The Biden Administration has released a new Housing Supply Action Plan that aims to "close the housing supply gap" within five years—citing Moody's estimate of a national supply shortage of more than 1.5M homes—and to create hundreds of thousands of affordable housing units in the next three years.
The action plan instructs the US Department of Transportation to prioritize federal infrastructure funding for transit-oriented projects that include residential developments with affordable housing.
The plan also leverages federal infrastructure funding to induce locations to reform zoning laws to eliminate barriers to affordable housing. DOT has been authorized to use infrastructure funding grants as "rewards" for locations that have reformed zoning and land-use policies to permit more affordable housing.
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