Washington – RealEstateRama – MBA’s President and CEO Bob Broeksmit, CMB, released the following statement on the Department of the Treasury’s new guidance to increase the ability of state, local, and tribal governments to use American Rescue Plan funds to expand the supply of affordable housing:
“MBA commends the Biden administration for its commitment to addressing the ongoing shortage of available housing and appreciates the Treasury Department’s guidance that provides flexibility for how state and local governments can use available funds to finance affordable housing projects.
“With housing construction slowing amidst inflationary pressures, economic uncertainty, and higher interest rates, both public and private sector financing will be necessary to create the supply of affordable rental housing that is needed to help ease costs for families, especially minorities and those with low and moderate incomes.
“We will examine Treasury’s guidance in greater detail and look forward to our ongoing work with the administration, Congress, and industry stakeholders on safe and responsible policies that increase single-family and multifamily housing for homebuyers and renters.”
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