? Indeed, as Vice President, she has the blueprint to continue such policies in her administration and not be stuck starting from scratch.—Karen Rubin/news-photos-features.com

“My plan is to lower everyday costs for hardworking families and lower the deficit by asking large corporations and the wealthiest Americans to not engage in price gouging and to pay their fair share in taxes.” — President Biden
 

The Biden-Harris Administration is cutting mortgage insurance premiums and expanding rental assistance, and they are calling on Congress to help build more homes and lower costs for homebuyers and renters. The Administration is lowering utility bills by increasing access to solar energy through tax credits up to 30% of the cost of rooftop solar and battery storage and expanded access to residential community solar © Karen Rubin/news-photos-features.com

President Biden and Vice President Harris know that prices are too high and too many families are being squeezed by the cost of living. Their actions are lowering costs in key areas—from health insurance premiums and prescription drug prices to utility bills, groceries, and gas. And their Administration is fighting to further lower costs by taking on price gouging by big corporations making record profits and special interests like Big Pharma that are charging prices two or three times higher than in other countries—while successfully calling on grocery chains to lower grocery prices.
 
There is more to do. The President and Vice President will keep fighting for hardworking families with an agenda to lower housing and child care costs, and give tax relief to working Americans and middle-class families while making the wealthy and big corporations pay their fair share.
 
While Congressional Republicans side with special interests and billionaires to keep prices and profits high, the Biden-Harris Administration will continue to take action to lower costs for the American people.
 
President Biden and Vice President Harris’s lowering costs agenda, and Congressional Republicans’ plan to raise costs: 

Lowering Health Care Costs 
President Biden and Vice President Harris are fighting for families who are struggling with health care costs and pharmaceutical prices that are two to three times higher than in other countries. They are taking historic action to lower costs—taking on Big Pharma to allow Medicare to negotiate lower prescription drug prices, capping the cost of insulin and prescription drugs for seniors, and building on the Affordable Care Act to lower health insurance premiums by about $800 per year for millions of Americans. Their plan will extend and expand those actions to cap costs for all Americans. Congressional Republicans voted against these actions to lower health care costs—their plan would increase prices for millions of families and cut Medicare, Medicaid, and the Affordable Care Act. 

Biden-Harris Administration Actions:

  • Lowering health insurance premiums by an average of about $800 per year for millions of Americans by expanding the Affordable Care Act’s premium tax credits—helping an additional 900,000 Hispanic Americans, 430,000 Black Americans, and 100,000 Asian Americans get health insurance.
  • Capping prescription drug costs at $2,000 per year for 54 million seniors, people with disabilities, and other Medicare beneficiaries starting in 2025, saving 19 million households an average of $400 per year.
  • Giving Medicare the power to negotiate lower prescription drug prices, which could lower costs for drugs used by up to 9 million seniors and people with disabilities in 2026 alone.
  • Lowering prescription drug prices by requiring companies to pay rebates if they raise prices faster than the rate of inflation—which is already saving up to 750,000 Medicare beneficiaries between $1 and $3,575 per day.
  • Capping insulin costs at $35 per month for Medicare beneficiaries, saving 1.5 million seniors and people with disabilities as much as $365 per month—and getting the three largest insulin producers to cap insulin prices for other Americans.
  • Lowering inhaler costs to $35 from three of the largest inhaler producers by calling out excessive prices and challenging improperly listed patents, saving eligible consumers around $1,200 per year.
  • Lowering hearing aid prices by as much as $3,000 per pair by making hearing aids available over the counter.
  • Providing free vaccines for Medicare beneficiaries, including the shingles vaccine—saving seniors and people with disabilities an average of $70 per year.
  • Reducing medical debt by preventing as many as 1 million surprise medical bills averaging $750 to $2,600 every month and cracking down on junk health insurance.
  • Forgiving medical debt for nearly 3 million Americans by 2026 via states and local governments using American Rescue Plan funds.

The Biden-Harris Administration Plan:

  • Lower health insurance premiums by about $800 per year permanently for millions of Americans by extending the expanded Affordable Care Act tax credits.
  • Lower prices for more prescription drugs by letting Medicare negotiate prices for more drugs.
  • Cap insulin costs at $35 per month for all Americans, which would save nearly $1,000 per year for the millions of Americans not on Medicare that use insulin.
  • Cap prescription drug costs at $2,000 per year for all Americans.
  • Address price gouging by Big Pharma by proposing a new march-in framework, which would help ensure that taxpayer-funded drugs are reasonably accessible to the public, including at a reasonable price.
  • Reduce the burden of medical debt by proposing that it be excluded from credit reports, which would raise credit scores for 15 million Americans by an average of 20 points and lead to the approval of approximately 22,000 additional mortgages every year.

The Republican Plan to Increase Costs:

Lowering Utility Bills

President Biden and Vice President Harris know the burden that rising utility bills place on families. They are taking action to lower energy costs with affordable clean energy and energy efficient appliances, and to lower cable and satellite TV bills by banning hidden junk fees. Congressional Republicans voted with Big Oil to keep utility bills and gas prices high. 

Biden-Harris Administration Actions:

  • Lowering utility bills an average of $500 per year by lowering the cost of energy-saving home improvements through up front tax credits of up to $3,200 and direct consumer rebates of up to $14,000 for heat pumps, doors, windows, and insulation.
  • Lowering utility bills by nearly $400 per year by increasing access to solar energy through tax credits of up to 30% of the cost of rooftop solar and battery storage and expanded access to residential community solar.
  • Lowering heating and cooling costs through recordincreases in the Low Income Home Energy Assistance Program (LIHEAP).
  • Saving households $170-220 per year on their electricity bills and other goods and services over the next decade by investing in affordable clean energy.
  • Lowering cable and satellite TV bills by requiring providers to give consumers the all-in price up front.
  • Lowered internet bills by $30–75 per month for over 23 million households, saving them more than $360 a year.

The Biden-Harris Administration Plan:

  • Ban early termination fees for TV, phone, and internet service, which can cost more than $200.

The Republican Plan to Increase Costs:

Lowering Gas Prices and Travel Costs

President Biden and Vice President Harris know prices at the pump and travel costs are too high. They are taking action to lower gas prices now through record energy production and strategic releases of oil and gasoline, and to lower gas prices for the long term and expand access to affordable clean vehicles. They’re also taking on airlines’ hidden junk fees that increase the cost of flights. Congressional Republicans voted against these actions and with special interests to keep gas prices and travel costs high. 

Biden-Harris Administration Actions:

  • Lowering gas prices this summer with the sale of 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve ahead of the Fourth of July.
  • Lowering gas prices by up to 25 cents per gallon in certain markets, particularly in the Midwest, by making E15 gasoline available in the summer.
  • Lowered gas prices in 2022 by as much as 40 cents per gallon with historic, coordinated releases from the Strategic Petroleum Reserve—saving a household with two cars as much as $250 on gas after Putin’s war against Ukraine caused prices to spike.
  • Lowering fuel costs by an average of $700 a year and maintenance costs by $500 a year by lowering the cost of clean vehicles through tax credits available at purchase of up to $7,500 for new clean vehicles and up to $4,000 for used clean vehicles, as well as up to $1,000 for charger installation.
    • Learn how you can save on fuel costs and clean vehicles at Energy.gov/Save.
  • Cracking down on anticompetitive practices by oil executives that can raise prices at the pump.
  • Banning surprise airline junk fees by requiring upfront disclosure of baggage, change, and cancellation fees, saving Americans over half a billion dollars a year.
  • Requiring airlines provide automatic cash refunds for canceled or significantly changed flights, delayed baggage, and when services like WiFi are unavailable.
  • Securing commitments from airlines to guarantee hotels and meals when they are at fault for flight delays or cancellations.

The Biden-Harris Administration Plan:

  • Ban family seating fees to guarantee that parents can sit with their children for no extra charge when they fly, saving a family of four about $200 per roundtrip flight—building on commitments the Administration secured from four major airlines.
  • Require airlines cover expenses such as meals, hotels, and rebooking and provide additional compensation when they are responsible for delays or cancellations.
  • Partner with 18 state attorneys general to enforce against unfair airline practices that can raise ticket prices or shortchange passengers.

The Republican Plan to Increase Costs:

  • Congressional Republicans sided with Big Oil to vote against lowering gas prices and with special interests to try to keep travel costs high.

Lowering Housing Costs

President Biden and Vice President Harris know housing costs are too high, and they are fighting to lower them. Their Administration is cutting mortgage insurance premiums and expanding rental assistance, and they are calling on Congress to help build more homes and lower costs for homebuyers and renters. Their plan will give more Americans a chance at the American Dream. Congressional Republicans voted to raise housing prices by cutting programs that increase affordable housing and provide assistance to renters. 

Biden-Harris Administration Actions:

  • Cutting mortgage insurance premiums by about $900 per year for nearly 700,000 homebuyers and homeowners.
  • Providing rental assistance to more than 5 million households, including an additional 100,000 low-income families.
  • Capping rent increases in roughly 2 million apartments financed by the Low-Income Housing Tax Credit (LIHTC), saving nearly 1 million households hundreds of dollars in rent in 2024.
  • Cracking down on rental junk fees, including repeated application fees, “convenience fees” to pay rent online, and fees for mail sorting and trash collection.
  • Cracking down on price-fixing by landlords that can raise rents for tens of millions of apartments.
  • Provided rental assistance to 8 million renters to help pay rent, keep them in their homes, and cover utilities bills during the pandemic.
  • Provided homeowner assistance to over 500,000 homeowners for mortgage payments, utility expenses, and property taxes during the pandemic.

The Biden-Harris Administration Plan:

The Republican Plan to Increase Costs:

  • Congressional Republicans want to raise housing costs, including repealing investments to increase affordable housing and keep homeowners and renters in their homes, and have repeatedly proposed increasing housing costs by cutting funding for rental assistance, to build more homes, and to lower mortgage costs. Senate Republicans oppose a bill that passed the House with overwhelming bipartisan support that would help build 200,000 affordable homes.

Lowering Grocery Costs

President Biden and Vice President Harris know grocery prices are too high. They called on grocery chains making record profits to lower their prices, and appreciate that some have answered the call. Their Administration is taking action to lower grocery costs—increasing food assistance for low-income families; strengthening supply chains to lower food prices; and cracking down on price gouging and promoting competition in the agriculture industry. Congressional Republicans want to put a large tax on food imports and have voted to increase grocery costs by cutting food assistance for low-income families, new moms, and seniors. 

Biden-Harris Administration Actions:

The Biden-Harris Administration Plan:

The Republican Plan to Increase Costs:

  • Congressional Republicans have voted to keep grocery costs high by cutting food assistance for low-income families, new parents, and babies; slashing Meals on Wheels for seniors; and siding with Big Ag to try to block actions to increase competition in agriculture. Congressional Republicans are also calling for huge taxes on food imports, including a 10% across-the-board tax on all imports that would raise costs for families by an average of $1,500 per year.

Lowering Child Care and Education Costs

President Biden and Vice President Harris know child care and education is unaffordable for many families. They are fighting to lower these costs by capping child care costs for low-income families, expanding access to workforce training, and delivering on student debt relief. Their plan lowers child care costs to no more than $10 a day for most Americans, expands free universal preschool, and lowers the cost of college. Congressional Republicans have voted to raise child care and education costs by cutting Head Start and Pre-K programs, cutting Pell Grants, and blocking student debt relief. 

Biden-Harris Administration Actions:

The Biden-Harris Administration Plan:

  • Save families with children an average of $2,600 per year by restoring the expanded Child Tax Credit to help families afford everyday costs and lift 3 million children out of poverty.
  • Lower child care costs with a new program to guarantee affordable, high-quality child care for 16 million children in families making up to $200,000 per year, with most families paying no more than $10 a day and the average family saving $7,200 a year.
  • Save families of 4 million children $13,000 a year with free, universal preschool and Head Start for all four-year-olds and a path to expand preschool to three-year-olds.
  • Lower college costs by remaining on a path to double the maximum Pell Grant to $13,000 per year by 2029—with an increase of $750 next school year alone.
  • Lower the cost of college tuition by up to $20,000 by increasing access to dual enrollment for high school students.
  • Expand free community college—saving eligible students $4,500 or more per year.
  • Expand student debt relief to over 30 million Americans, including those with runaway interest, who are eligible for forgiveness but not enrolled, who entered repayment over 20 years ago, or who attended programs that failed to provide sufficient value.

The Republican Plan to Increase Costs:

Lowering Credit Card, Banking, and Other Financial Costs

President Biden and Vice President Harris are fighting Big Banks to lower the costs of using credit cards, bank services, and other financial costs. They are cutting credit card late fees from $32 to $8, overdraft fees from $35 to as low as $3, and taking on other hidden junk fees to save Americans $20 billion per year. Congressional Republicans have sided with Big Banks on Wall Street and Park Avenue to try to protect these junk fees that burden hardworking families.

Biden-Harris Administration Actions:

  • Cutting credit card late fees from $32 to $8, saving the 45 million Americans that pay these fees an average of $220 per year.
  • Protecting retirement security by cracking down on junk fees in retirement investment advice, increasing retirement savings by tens or even hundreds of thousands of dollars.
  • Saving taxpayers an average of $150 peryear with Direct File—a new, free tax filing option that has already saved filers millions of dollars in its Pilot Program and is now being expanded across the country.

The Biden-Harris Administration Plan:

The Republican Plan to Increase Costs:Congressional Republicans sided with Big Banks and other special interests to try to block actions to ban junk fees—including voting to keep credit card late fees high—and Republican officials have joined big corporations to try to overturn these consumer protections in court.

Economy, Housing, Inequality

FACT SHEET: President Biden Announces Key Progress on Efforts to Close the Racial Wealth Gap

Under President Biden’s leadership, the home appraisal gap—an indicator of potential racial and ethnic bias—has shrunk by more than 40%
 
80% of Congressional Republicans are supporting a plan that would reverse this progress, while cutting Medicare, Social Security, and the Affordable Care Act

This fact sheet is provided by the White House:

Nearly three years ago at a speech to commemorate the centennial of the Tulsa Race Massacre, President Biden committed to addressing racial inequities in the home appraisal process and increase the share of federal contract spending awarded to small disadvantaged businesses by 50%. During remarks at the National Action Network Convention, President Biden highlighted how his Administration is delivering on that promise and announce key progress being made to create opportunity in historically under-resourced communities and narrow the racial wealth gap.
  
While the President and Vice President continue working to close the racial wealth gap and create more opportunities for all Americans, 80% of Congressional Republicans are supporting a plan that would move the country backwards.  Their plan would defund the President’s executive orders on racial equity, while cutting Medicare, the Affordable Care Act, and Social Security—raising the Social Security retirement age in the process. Congressional Republicans would also roll back billions of dollars in investments and tax incentives that support small businesses as they shift to a clean economy.  Moreover, the Congressional Republican plan would also increase prescription drug, energy, and housing costs, while fighting for tax giveaways for the very rich and big corporations.
 
In direct contrast, closing the racial wealth gap has been central to the Biden-Harris Administration’s economic agenda, and the progress we are making under the President’s leadership is delivering for communities nationwide, including Black Americans. The President’s announcements today to build on this progress include:

Rooting out bias in the home appraisal process. The Federal Housing Finance Agency is releasing new data showing that the “appraisal gap”—the likelihood that homes in communities of color are undervalued compared to homes in majority-white communities—has been cut by more than 40% since the Biden-Harris Administration took action on appraisal bias. The data also show that some states have eliminated the gap entirely. In these states, families in communities of color are no more likely to have their home valued at less than the agreed contract price than are families in white communities. This means that more Black Americans and people of color are able to build greater wealth from owning a home.
 
While there can be many reasons why an individual home is valued below the agreed-upon contract price, systemic undervaluation in communities of color can indicate racial bias in the appraisal process.
 
