WASHINGTON – The Biden administration is expanding ways cities and states can use COVID-19 rescue funds to build more affordable housing amid skyrocketing home prices.
New guidance from the Treasury Department on Wednesday gives local and state governments greater flexibility to address affordable housing with their share of $350 billion in direct aid from the American Rescue Plan – President Joe Biden’s signature COVID-19 stimulus law that Democrats in Congress passed in March 2021.
More:Biden takes actions on affordable housing, aiming to close gap in housing supply in 5 years
More:Where are COVID-19 rescue funds going? The place with pervasive, ‘urgent’ need: Housing
More:For first-time homebuyers, are starter homes becoming extinct?
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