Join us on LinkedIn Follow us on Twitter Like us on Facebook Follow us on Instagram
 
  OCTOBER RESEARCH STORE Already a subscriber? LOG IN
AddControlToContainer_DynamicNavigation6

Treasury secretary announces initiatives to expand housing supply, affordability

Email A Friend Printer Friendly Version
0 comments
Inside the Beltway
Friday, June 28, 2024

U.S. Treasury Secretary Janet Yellen outlined several new initiatives designed to increase the supply of affordable housing, noting how they align with the Biden administration’s broader efforts to lower living costs.

Speaking in Minnesota at the Family Housing Expansion Project (FHEP), the largest new-unit project developed by the Minneapolis Public Housing Authority (MPHA) in more than 20 years, Yellen highlighted the urgency of tackling housing affordability. She said the Treasury is committed to leveraging its existing authorities to meet this challenge.

“[G]iven the scale of the challenge, we must and will continue to do more,” she said.

Yellen outlined a comprehensive plan that includes a new Treasury program, managed by the Community Development Financial Institution (CDFI) Fund, which will inject an additional $100 million over the next three years to support the financing of affordable housing.

“CDFIs provide crucial support to local businesses, from financing to services such as training entrepreneurs,” Yellen said. “They are often embedded in the communities they serve, so they have a deep understanding of a community’s needs and how to meet them. During the pandemic, Treasury’s support helped keep small businesses open and Americans employed, contributing to our historic recovery. Since then, our funding and technical assistance has helped businesses grow and scale.”

She also described measures to provide greater interest rate predictability for state and local housing finance agencies borrowing from the Federal Financing Bank, aiming to stabilize and encourage new housing development. She stressed the need for the 11 Federal Home Loan Banks to increase their investment in housing programs because they play a crucial component in expanding the availability of affordable housing options.

To assist state and local governments in maximizing the use of recovery funds for housing construction, the Treasury will release a detailed how-to guide. Additionally, the Capital Magnet Fund will be updated to offer greater flexibility to CDFIs and non-profits engaged in affordable housing finance. These initiatives build upon earlier efforts announced by Deputy Secretary Wally Adeyemo in March and emphasize the critical role of increasing the housing supply to curb long-term trends of rising housing costs.

Yellen framed the new measures as a continuation of the Treasury’s actions during the pandemic including distributing more than $40 billion in rental and homeowner assistance, maintaining historically low foreclosure and eviction rates and fostering a robust economic recovery.

Yellen also emphasized the success of the Emergency Rental Assistance program and the Homeowner Assistance Fund in providing stability during the pandemic and said she is urging Congress to pass bipartisan legislation to expand the Low-Income Housing Tax Credit and help state and local governments to eliminate excessive regulatory barriers to housing development to help boost the supply and affordability of housing across the nation.

Today's other top stories
New Fed IG will oversee CFPB investigation over mass firings
Bankers largely expect balance sheets to remain unchanged, per Fed survey results
Industry leaders take the stage at NS3 in Pittsburgh
MBA reports sizeable uptick in mortgage applications
Senate confirms new deputy secretary of HUD


COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Comments:

Be the first to leave a comment.

Leave your comment
CAPTCHA Validation
CAPTCHA
Code:
: 
: 
Your Email is for reporting purposes only. It will NOT be displayed.
Popularity:
This article has been viewed 4167 times.

Monthly Newsletter

Dodd Frank Update June 2025

Cover Story:

What lenders should know about CRA benchmarking, business strategies


News by Topic   News by Edition   News by Agency   News by Industry   In-depth Reports   Events
Banking
Case Law
Conference Coverage
Consumer Protection
Data Privacy
Financial Stability
Industry Spotlight
Legislation
Nonbank Financial
The TRID Journey
 
Dodd Frank Update May 2025
Dodd Frank Update June 2025
Archives
 
CFPB NCUA
CFTC OCC
FDIC OFR
FHFA SEC
FRB States
FSOC Treasury
FTC  
 
Appraisal
Broker-Dealer
Community Banks & Credit Unions
Land Title
Mortgage
Payday Lending
 
2025 State of the Industry
CRA and Affordable Housing
2025 State of the Industry
Who's My Regulator?
Fair Lending
Mortgage Technology
Marketing Compliance for Lenders
Archives
 
National Settlement Services Summit (NS3)
Women's Leadership Summit (WLS)
Webinars

Library   About   Subscribe   Other Publications
Data Privacy Vault Court Actions
Keys to Real Estate podcast Enforcement Documents
Blog - Tuesdays with Mary Guidance Documents
1071 Compliance Guide White Papers
eClosing Solutions Showcase Position Papers
Executive Interview Series Legislation
Lender Associations Regulations
The Dodd-Frank Act Reports, Studies and Surveys
Dodd-Frank Summary & History Federal Register Notices
 
Dodd Frank Update
Contact / Editors
Advertise
Request a Media Kit
Social Media
Are You An Expert?
Subscriber Agreement
 
Subscriptions
Free Email Updates
Try a Free Edition
 
The Title Report
The Legal Description
Valuation Review
RESPA News
Copyright © 2011-2025 Dodd Frank Update
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.doddfrankupdate.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> The Legal Description
> RESPA News
> The Title Report
> Valuation Review
> NS3 The Summit
> Women's Leadership Summit
> October Research, LLC
> The October Store


Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
EDITION
AGENCY
IN-DEPTH REPORTS
INDUSTRY
EVENTS
LIBRARY
EMAIL UPDATES
ABOUT
SUBSCRIBE
Banking
Case Law
Conference Coverage
Consumer Protection
Data Privacy
Financial Stability
Industry Spotlight
Legislation
Nonbank Financial
The TRID Journey
Current Edition
May 2025
April 2025
March 2025
Archives
CFPB
CFTC
FDIC
FHFA
FRB
FSOC
NCUA
OCC
OFR
SEC
States
Treasury
2025 State of the Industry
Real Estate Compliance Outlook
CRA and Affordable Housing report
Who's My Regulator?
Fair Lending
Marketing Compliance for Lenders
Archives
Appraisal
Broker-Dealer
Community Banks & Credit Unions
Land Title
Mortgage
Payday Lending
National Settlement
Services Summit (NS3)
Women's Leadership
Summit (WLS)
Webinars
CFPB's Shake-Up & Its Impact on You
2025 Economic Outlook Series
Data Privacy Compliance
Fintech Partner Compliance
Strategies post-NAR settlement
Industry and Regulatory Outlook
Securing Your Cyber Network
Compliant Marketing Tactics
2024 Economic Forecast Series
Webinar Archives
Data Privacy Vault
Keys to Real Estate podcast
Blog - Tuesdays with Mary
1071 Compliance Guide
eClosing Solutions Showcase
Executive Interview Series
Lender Associations
The Dodd-Frank Act
Dodd-Frank Summary
Court Actions
Enforcement Documents
Guidance Documents
White Papers
Position Papers
Legislation
Regulations
Reports, Studies and Surveys
Federal Register Notices
Proposals
Final Rules
GAO
Agency
Contact Us
Advertise
Request a Media Kit
Social Media
Are You An Expert?
Subscriber Agreement