WASHINGTON (July 27, 2022) –The Biden Administration on Wednesday announced new steps to tackle the housing supply crisis.

The plan by the U.S. Department of the Treasury allows the use of $350 billion in American Rescue Plan funds by state, local, and tribal governments toward the development, repair, and operation of affordable housing units. 

The following is a statement from National Association of Realtors® President Leslie Rouda Smith:

"The top issue around the country among our 1.5 million members is housing supply. NAR commends the White House for addressing this challenge head-on and working across agencies on a comprehensive plan to provide the necessary flexibility for state and local governments.

"Any effort to add supply will help alleviate a historic shortage in affordable housing. NAR commissioned a landmark research report last year showing a lack of 5.5 million homes in the U.S.—a gap so large it would take more than a decade to dig out of, even with accelerated new construction.  It is nothing short of an affordability crisis hurting first-time, first-generation, and middle-income Americans the most.

"NAR supports comprehensive action that includes investment in new construction, zoning reforms, expansion of financing, and tax incentives to spur investment in housing and convert unused commercial space to residential.

"We look forward to a continued partnership with the Administration, Congress, and business and nonprofit groups on an all-of-the-above approach to this historic challenge."

For more information on supply and affordability policy proposals supported by NAR: 2022 REALTOR® Legislative Priorities."

The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

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