On June 1, 2021, the centennial of the Tulsa Race Massacre, President Biden announced the creation of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE): a first-of-its-kind effort to root out bias and advance equity in the home appraisal process. Since releasing the PAVE Action Plan in March 2022, the Task Force has made critical progress towards implementation, including major steps to empower consumers to take action against appraisal bias; prevent algorithmic bias in home valuation; and support a well-trained and more representative appraiser profession. 
 
Rooting out bias in appraisals can help narrow the racial wealth gap. According to a recent study, eliminating racial disparities in the amount of wealth families gain from owning a home would narrow the wealth gap by 16% between Black and white households and by 41% between Latino and white households.
 
Achieving record federal investment in small disadvantaged businesses. Today, President Biden is also announcing that in Fiscal Year 2023, agencies surpassed the President’s goal for federal contracting dollars going to small disadvantaged businesses (SDBs), awarding SDBs a record-breaking $76.2 billion, or 12.1% in federal contracts. This sets a new all-time record for federal dollars to SDBs, surpassing the record set by the Biden-Harris Administration last year of $69.9 billion, and illustrates continued progress towards the President’s goal of 15% to SDBs by 2025. Three consecutive years of record-breaking awards to SDBs underscores the Administration’s unwavering commitment to leveling the playing field for the Nation’s small businesses and ensuring that no talent is left on the sidelines, even in the face of legal attacks that seek to undercut the Administration’s efforts.
 
Increasing federal investments in under-resourced businesses not only helps more Americans realize their entrepreneurial dreams and strengthens the supplier base, but also narrows persistent wealth disparities. According to analysis from the White House Council of Economic Advisers, eliminating racial disparities in business ownership rates would narrow the wealth gap by an additional 22% between Black and white households and by an additional 17% between Latino and white households. Recognizing this historic opportunity, in 2021, the President set a bold goal of increasing the share of the more than $630 billion in contracting dollars going to SDBs each year, including Black, Latino and Asian American-owned small businesses, to 15% by 2025—or an increase of 50% from 2010.
 
Canceling student loan debt. The Biden-Harris Administration also today announced that it is canceling an additional $7.4 billion in student loan debt for 277,000 borrowers. This brings the total amount of debt relief approved by the Administration to $153 billion for 4.3 million Americans. Today’s announcement builds on the President’s announcement earlier this week, laying out his Administration’s plans that would cancel student debt for tens of millions of Americans, if implemented as proposed. These plans would cancel runaway interest for over 25 million borrowers, cancel loan debt for borrowers eligible for forgiveness programs but not enrolled in those programs, and cancel student debt for borrowers experiencing hardship in their daily lives preventing them from paying back their loans.
 
Black and Latino borrowers are more likely to experience growth in their student loan balances due to excessive interest accumulation. Four years after graduation, Black bachelor’s degree borrowers, on average, owe more than they borrowed. These plans would not only help create more financial stability for millions of working and middle-class families, they would also help address the disproportionate debt burden on communities of color and advance racial equity.
 
Today’s announcements build on the progress the President has made to leverage the full force of the Federal Government—including with the signing of two executive orders on advancing racial equity—in order to ensure the promise of America for all communities, including Black Americans. Here are just a few examples of how Bidenomics and the President’s Investing in America agenda are already delivering for Black Americans:

  • Under President Biden, the Black unemployment rate and gap between Black and white unemployment hit record lows. 
  • Black wealth is up 60% relative to pre-pandemic levels.
  • The share of Black business owners more than doubled between 2019 and 2022.
  • Black-owned businesses are being created at the fastest rate in 30 years.
Biden Administration, Housing

FACT SHEET: In Nevada, President Biden Doubles Down on Plan to Lower Housing Costs and Increase Housing Supply for American Families

President Biden is working to lower housing costs and increase the housing supply to address the large shortage of affordable homes inherited from his predecessor. In his State of the Union address, he called on Congress to support the construction and rehabilitation of two million additional homes, lower costs for renters, and help first time homebuyers and families seeking to trade up or downsize. © Karen Rubin/news-photos-features.com

President Biden is working to lower housing costs and increase the housing supply to address the shortage of affordable homes. This fact sheet is provided by the White House:

President Biden is working to lower housing costs and increase the housing supply to address the large shortage of affordable homes inherited from his predecessor. In President Biden’s State of the Union address, he called on Congress to support the construction and rehabilitation of two million additional homes, lower costs for renters, and help first time homebuyers and families seeking to trade up or downsize.
 

During a visit to Las Vegas, Nevada, President Biden detailed his agenda to bring down the cost of housing and described the investments the Biden-Harris Administration has already made through the American Rescue Plan (ARP). The ARP provided $1 billion in Nevada to help boost affordable housing, lower housing costs, and keep homeowners and renters in their homes. This includes $700 million invested in affordable housing supply that includes major investments in senior housing. As a result, Clark County has several major 200-unit affordable housing developments coming, and about 1,000 new senior apartments on the way thanks to the ARP.
 
The President’s Fiscal Year 2025 Budget includes a historic $258 billion in housing investments to give working families a fair shot, including an historic expansion in rental assistance for low-income families, while reducing the deficit by asking corporations and the wealthy to pay their fair share. These new proposals build on his Housing Supply Action Plan, major investments provided by the ARP, and actions the Biden-Harris Administration has already taken to increase the housing supply and lower housing costs for American families, including reducing mortgage insurance premiums by $800 per year for hundreds of thousands of homeowners, expanding rental assistance to more than 100,000 additional households, and building tens of thousands of affordable housing units. These actions have contributed to a record high of nearly 1.7 million homes currently under construction nationwide.
 
President Biden’s Plan to Lower Housing Costs and Build Two Million Homes
 
Reduce Barriers to Homeownership
For many Americans, owning a home is the cornerstone of raising a family, building wealth, and joining the middle class. Too many working families feel locked out of homeownership and are unable to compete with investors for a limited supply of affordable for-sale homes. President Biden is calling on Congress to enact legislation to enable more Americans to purchase a home, including:

  • Mortgage Relief Credit. President Biden is calling on Congress to pass a mortgage relief credit that would provide middle-class first-time homebuyers with a tax credit of $10,000 over two years. This is the equivalent of reducing the mortgage rate by more than 1.5 percentage points for two years on the median home, saving families $400 per month on their mortgage payments. It will help more than 3.5 million middle-class families purchase their first home over the next two years. The President’s plan also calls for a new credit to unlock inventory of affordable starter homes, while helping middle-class families move up the housing ladder and empty nesters right size. The President is calling on Congress to provide a one-year tax credit of up to $10,000 to middle-class families who sell their starter home, defined as homes below the area median home price in the county, to another owner-occupant. This proposal is estimated to help nearly 3 million families.
  • Down Payment Assistance for First-Generation Homeowners. The President continues to call on Congress to provide up to $25,000 in down payment assistance to first-generation homebuyers whose families haven’t benefited from the generational wealth building associated with homeownership. This proposal would help about 400,000 families purchase their first home.
  • Lowering Closing Costs. The Federal Housing Finance Agency has approved policies and pilots to reduce closing costs for homeowners, including a pilot to waive the requirement for lender’s title insurance on certain refinances. This would save thousands of homeowners up to $1500, and an average of $750, and the lower upfront fees will unlock substantial savings for homeowners as mortgage rates continue to fall and more homeowners are able to refinance. The Consumer Financial Protection Bureau will also pursue rulemaking and guidance to address anticompetitive closing costs imposed by lenders on homebuyers and homeowners.  These charges—which benefit the lender but not the borrower—can add thousands to the upfront costs of a mortgage. 
  • Promoting Competition in the Housing Market. In his State of the Union Address, the President discussed the importance of boosting competition and lowering housing costs, and the Department of Justice has made those goals a priority. Last week’s settlement reached by the National Association of Realtors is an important step toward boosting competition in the housing market. It could save as much as $10,000 on the median home sale. Now, the Administration is calling on realtors and lenders to offer more choices and lower costs, while promoting access to homeownership for first-time, low-income, and low-wealth homebuyers.

Lowering Costs by Building and Preserving 2 Million Homes
America needs to build more housing in order to lower rental costs and increase access to homeownership. That’s why the President is calling on Congress to pass legislation to build and renovate more than 2 million homes, which would close the housing supply gap and lower housing costs for renters and homeowners.

  • Tax Credits to Build More Housing. President Biden is calling for an expansion of the Low-Income Housing Tax Credit to build or preserve 1.2 million more affordable rental units. Renters living in these properties save hundreds of dollars each month on their rent compared with renters with similar incomes who rent in the unsubsidized market. The President is also calling for a new Neighborhood Homes Tax Credit, the first tax provision to build or renovate affordable homes for homeownership, which would lead to the construction or preservation of over 400,000 starter homes in communities throughout the country.
  • Innovation Fund for Housing Expansion. The President is unveiling a new $20 billion competitive grant fund as part of his proposed Budget to support communities across the country to build more housing and lower rents and homebuying costs. This fund would support the construction of affordable multifamily rental units; incentivize local actions to remove unnecessary barriers to housing development; pilot innovative models to increase the production of affordable and workforce rental housing; and spur the construction of new starter homes for middle-class families. According to independent analysis, this will create hundreds of thousands of units which will help lower rents and housing costs.
  • Increasing Banks’ Contributions Towards Building Affordable Housing. The President is proposing that each Federal Home Loan Bank double its annual contribution to the Affordable Housing Program – from 10 percent of prior year net income to 20 percent – which will raise an additional $3.79 billion for affordable housing over the next decade and assist nearly 380,000 households. These funds would support the financing, acquisition, construction, and rehabilitation of affordable rental and for-sale homes, as well as help low- and moderate-income homeowners to purchase or rehabilitate homes.
  • Bolstering Efforts to Prevent and End Homelessness. The President is calling for $8 billion for a new grant program to rapidly expand temporary and permanent housing strategies for people experiencing or at risk of homelessness. Funds from this proposal would support non-congregate emergency shelter solutions, interim housing, rapid rehousing, permanent supportive housing, and rental housing for extremely low-income households experiencing housing instability or homelessness. 

Lowering Costs for Renters
President Biden is also taking actions to lower costs and promote housing stability for renters. The White House Blueprint for a Renters Bill of Rights lays out the key principles of a fair rental market and has already catalyzed new federal actions to make those principles a reality. Today, President Biden is announcing new steps to crack down on unfair practices that are driving up rental costs:

  • Fighting Rent Gouging by Corporate Landlords. The Biden-Harris Administration is taking action to combat egregious rent increases and other unfair practices that are driving up rents. Corporate landlords and private equity firms across the country have been accused of illegal information sharing, price fixing, and inflating rents. As part of the President’s Strike Force on Unfair and Illegal Pricing, he is calling on federal agencies to root out and stop illegal corporate behavior that hikes prices on American families through anti-competitive, unfair, deceptive, or fraudulent business practices. In a recent filing, the Department of Justice (DOJ) made clear its position that inflated rents caused by algorithmic use of sensitive nonpublic pricing and supply information violate antitrust laws. Earlier this month, the Federal Trade Commission and DOJ filed a joint brief further arguing that it is illegal for landlords and property managers to collude on pricing to inflate rents – including when using algorithms to do so.
  • Cracking Down on Rental Junk Fees. Millions of families incur burdensome costs in the rental application process and throughout the duration of their lease, from “convenience fees” simply to pay rent online to fees charged to sort mail or collect trash. These fees are often more than the actual cost of providing the service, or are added onto rents to cover services that renters assume are included—or that they don’t even want. Last fall, the FTC proposed a rule that if finalized as proposed would ban misleading and hidden fees across the economy, including in housing rental agreements. HUD has released a summary of banned non-rent fees within their rental assistance programs. These actions build on voluntary commitments the President announced last summer from major rental housing platforms to provide customers with the total, upfront cost on rental properties on their platform.
  • Expanding Housing Choice Vouchers. Over the last three years, the Administration has secured rental assistance for more than 100,000 additional households. The President is calling on Congress to further expand rental assistance to more than half of a million households, including by providing a voucher guarantee for low-income veterans and youth aging out of foster care – the first such voucher guarantees in history. Receiving a voucher would save these households hundreds of dollars in rent each month.

The ARP Provides $1 Billion to Boost Housing Supply and Provide Housing Help in Nevada:

  • Nevada is a national leader in investing ARP funding in affordable housing: In Nevada, the ARP has provided over $1 billion for housing investments, including helping to fund the construction of thousands of new units in Clark County, making them one of the national leaders in using this money to expand supply of affordable housing.
  • Investing in Down-Payment Assistance to help Nevadans buy homes: The state also used ARP funds to provide 500 Nevadans with $15,000 in down-payment assistance to purchase a home. 
  • Nevada State and local governments have used $700 million through the ARP to support major affordable housing projects.
  • About 1,000 ARP-supported Senior Affordable Apartments on the way in Clark County today, including, for example:
    • 195 Units of affordable housing at Pebble and Eastern Senior Apartments in Clark County currently under construction.
    • 125 Units of affordable housing at Nevada HAND’s Buffalo and Cactus Senior Apartments in Clark County currently under construction.

The ARP Has Invested Billions of Dollars to Support Affordable Housing:

  • Through the State and Local Fiscal Recovery Fund, over 940 state and local governments have invested more than $18 billion for housing assistance, homelessness, and affordable housing initiatives, including over $6 billion to build and preserve housing.
  • State and local governments are using an additional $5 billion in funding through the ARP’s HOME Investment Partnerships Program to build or rehabilitate at least 20,000 units of affordable housing and support an additional 23,000 households with rental assistance, non-congregate shelter, or supportive services. 

New data released today shows that since the ARP’s passage, states, Tribal governments, and territories have distributed $6.6 billion HAF award funds to over 500,000 homeowners for past due mortgage payments, utility expenses, and property taxes, as well as other housing related expenses. As a result of this program and the strong economic recovery, foreclosure starts are well below pre-pandemic levels.

Biden Administration, Housing, News & Photo Features

SOTU: President Biden Announces Plan to Lower Housing Costs for Working Families

President Biden is taking action to help families afford their first house © Karen Rubin/news-photos-features.com

This fact sheet from the White House details President Biden’s plans to lower housing costs for working families. This includes building and preserving over 2 million new homes to lower rents and cost of buying a home. –Karen Rubin, editor@news-photos-features.com

President Biden believes housing costs are too high, and significant investments are needed to address the large shortage of affordable homes inherited from his predecessor and that has been growing for more than a decade. During his State of the Union Address, President Biden will call on Congressional Republicans to end years of inaction and pass legislation to lower costs by providing a $10,000 tax credit for first-time homebuyers and people who sell their starter homes; build and renovate more than 2 million homes; and lower rental costs.  President Biden also announced new steps to lower homebuying and refinancing closing costs and crack down on corporate actions that rip off renters.

We are starting to see some progress. More housing units are under construction right now than at any time in the last 50 years, rents have fallen over the last year in many places, and the homeownership rate is higher now than before the pandemic. But rent is still too high, and Americans who want to buy a home still have difficulty finding one they can afford. That is why President Biden has a landmark plan to build over 2 million homes, which will lower rents, make houses more affordable, and promote fair housing.

Lowering Costs of Homeownership

For many Americans, owning a home is the cornerstone of raising a family, building wealth, and joining the middle class. Too many working families feel locked out of homeownership and are unable to compete with investors for a limited supply of affordable for-sale homes. President Biden is calling on Congress to enact legislation to enable more Americans to purchase a home, including:

  • Mortgage Relief Credit. President Biden is calling on Congress to pass a mortgage relief credit that would provide middle-class first-time homebuyers with an annual tax credit of $5,000 a year for two years. This is the equivalent of reducing the mortgage rate by more than 1.5 percentage points for two years on the median home, and will help more than 3.5 million middle-class families purchase their first home over the next two years. 

The President’s plan also calls for a new credit to unlock inventory of affordable starter homes, while helping middle-class families move up the housing ladder and empty nesters right size. Many homeowners have lower rates on their mortgages than current rates. This “lock-in” effect makes homeowners more reluctant to sell and give up that low rate, even in circumstances where their current homes no longer fit their household needs. The President is calling on Congress to provide a one-year tax credit of up to $10,000 to middle-class families who sell their starter home, defined as homes below the area median home price in the county, to another owner-occupant. This proposal is estimated to help nearly 3 million families.

  • Down Payment Assistance for First-Generation Homeowners. The President continues to call on Congress to provide up to $25,000 in down payment assistance to first-generation homebuyers whose families haven’t benefited from the generational wealth building associated with homeownership. This proposal is estimated to help 400,000 families purchase their first home.

The President isn’t waiting for Congress to lower costs for homebuyers and homeowners. Last year, the Department of Housing and Urban Development (HUD) reduced the mortgage insurance premium for Federal Housing Administration (FHA) mortgages, saving an estimated 850,000 homebuyers and homeowners an estimated $800 per year. And today, the President is announcing new actions to lower the closing costs associated with buying a home or refinancing a mortgage.

  • Lowering Closing Costs for Refinancing. The Federal Housing Finance Agency has approved policies and pilots to reduce closing costs for homeowners, including a pilot to waive the requirement for lender’s title insurance on certain refinances. This would save thousands of homeowners up to $1500, and an average of $750, and the lower upfront fees will unlock substantial savings for homeowners as mortgage rates continue to fall and more homeowners are able to refinance. According to independent analysis, across the market title insurance typically pays out only 3% to 5% of premiums in claims to consumers, compared to more than 70% in other types of insurance. Homeowners can still purchase their own title insurance policies if they choose to do so.
  • Lowering Closing Costs for Home Mortgages. The Consumer Financial Protection Bureau will pursue rulemaking and guidance to address anticompetitive closing costs imposed by lenders on homebuyers and homeowners.  These charges—which benefit the lender but not the borrower—can add thousands to the upfront costs of a mortgage.  Those upfront costs cut into the amount of homebuyers’ down payments and reduce homeowners’ available equity.

In the coming months, the Department of Treasury’s Federal Insurance Office will convene a roundtable of relevant industry stakeholders, including consumer advocates and academics, in order to discuss the title insurance industry and analyze potential reforms. Building on today’s announcements, President Biden is calling on federal agencies to take all available actions to lower costs for consumers at the closing table and help more Americans access homeownership.

Lowering Costs by Building and Preserving 2 Million Homes

America needs to build more housing in order to lower rental costs and increase access to homeownership. That’s why the President is calling on Congress to pass legislation to build and renovate more than 2 million homes, which would close the housing supply gap and lower housing costs for renters and homeowners. This legislation would build on executive actions in the Biden-Harris Administration’s Housing Supply Action Plan that contributed to record housing construction last year.

  • Tax Credits to Build More Housing. President Biden is calling for an expansion of the Low-Income Housing Tax Credit to build or preserve 1.2 million more affordable rental units. Renters living in these properties save hundreds of dollars each month on their rent compared with renters with similar incomes who rent in the unsubsidized market. The President is also calling for a new Neighborhood Homes Tax Credit, the first tax provision to build or renovate affordable homes for homeownership, which would lead to the construction or preservation of over 400,000 starter homes in communities throughout the country.
  • Innovation Fund for Housing Expansion. The President is unveiling a new $20 billion competitive grant fund as part of his Budget to support communities across the country to build more housing and lower rents and homebuying costs. This fund would support the construction of affordable multifamily rental units; incentivize local actions to remove unnecessary barriers to housing development; pilot innovative models to increase the production of affordable and workforce rental housing; and spur the construction of new starter homes for middle-class families. According to independent analysis, this will create hundreds of thousands of units which will help lower rents and housing costs.
  • Increasing Banks’ Contributions Towards Building Affordable Housing. The President is proposing that each Federal Home Loan Bank double its annual contribution to the Affordable Housing Program – from 10 percent of prior year net income to 20 percent – which will raise an additional $3.79 billion for affordable housing over the next decade and assist nearly 380,0000 households. These funds will support the financing, acquisition, construction, and rehabilitation of affordable rental and for-sale homes, as well as help low- and moderate-income homeowners to purchase or rehabilitate homes.

Lowering Costs for Renters

President Biden is also taking actions to lower costs and promote housing stability for renters. The White House Blueprint for a Renters Bill of Rights lays out the key principles of a fair rental market and has already catalyzed new federal actions to make those principles a reality. Today, President Biden is announcing new steps to crack down on unfair practices that are driving up rental costs:

  • Fighting Rent Gouging by Corporate Landlords. The Biden-Harris Administration is taking action to combat egregious rent increases and other unfair practices that are driving up rents. Corporate landlords and private equity firms across the country have been accused of illegal information sharing, price fixing, and inflating rents. As part of the Strike Force on Unfair and Illegal Pricing announced by President Biden on Tuesday, the President is calling on federal agencies to root out and stop illegal corporate behavior that hikes prices on American families through anti-competitive, unfair, deceptive, or fraudulent business practices. In a recent filing, the Department of Justice (DOJ) made clear its position that inflated rents caused by algorithmic use of sensitive nonpublic pricing and supply information violate antitrust laws. Earlier this month, the Federal Trade Commission and DOJ filed a joint brief further arguing that it is illegal for landlords and property managers to collude on pricing to inflate rents – including when using algorithms to do so.
  • Cracking Down on Rental Junk Fees. Millions of families incur burdensome costs in the rental application process and throughout the duration of their lease, from “convenience fees” simply to pay rent online to fees charged to sort mail or collect trash. These fees are often more than the actual cost of providing the service, or are added onto rents to cover services that renters assume are included—or that they don’t even want. Last fall, the FTC proposed a rule that if finalized as proposed would ban misleading and hidden fees across the economy, including in housing rental agreements. Last month, HUD released a summary of banned non-rent fees within their rental assistance programs. These actions build on voluntary commitments the President announced last summer from major rental housing platforms to provide customers with the total, upfront cost on rental properties on their platform.

Expanding Housing Choice Vouchers. Over the last three years, the Administration has secured rental assistance for more than 100,000 additional households. The President is calling on Congress to further expand rental assistance to more than half of a million households, including by providing a voucher guarantee for low-income veterans and youth aging out of foster care – the first such voucher guarantees in history. Receiving a voucher would save these households hundreds of dollars in rent each month.

Biden Administration, Housing

Biden-⁠Harris Administration Announces Actions to Lower Housing Costs and Boost Supply

Launches first-of-its-kind program to address land use and zoning barriers that limit housing

President Biden’s economic vision is about building an economy from the middle out and bottom up, not the top down— that’s Bidenomics. A critical foundation of that vision is an economy where everyone has access to a safe and affordable home. That vision means lowering costs, including by building and preserving more housing, particularly for lower- and middle-income households. The Administration is taking action to lower housing costs by tackling challenges that have stifled affordable housing for decades, as well as seizing immediate opportunities © Karen Rubin/news-photos-features.com

President Biden’s economic vision is about building an economy from the middle out and bottom up, not the top down— that’s Bidenomics. A critical foundation of that vision, and the central goal of the Biden-Harris Administration’s Housing Supply Action Plan, is an economy where everyone has access to a safe and affordable home. That vision means lowering costs, including by building and preserving more housing, particularly for lower- and middle-income households. Today’s announcements will lower housing costs by tackling challenges that have stifled affordable housing for decades, as well as seizing immediate opportunities:

  • Reducing barriers to build housing like restrictive and costly land use and zoning rules;
     
  • Expanding financing for affordable, energy efficient and resilient housing; and
     
  • Promoting commercial-to-residential conversion opportunities, particularly for affordable and zero emissions housing.

Recent data show that inflation in rental markets is decelerating and more apartments are on track to be built this year than any year on record. The Administration’s actions are directly leading to the creation of tens of thousands of affordable housing units. For example, jurisdictions participating in the American Rescue Plan’s (ARP) HOME program will produce at least 20,000 units of affordable housing and support an additional 23,000 households with rental assistance, non-congregate shelter, or supportive services. Treasury recently announced that communities across the country will use ARP State and Local Fiscal Recovery Fund funds for 2,500 separate projects and developments to meet housing needs and combat homelessness. And since the Administration’s restart of the Federal Financing Bank’s Risk Sharing program, almost 12,000 rental homes have been created or preserved.
 
Today’s actions further build on the Biden-Harris Administration’s Housing Supply Action Plan and updates announced last fall, and are a down payment on the historic housing investments proposed in the President’s Budget that would boost supply, lower costs and cut dangerous climate pollution, promote homeownership, protect renters, and promote fair housing. They also complement the actions by the Biden-Harris Administration in just the last week, including a crackdown on junk fees in the rental housing market, and new steps announced today that build on its Blueprint for a Renters Bill of Rights.
 
Reducing Barriers to Build Housing Like Restrictive and Costly Land Use and Zoning Rules
 
Local land use laws and zoning regulations limit where, and how densely, housing can be built. This constrains housing supply, perpetuates historical patterns of segregation, prevents workers from accessing jobs, and increases energy costs and climate risk. Today, the Biden-Harris Administration is announcing new actions to fund jurisdictions committed to removing barriers that restrict housing production and preservation, including by:
 
Announcing the Department of Housing and Urban Development’s (HUD) Pathways to Removing Obstacles to Housing (PRO Housing) program. Restrictive local land use rules slow down housing production, or prohibit housing being developed at all, which increases the costs to rent or purchase a home. Such restrictive rules are often also inconsistent with fair housing principles. This first-of-its-kind $85 million federal program will provide communities with funding to identify and remove barriers to affordable housing production and preservation. HUD will award grants of up to $10 million to jurisdictions that have an acute demand for affordable housing and are working to identify, address, or remove barriers to housing production and preservation. Funding can be used for planning and policy activities to allow for higher-density zoning and rezoning for multifamily and mixed-use housing, streamlining affordable housing development, and reducing requirements related to parking and other land use restrictions. Funding can also be used for infrastructure activities necessary for the development or preservation of housing.
 
Reducing land-use restrictions and improving transportation access to housing. Earlier this month, the Department of Transportation announced its Reconnecting Communities and Neighborhoods (RCN) program, which will provide up to $3.16 billion for planning and capital construction projects that prioritize disadvantaged communities and improve access to daily destinations. This includes improving connections to affordable housing, fostering equitable development, and increasing housing supply through zoning reform. RCN includes a $450 million Regional Partnership Challenge that will incentivize stronger regional partnerships to tackle persistent equitable access and mobility challenges, with land use reform as a key priority.
 
Encouraging the improvement of land use in Economic Development Administration grant programs. The Economic Development Administration (EDA) updated its “Investment Priorities” that guide the agency’s grantmaking to include an emphasis on efficient land use, where commercial uses, economic activity, and employment opportunities are concentrated and accessible to nearby residential density. Moving forward, EDA will more explicitly incentivize projects that include an emphasis on density in the vicinity of the project – which can in turn encourage greater housing supply and allow people to live closer to work and services they need.
 
Expanding Financing to Create and Repair Affordable, Energy Efficient and Climate Resilient Housing
 
Gaps in access to financing, along with the complexity of mixing funding sources, limit the production or preservation of affordable housing. The Biden-Harris Administration is taking the following actions to expand financing for affordable, energy efficient, and climate resilient housing going forward:
 
Providing new financing for affordable, energy efficient, climate resilient housing and clean energy investments. This month, the Environmental Protection Agency (EPA) announced its $27 billion Greenhouse Gas Reduction Fund (GGRF), which will mobilize private capital and provide financing for thousands of clean energy projects, including cost-saving retrofits of existing homes and buildings, construction of zero emissions buildings, and commercial to residential conversions, among others. Such investments will reduce pollution and lower utility costs. This announcement follows HUD’s announcement of its Green and Resilient Retrofit Program with over $830 million available in grants and loan subsidy, for loan commitments up to $4 billion, to modernize existing HUD-assisted affordable homes so they remain available for families into the future. The Department of Energy also released $90 million to advances efficiency and resilience through building codes, and HUD, FHA, and the United States Department of Agriculture proposed modernizing energy codes.
 
Making it easier to build and rehabilitate apartments with FHA-insured mortgages. HUD announced new guidelines that increase the dollar amount threshold at which a multifamily loan is considered a large loan and is subject to additional underwriting requirements from $75 million to $120 million. This change will simplify underwriting and reduce development costs for large multifamily properties financed with FHA-insured mortgages without presenting undue risk to FHA, significantly expanding commitments for affordable housing financing. HUD will review this large loan limit annually.
 
Streamlining financing for the creation of affordable housing. HUD announced that it will allow larger loans to participate in the agency’s Low Income Housing Tax Credit (LIHTC) Pilot Program, which increases the number of apartment sites eligible for a program that streamlines financing. HUD also updated guidelines to allow public housing authorities (PHAs) to more easily use housing vouchers and mixed-finance transactions to create or preserve housing.
 
Repairing and expanding affordable housing. HUD published new guidance for public housing authorities and multifamily housing owners participating in the Rental Assistance Demonstration, providing them with additional tools to repair and build deeply affordable housing. The guidance also promotes water- and energy-efficiency investments, and includes new requirements that address climate resilience, adopts stronger energy efficiency standards, and supports repairs to thousands of existing affordable units in the next three years.
 
Empowering homeowners to be part of the solution by increasing financing for onsite housing units. In April, FHA proposed updates that, if implemented, would make it easier to finance accessory dwelling units (ADUs), which are additional onsite housing units. Among the changes is the ability to include projected rental income from an ADU as part of the qualifying income when purchasing or refinancing a home. This added flexibility would expand opportunities for low- and moderate-income homeowners to benefit from the wealth-building potential of ADUs while increasing the stock of affordable housing.
 
Promoting Commercial-to-Residential Conversions
 
Across the country, commercial vacancies are affecting urban and regional economies. Commercial-to-residential conversion can counteract those effects, reenergize local economies, and add to the supply of housing. The adaptive reuse of these properties also presents an opportunity to create zero-emissions housing, which will reduce energy costs for residents and cut dangerous climate pollution. Recognizing that opportunity, the Biden-Harris Administration is launching a new commercial-to-residential conversion initiative that is:
 
Leveraging federal funding and other tools to support conversions. The White House will lead a new interagency working group to develop and advance federal funding opportunities that support the conversion of commercial properties to housing, and leverage climate-focused federal resources to create zero emissions and affordable units. For example, programs like HUD’s PRO Housing announced today, as well as investments from President Biden’s Inflation Reduction Act and Bipartisan Infrastructure Law, can be used for such conversions. As part of this initiative, the General Services Administration (GSA) will launch an effort to identify and market surplus federal properties that represent the best opportunities for commercial-to-residential conversions. Ongoing conversion projects from GSA dispositions are already producing over 1,000 new housing units. The initiative will continue to convene developers, municipalities, and other stakeholders to learn about opportunities and challenges.
 
Funding research that supports commercial to residential conversions. This week, HUD announced new funding to support research on office-to-residential conversions, including producing a new guide for state and local policymakers on how to make these projects more economically viable. Building on a public convening held this week on office-to-residential conversions, HUD will release a policy brief on this topic later this year.

Biden Administration, Financial Protection, Housing

FACT SHEET: Biden-Harris Administration Takes Action to Protect Renters

The Biden-Harris Administration is taking concrete actions to protect renters including: ensuring all renters have an opportunity to address incorrect tenant screening reports; providing new funding to support tenant organizing efforts; and ensuring that renters are given fair notice in advance of eviction © Karen Rubin/news-photos-features.com

Over 44 million households, or roughly 35 percent of the U.S. population, live in rental housing. But our nation’s rental market is defined by a patchwork of state and local laws and legal processes that leave far too many renters with little recourse when housing providers fail to comply with the law or the lease agreement.  President Biden believes every American deserves access to safe, accessible, and affordable housing, reflected in the Blueprint for a Renters Bill of Rights, which outlines principles and best practices at the federal, state and local level that would strengthen tenant protections and increase fairness in the rental market.
 
