Citing an estimated shortage of 3.8 million homes, U.S. Housing and Urban Development Secretary Marcia Fudge urged members attending the National Association of Home Builders' Spring Leadership Meetings in Washington, D.C., on June 8, to construct more starter homes and assured attendees that HUD will provide more money to state housing finance agencies to make it easier for buyers to borrow from the Federal Housing Administration, NAHB reports.
Stating that there is an estimated shortage of 3.8 million homes, Fudge said that the entire government has to have a stake in addressing the housing affordability crisis and cited several areas where the Biden administration is taking a proactive stance:
- An $85 million grant program aimed at zoning reform
- A $75 million grant to help end youth homelessness
- Gap funding programs to help with homeownership and rental assistance
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