US Government awards $85 mn to boost affordable housing development

27 Jun 2024 CW Team

The funds come from HUD's initial Pathways to Removing Obstacles (PRO) to Housing program, created in the fiscal 2023 appropriations bill. The program aims to help update state and local housing plans, revise land use policies, and streamline the permitting process for new developments. This initiative is part of a broader strategy to address the high housing costs that have become a major concern for younger voters.

A chronic shortage of housing continues to drive up rentals and contributes to lingering consumer price inflation, delaying potential Federal Reserve interest rate cuts. "This investment is part of a larger strategy to lower rents and help more Americans buy a home," Harris said, adding that President Biden has proposed a national housing plan to build 2 million units of affordable housing.

On Tuesday, U.S. Treasury Secretary Janet Yellen announced that $100 million in revenue from COVID-era community lending investments would be redirected to a new affordable housing financing fund. The awards cover a wide range of U.S. cities, including $6.7 million for Los Angeles County, $6.6 million for the state of Hawaii, and $2.5 million for Ketchum, Idaho. Harris noted that a $2.1 million award to Milwaukee would help the city provide subsidies to builders for developing vacant lots and abandoned buildings. A $4.5 million grant to Denver will provide low-cost loans to housing developers to connect to utilities.

More than 175 communities applied for the funds, and the Biden administration plans to release another $100 million in grants later this summer. Additionally, Biden has requested another $100 million in his proposed budget for the 2025 fiscal year, which starts on October 1.

Harris and Yellen also urged Congress to pass Biden's proposed $10,000 tax credit for first-time homebuyers and a $25,000 equity grant for first-generation homebuyers in disadvantaged families. These proposals have stalled in the Republican-controlled House of Representatives. (Source: ET)

The Biden administration announced the allocation of $85 million in housing funds to 21 state and local governments as part of a new program designed to remove barriers to the development and preservation of affordable housing units. The announcement was made by Vice President Kamala Harris and Department of Housing and Urban Development (HUD) Acting Secretary Adrianne Todman. The funds come from HUD's initial Pathways to Removing Obstacles (PRO) to Housing program, created in the fiscal 2023 appropriations bill. The program aims to help update state and local housing plans, revise land use policies, and streamline the permitting process for new developments. This initiative is part of a broader strategy to address the high housing costs that have become a major concern for younger voters. A chronic shortage of housing continues to drive up rentals and contributes to lingering consumer price inflation, delaying potential Federal Reserve interest rate cuts. This investment is part of a larger strategy to lower rents and help more Americans buy a home, Harris said, adding that President Biden has proposed a national housing plan to build 2 million units of affordable housing. On Tuesday, U.S. Treasury Secretary Janet Yellen announced that $100 million in revenue from COVID-era community lending investments would be redirected to a new affordable housing financing fund. The awards cover a wide range of U.S. cities, including $6.7 million for Los Angeles County, $6.6 million for the state of Hawaii, and $2.5 million for Ketchum, Idaho. Harris noted that a $2.1 million award to Milwaukee would help the city provide subsidies to builders for developing vacant lots and abandoned buildings. A $4.5 million grant to Denver will provide low-cost loans to housing developers to connect to utilities. More than 175 communities applied for the funds, and the Biden administration plans to release another $100 million in grants later this summer. Additionally, Biden has requested another $100 million in his proposed budget for the 2025 fiscal year, which starts on October 1. Harris and Yellen also urged Congress to pass Biden's proposed $10,000 tax credit for first-time homebuyers and a $25,000 equity grant for first-generation homebuyers in disadvantaged families. These proposals have stalled in the Republican-controlled House of Representatives. (Source: ET)

Infrastructure Transport

10 Jul 2026

Uttar Pradesh unveils infrastructure-led growth roadmap at RAHSTA

Mumbai, 9 July 2026: Uttar Pradesh’s ambitious infrastructure-led growth strategy took centre stage on Day 2 of the 16th RAHSTA Expo, where senior government officials outlined how expressways, industrial corridors and technology-driven governance are transforming the state into one of India's most attractive investment destinations.Delivering the keynote address, Srihari Pratap Shahi, IAS, Additional Chief Executive Officer, Uttar Pradesh Expressways Industrial Development Authority (UPEIDA), highlighted the state's long-term vision of integrating world-class expressways with industrial dev..

Real Estate

10 Jul 2026

NCW closes PRIME Offices Fund at Rs 40 billion

Nuvama and Cushman & Wakefield Management (NCW) has announced the final close of its flagship PRIME Offices Fund at approximately Rs 40 billion, exceeding its original target of Rs 30 billion following strong investor demand.The fund was launched to provide Indian investors with access to institutional-grade commercial office assets across key office markets in the country. According to NCW, the increase in the fund size was supported by strong investor participation and the availability of investment opportunities in India's office sector.The fund has already committed around 45 per cent ..

Real Estate

10 Jul 2026

Mayfair Housing adopts Autodesk Forma for digital project planning

Mayfair Housing has entered into a three-year strategic partnership with Autodesk to deploy Autodesk Forma, an AI-enabled cloud platform, as part of its digital transformation programme aimed at improving project planning and execution across its development and redevelopment portfolio.The platform will be integrated into the company's Building Information Modelling (BIM) workflow to support architects, planners and project teams during the early stages of design and development. Autodesk Forma combines real-world data, environmental simulations and collaborative workflows to facilitate data-d..