Home | Newsletter | Advertise
loading...

The Details of President Biden’s Proposed $213 Billion Housing Plan

  • June 10, 2021

by Nena Perry-Brown

President Joe Biden put forth a massive infrastructure plan earlier this spring, which would invest $2 trillion over the course of a decade in the country's built environment.

More than $200 billion would go toward ameliorating the housing crisis via affordable housing production and preservation, along with retrofitting commercial buildings. This is expected to create and preserve at least two million homes using the following means:

  • A proposed bill, called the Neighborhood Homes Investment Act (NHIA), which would dedicate $20 billion toward tax credits that would be distributed over the next five years. Those tax credits would go toward building or fixing up around 500,000 houses in hopes of creating more affordable housing supply for first-time buyers.
  • A combination of tax credits, grants, project-based rental assistance, and other funding would go toward targeting affordable housing preservation and production in underserved areas. The hope is that this will create at least one million energy-efficient units.
  • Congress could establish a competitive grant program to incentivize states and localities to phase out exclusionary (ie. single family-only) zoning, which also includes regulatory hurdles like minimum lot size and minimum parking requirements.
  • Another $40 billion would go toward rehabilitating the country's public housing stock and making it more energy efficient and sustainable.
  • Through programs like block grants, tax credits, and the Weatherization Assistance Program, other funds would be used to update houses to make them more sustainable and clean energy-ready. Specifically, $27 billion would go toward launching a Clean Energy and Sustainability Accelerator, which will in part be used to retrofit residential and commercial buildings, especially in underserved areas. 

This article originally published at http://dc.urbanturf.com/articles/blog/the-details-of-bidens-proposed-213-billion-housing-plan/18370

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse