In response to soaring housing prices and affordability challenges, the Biden administration has announced new initiatives to increase access to affordable housing. Treasury Secretary Janet Yellen is set to unveil these measures, including a $100 million fund to support affordable housing financing and an increase in the Federal Financing Bank’s support for such housing projects during her visit to Minneapolis.

The administration is addressing the significant housing supply shortfall that has led to an affordability crunch for both homebuyers and renters. Home prices have surged by 46 percent between March 2020 and March 2024, while sales of previously occupied U.S. homes have declined due to rising mortgage rates and record-high prices. There is a national shortage of over 7 million affordable homes for extremely low-income families, making affordable housing an escalating crisis in many cities.

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