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 Energy

17 Dec 2025

Vedanta Aluminium Uses 1.57 bn Units of Green Energy in FY25

Vedanta Aluminium, India’s largest aluminium producer, recently reported consumption of 1.57 billion units of renewable energy in FY25, marking a significant milestone in its 2030 decarbonisation roadmap. The company also achieved an 8.96 per cent reduction in greenhouse gas (GHG) emissions intensity compared to FY21, reinforcing its leadership in India’s low-carbon manufacturing transition. During FY25, Vedanta Aluminium expanded its renewable energy portfolio through long-term power purchase agreements, strengthening its strategy to source nearly 1,500 MW of renewable power over the lon..

Real Estate

17 Dec 2025

Oberoi Group to Develop Luxury Resort at Makaibari Tea Estate

EIH Limited, the flagship company of The Oberoi Group, has announced the signing of a management agreement to develop an Oberoi luxury resort at the iconic Makaibari Tea Estate in Darjeeling. The project marks a key milestone in the Group’s long-term strategy of creating distinctive hospitality experiences in rare and environmentally significant locations. Established in 1859, Makaibari is one of the world’s oldest tea estates and is globally recognised for its Himalayan landscape, primary forests and exceptional biodiversity. Spread across 1,236 acres, the estate houses one of the world�..

Real Estate

17 Dec 2025

GHV Infra Secures Rs 1.09 Bn EPC Order in Jamshedpur

GHV Infra Projects Ltd, a fast-growing EPC company in India’s infrastructure and construction sector, has recently secured a Rs 1.09 billion work order in Jamshedpur, Jharkhand. Awarded by a reputed group entity, the contract covers end-to-end civil construction, mechanical, electrical and plumbing (MEP) systems, along with high-quality finishing works for a large building development. The project will be executed over a 30-month period, with defined benchmarks for quality, safety and timely delivery. The order strengthens GHV Infra’s footprint in Jamshedpur, a key industrial hub known fo..