JJelang US Presidential Election, Joe Biden Disbursed Affordable House Development Funds

UNSPLASH/Breno Assis ILLUSTRATION

JAKARTA - The Joe Biden administration announced the disbursement of housing funds of 85 million US dollars to 21 state and local governments for a new program to help develop more affordable housing units.

United States (US) Vice President Kamala Harris and acting Secretary of the Department of Housing and Urban Development Adrianne Todman said the fund helps update state and local housing plans, revise land use policies and simplify licensing processes for housing.

The Housing Program was made in the draft fiscal year allocation law 2023 and the granting of aid funds is set in due course with the government's push this week to show President Joe Biden taking action to address the high cost of housing that has become a major concern for young voters.

The lack of housing continues to make rental prices soar and prolonged consumer price inflation, contributing to the delay in lowering interest rates.

"Investasi ini adalah bagian dari strategi yang lebih besar untuk menurunkan harga sewa dan membantu lebih banyak orang Amerika membeli rumah," kata Harris kepada wartawan saat mengumumkan hibah tersebut dilansir Reuters, Rabu, 26 Juni.

President Biden and I have proposed a national housing plan to build 2 million housing units that are affordable.

US Treasury Secretary Janet Yellen previously announced revenues of USD 100 million from COVID-era community loan investments would be diverted to affordable new housing finance funds.

The award covers various cities in the US, including USD 6.7 million for Los Angeles County, USD 6.6 million for the state of Hawaii, and USD 2.5 million for Ketchum, Idaho.

Harris said an award of USD2.1 million to Milwaukee would help the city subsidize builders to help them more easily develop vacant land and abandoned buildings.

A grant of USD4.5 million to Denver will help provide low-cost loans to housing developers to connect to utility.

Harris said the Biden administration would distribute another 100 million US dollars in grants by the end of this summer.