TheHousing Supply Action Plan refers mostly to a government-wide plan of thePresidency of Joe Biden to resolve housing costs. In addition, the term has been used by theOntarioministry ofDoug Ford since 2019 to address the housing shortage in the province.
PresidentJoe Biden first announced the Housing Supply Action Plan on May 16, 2022, which the administration described as an "all of government" initiative.[1] Among the features of the plan were the following:
Rewarding jurisdictions that have reformed zoning and land-use policies with higher scores in certain federal grant processes at scale;
Deploying new financing mechanisms to build and preserve more housing where financing gaps currently exist;
Expanding and improving existing forms of federal financing, including for affordable multifamily development and preservation;
Ensuring that more government-owned supply of homes and other housing goes to owners who will live in them instead of large investors;
Working with the private sector to address supply chain challenges and improve building techniques.
As of August 17, 2024 the following actions were taken by various federal agencies in response to the plan:
Federal Housing Finance Agency had 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
theConsumer Financial Protection Bureau would pursue rulemaking and guidance to address anticompetitive closing costs imposed by lenders on homebuyers and homeowners.[2]
announced a Pathways to Removing Obstacles to Housing (PRO Housing) program to provide $85 million in $10 million grants to jurisdictions which have acute housing shortages and are working to address barriers to housing production and preservation;[3]
updated its guidelines to increase the dollar amount threshold at which amultifamily loan for FHA-insured mortgages is considered a large loan and is subject to additional underwriting requirements from $75 million to $120 million;[4]
allowed larger loans to participate in the agency's Low Income Housing Tax Credit (LIHTC) Pilot Program;
allowed public housing authorities (PHAs) to more easily use housing vouchers and mixed-finance transactions to create or preserve housing;[5]
published new guidance for public housing authorities and multifamily housing owners participating in the Rental Assistance Demonstration;
launched a Legacy Challenge to encourage communities which directly receive Community Development Block Grants from HUD to leverage low-cost, low-interest loans for housing investments
announced funding for research into commercial-to-residential conversions for a potential guide for state and local governments.[2]
the Department of Transportation:
announced its Reconnecting Communities and Neighborhoods program to provide up to $3.16 billion for planning and capital construction projects that prioritize disadvantaged communities and improve access to daily destinations, including a $450 million Regional Partnership Challenge to incentivize regional partnerships;
released new guidance to streamline and clarify requirements for closing DOT loans for residential development near transit, including commercial-to-residential conversions;[6]
theEconomic Development Administration (EDA) updated its “Investment Priorities” that guide the agency's grantmaking to include an emphasis on efficient land use and density;
theEnvironmental Protection Agency (EPA) announced its $27 billion Greenhouse Gas Reduction Fund (GGRF) to mobilize capital for retrofits of existing homes and buildings, construction of zero emissions buildings, and commercial to residential conversions, among others.
Despite the breadth of and critical praise for the initiative,[9] as well as the administration's claim that the largest number of homes since 2006 were built under the plan, critics pushed against the administration for not leading enough on bipartisan negotiations with Congress,[10] and not working hard enough with the private sector to bring down housing costs.[10][11]