The Biden-Harris Administration is building on this framework and announcing a series of new, concrete actions to protect renters, which include:

  • Ensuring all renters have an opportunity to address incorrect tenant screening reports;
     
  • Providing new funding to support tenant organizing efforts; and
     
  • Ensuring that renters are given fair notice in advance of eviction.

These announcements build on a record of action and progress on behalf of renters. In response to the pandemic, the Biden-Harris Administration deployed unprecedented tools to keep Americans housed, including delivering nearly 11 million emergency rental assistance payments, and establishing a first-of-its-kind national eviction prevention infrastructure that kept eviction filings below pre-pandemic levels for 1.5 years after the eviction moratorium ended. However, many of the systemic inequities in rental markets that existed prior to the pandemic persist today and are compounded by our nation’s housing affordability challenges. That is why the Biden-Harris Administration has taken bold action to address issues of housing supply and lower costs through its Housing Supply Action Plan, including actions also announced today, and is announcing new actions on renters protections here.
 
These actions include:
 
Ensuring fair tenant screening practices. The U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Agriculture (USDA), and three independent agencies, the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC) and the Federal Housing Financing Agency (FHFA) are each releasing guidance or best practices to landlords, operators, and stakeholders who rely on tenant screening reports when evaluating applications from renters. This guidance communicates the Administration’s expectations on informing renters of what information in their screening report is responsible for their application being denied. This information will help renters by giving them an opportunity to correct errors in their reports and address issues that impact their applications.  

Funding tenant education and outreach. HUD is announcing $10 million in new funding for tenant education and outreach in properties it supports. This funding will support capacity building efforts that enable tenants who live in HUD’s project based rental assistance housing to engage with property managers and help sustain safe, decent, and affordable housing. Under the program, funding can be used for training and technical assistance, as well as establishing and operating tenant organizations.  

Providing more time for tenants to avoid eviction. HUD has committed to issue a notice of proposed rulemaking that would require that tenants of public housing and properties with project-based rental assistance receive a written notice at least 30 days prior to lease termination for nonpayment of rent. This proposed rule would curtail preventable and unnecessary evictions by providing tenants time and information to help address nonpayment violations. Tenants in public housing and properties with project-based rental assistance are already entitled to receive a 30 day notice in cases of non-payment of rent. However, if finalized, the proposed rule would permanently memorialize this requirement in HUD’s regulations, allowing the agency additional latitude to effectively communicate and implement these protections. As part of the rulemaking process, tenants and other parties will also be able to provide their comments and perspectives to help HUD make sure this rule assists with preventable evictions.

Increasing resident engagement requirements. This week, HUD published new guidance for public housing authorities and multifamily housing owners participating in the Rental Assistance Demonstration, strengthening resident protections through updated resident engagement requirements and enhanced HUD oversight tools, including active monitoring of additional information that demonstrates resident engagement. These new requirements will help ensure residents have more opportunities to provide feedback on the preservation of their homes. 

Ensuring renters have a seat at the table. The Biden-Harris Administration has prioritized engagement with tenants, tenant organizers and advocacy organizations, including in the creation of its Blueprint for a Renters Bill of Rights. These engagements ensure renter voice and expertise inform the government’s understanding of challenges that exist in the rental market, and that solutions increase fairness. This week HUD hosted the National Conversation at The Community Table, to hear directly from hundreds of renters on federal policy. In addition, FHFA, FTC and CFPB have each issued requests for information that will inform their respective policymaking; Treasury is hosting quarterly tenant listening sessions on individuals’ experiences with emergency rental assistance; and USDA will host a convening with renters in rural areas this fall.

Announcing major private sector and state and local action. In January, the White House announced its Resident-Centered Housing Challenge, a call to action to housing providers and other stakeholders to strengthen practices that improve quality of life for renters. Since then, over 100 public and private sector entities have pledged to align with the principles in the Blueprint for a Renters Bill of Right. The Administration continues to rally the private and public sector, and welcomes additional actions from housing providers and others to meet this call. Several commitments were announced at the launch of the challenge; examples of new actions include:

Private Actors

  • Zillow, next year, will launch the ability for its nearly 28 million average monthly unique visitors to search for affordable rental units, including listings that may meet requirements for programs like the Housing Choice Vouchers and income restricted affordable housing. Zillow will offer a one-stop-shop for renters to find affordable rentals and easy to understand information about local laws that will help ensure users know their rights related to leasing and remaining housed with or without rental assistance.
     
  • AffordableHousing.com will, this year, deploy “Clear and Fair” digital leases that advocate the principles outlined in the White House Blueprint for a Renter Bill of Rights. Property owners who use these “Clear and Fair” leases will be acknowledged on the site, which receives more than 100 million property searches each year.
     
  • Last week, Zillow, Apartments.com, and AffordableHousing.com announced they will provide consumers with total, upfront cost information on rental properties, which can be hundreds of dollars on top of the advertised rent.

State and Local Governments

  • Colorado enacted House Bill 23-1120, which requires landlords and tenants to go through mediation in eviction proceedings if the tenant qualified for some forms of financial assistance, and House Bill 23-1095, prohibiting rental agreements from including a certain waiver that limit a renter’s legal recourse.
     
  • Connecticut enacted Senate Bill 998, which increases fines on landlords to $2,000 for breaking housing code violations, bans landlords from housing discrimination based on sexual orientation, puts new limits on the amount landlords can charge in fees for overdue rent, offers protections against certain evictions and rent increases to a protected class, and removes online eviction records of cases that were withdrawn, dismissed, or decided in favor of the tenant within 30 days.
  • Jersey City, NJ announced a “Right To Counsel” program in April 2023, as did Westchester County, NY in May 2023, and  St. Louis, MO in July 2023. These programs offer legal assistance to qualified renters facing an eviction.
     
  • Los Angeles, CA and Santa Ana, CA each released a series of renter protections. Los Angeles’ ordinances include “just cause” eviction protections, a timeline for paying rental debt accrued during the pandemic, and require landlords to pay relocation fees in some situations, amongst other protections. Santa Ana’s new rental registry will ensure tenants and landlords know their rights and responsibilities and will compliment an eviction prevention program providing rental assistance and supports to qualified households.

These actions come on the heels of other Biden-Harris Administration actions since creating the Blueprint for a Renters Bill of Rights. CFPB and FTC, both independent agencies, issued a Request for Information seeking public comment on how background screening may shut renters out of housing. FHFA, also in independent agency, initiated a process to solicit feedback on ways to advance renter protections in its financing programs. All three agencies have committed to using those responses to inform potential policy action. HUD released a notification for public comment on ways it can improve its regulations and accessibility standards to ensure that individuals with disabilities have equal access to all HUD-assisted programs, activities, and facilities. In addition, the White House announced first-of-its-kind funding for legal services for veterans experiencing or at risk of homelessness in June. Just last week, President Biden announced new actions to address unfair and hidden fees in the rental housing market. Congressional action could bolster these efforts by codifying renters’ rights into law, and to passing the President’s budget proposal, which includes historic investments to lower housing cost and protect renters, expand housing supply and affordability, including funding for eviction prevention.

Biden Administration, Economic Policies, Financial Protection, Housing, President Joe Biden

FACT SHEET: Biden-Harris Administration Takes on Junk Fees in Rental Housing to Lower Costs for Renters

Major rental housing platforms and several states join the President’s effort to crack down on rental housing junk fees for consumers and increase transparency
 

President Biden announced a new front in his crackdown on junk fees: rental housing. From repeated rental application fees to surprise “convenience fees,” millions of families incur burdensome costs in the rental application process and throughout the duration of their lease. These fees are often more than the actual cost of providing the service, or are added onto rents to cover services that renters assume are included—or that they don’t even want. © Karen Rubin/news-photos-features.com

While the 3x indicted, 2x impeached serial criminal dictator wannabe Donald J. Trump continues to overturn democracy and seek office solely for his own benefit (staying out of prison, unlimited funds), the Biden-Harris Administration continues to actually take actions (not talk or promises) to make lives better for all Americans. The benefits are demonstrated in the strength of the economy, record job growth, real increases in wages. While Republicans do everything they can to obstruct, to create false narratives (inflation! Gas prices! Crime! Hunter Biden) and have undermined (sabotaged) the economy by bringing the full faith and credit in the U.S. to the brink, causing a lowering in America’s credit rating, Biden has taken action to lower costs for average Americans, give families “more breathing room” and grow the economy sustainably, from the bottom up and the middle out. Here’s a White House fact sheet on the latest actions: –Karen Rubin/news-photos-features.com

President Biden announced a new front in his crackdown on junk fees: rental housing. From repeated rental application fees to surprise “convenience fees,” millions of families incur burdensome costs in the rental application process and throughout the duration of their lease. These fees are often more than the actual cost of providing the service, or are added onto rents to cover services that renters assume are included—or that they don’t even want.
 
Rental housing fees can be a serious burden on renters. Rental application fees can be up to $100 or more per application, and, importantly, they often exceed the actual cost of conducting the background and credit checks. Given that prospective renters often apply for multiple units over the course of their housing search, these application fees can add up to hundreds of dollars. Even after renters secure housing, they are often surprised to be charged mandatory fees on top of their rent, including “convenience fees” to pay rent online, fees for things like mail sorting and trash collection, and even so-called “January fees” charged for no clear reason at the beginning of a new calendar year. Hidden fees not only take money out of people’s pockets, they also make it more difficult to comparison shop. A prospective renter may choose one apartment over another thinking it is less expensive, only to learn that after fees and other add-ons the actual cost for their chosen apartment is much higher than they expected or can afford.
 
The President outlined several new, concrete steps in the Administration’s effort to crack down on rental junk fees and lower costs for renters, including:

  • New commitments from major rental housing platforms—Zillow, Apartments.com, and AffordableHousing.com—who have answered the President’s call for transparency and will provide consumers with total, upfront cost information on rental properties, which can be hundreds of dollars on top of the advertised rent;
     
  • New research from the Department of Housing and Urban Development (HUD), which provides a blueprint for a nationwide effort to address rental housing junk fees; and
     
  • Legislative action in states across the country—from Connecticut to California—who are joining the Administration in its effort to crack down on rental housing fees and protect consumers.

These announcements build on the President’s effort to tackle junk fees across industries. President Biden has repeatedly called on federal agencies, Congress, and private companies to take action to address junk fees across the economy, and ensure Americans are provided with honest, transparent pricing. These hidden fees increase the costs consumers pay: studies have found that consumers pay upward of 20 percent extra when the actual price of the product or service is not disclosed upfront. Providing consumers with the full price they can expect to pay creates competition among providers to lower costs, without relying on hidden fees. Earlier this year HUD Secretary Marcia Fudge released an open letter to housing providers and state and local governments to encourage them to adopt policies that promote greater fairness and transparency of fees specifically faced by renters.
Today’s actions include:
 
Commitments by rental housing platforms to show total costs up front. Each month, tens of millions of customers search online to find their next apartment or house. Today, major rental housing platforms are answering President Biden’s call for pricing transparency and announcing new steps to provide consumers with up-front information about fees in rental housing, building on recent actions by private sector leaders in other sectors, including airlines and event tickets. By providing the true costs of rent, people can make an informed decision about where to live and not be surprised by additional costs that push them over budget.
 
These companies are making the following announcements:

  • Zillow is today launching a Cost of Renting Summary on its active apartment listings, empowering the 28 million unique monthly users on its rental platform with clear information on the cost of renting. This new tool will enable renters to easily find out the total cost of renting an apartment from the outset, including all monthly costs and one-time costs, like security deposits and application fees.
     
  • Apartments.com is announcing that this year it will launch a new calculator on its platform that will help renters determine the all-in price of a desired unit. This will include all up-front costs as well as recurring monthly rents and fees. The Apartments.com Network currently lists almost 1.5 million active availabilities across more than 385,000 properties.
     
  • AffordableHousing.com, the nation’s largest online platform dedicated solely to affordable housing, will require owners to disclose all refundable and non-refundable fees and charges upfront in their listings. It will launch a new “Trusted Owner” badge that protects renters from being charged junk fees by identifying owners who have a history of adhering to best practices, including commitment to reasonable fee limits, no junk fees, and full fee disclosure.

New research on policy innovation to address rental fees. HUD is releasing a new research brief that provides an overview of the research on rental fees and highlights state, local, and private sector strategies to encourage transparency and fairness in the rental market, including capping or eliminating rental application fees; allowing prospective renters to provide their own screening reports; allowing a single application fee to cover multiple applications; and clearly identifying bottom-line amounts that tenants will pay for move-in and monthly rent. The brief provides a blueprint for how everyone from local government to landlords can do better for renters.
 
Recent state actions to address the hidden and unfair fees. In March, the White House convened hundreds of state legislative leaders, and released a resource entitled, “Guide for States: Cracking Down on Junk Fees to Lower Costs for Consumers.” Since the President drew attention to the pervasive issue of junk fees throughout the economy, a number of states have already gotten to work to crack down on rental housing fees, including:

  • Colorado. Enacted House Bill 1099, which allows prospective renters to reuse a rental application for up to 30 days without paying additional fees; and House Bill 1095, which limits fees to tenants when landlords fail to provide a nonrenewal notice that disguise fees as “rent,” and limits the amount a landlord can mark up a tenant for third-party services.
     
  • Rhode Island. Enacted House Bill 6087 to limit rental application fees beyond the actual cost of obtaining a background check or credit report, if the prospective tenant does not provide their own report.
     
  • Minnesota. Enacted Senate File 2909, which includes a requirement for landlords to clearly display the total monthly payment and all nonoptional fees on the first page of the lease agreement and in all advertisements.
     
  • Connecticut. Enacted Senate Bill 998 to prohibit a landlord from requiring a fee for processing, reviewing, or accepting a rental application, and set a cap of $50 on the amount that can be charged for tenant screening reports. The law also prohibits move-in and move-out fees, and certain fee-related lease provisions, including certain late fees related to utility payments.
     
  • Maine. Enacted Legislative Document 691 to prohibit a landlord from charging a fee to submit a rental application that exceeds the actual cost of a background check, a credit check, or another screening process. The law also prohibits a landlord from charging more than one screening fee in any 12-month period. 
     
  • Montana. Senate passed Senate Bill 320 to require landlords to refund application fees to unsuccessful rental applicants except any portion of the fee used to cover costs related to reviewing the application, including conducting a background check. Landlords may only charge candidates for the actual cost of obtaining a background check or credit report.
     
  • California. Senate passed Senate Bill 611 to require the mandatory disclosure of monthly rent rates, including disclosure of a range of payments, fees, deposits, or charges, and to prohibit certain fees from being charged.

Earlier this year, the Consumer Financial Protection Bureau and the Federal Trade Commission, both independent agencies, requested information on tenant screening processes, including how landlords and property managers set application and screening fees, which will help inform enforcement and policy actions under each agency’s jurisdiction. The CFPB has noted that background checks too often include inaccurate or misleading information and risk scores that lack independent validation of their reliability.
 
These announcements build on the Biden-Harris Administration’s ongoing efforts to support renters, including through the release of a first-of-its-kind Blueprint for a Renters Bill of Rights and a Housing Supply Action Plan, focused on boosting the supply of affordable housing—including rental housing. Reducing housing costs is central to Bidenomics, and recent data show that inflation in rental housing is abating. Moreover, experts predict that roughly 1 million new apartments will be built this year, increasing supply that will further increase affordability. The actions announced today will help renters understand these fees and the full price they can expect to pay, and create additional competition housing providers to reduce reliance on hidden fees.
 
In the coming months, the Biden-Harris Administration will work with Congress, state leaders, and the private sector to address rental junk fees and build a fairer rental housing market. On July 26, the Senate Committee on Banking, Housing, and Urban Affairs will host its first-ever hearing on junk fees, including in the rental housing market.