of U.S. Division of Housing and City Growth The Division of Housing and City Growth (HUD) on Wednesday introduced $100 million in new aggressive grant funding aimed toward addressing bureaucratic obstacles to new housing building whereas reducing the prices of renting or shopping for a house.
“By way of HUD’s Housing Development Limitations Elimination program (PRO Housing), communities throughout the nation are eligible to use for funding to take away obstacles to housing building of their native areas,” HUD mentioned in a press release. announcement Aggressive funding.
In tandem with HUD’s personal announcement, The White Home “Fact Sheet” particulars the inclusion of PRO Housing within the Biden-Harris Administration’s Housing Motion Plan. The White Home additionally seeks to handle the causes of rising dwelling affordability confronted by homebuyers and renters alike.
“This funding is designed to chop by way of crimson tape and guarantee we construct extra housing, particularly reasonably priced housing, with the urgency that comes with figuring out individuals need assistance now,” Performing HUD Secretary Adrienne Todman mentioned in a press release. “The Biden-Harris Administration has made it a precedence to scale back housing prices by growing the nation’s housing provide, and partnering with communities is important to attaining this purpose.”
The PRO Housing initiative is designed to handle obstacles to housing building, resembling restrictive zoning insurance policies that sometimes exist on the native stage. It additionally goals to “stimulate new housing building and present housing repairs, and cut back power prices” by offering grants to native governments, states, metropolitan planning organizations (MPOs), and multijurisdictional teams. Particular person grants will vary from $1 million to $7 million, in line with HUD.
HUD first introduced plans for the PRO Housing Fund in June, with Vice President Kamala Harris talking to reporters concerning the issues the administration hopes to unravel by way of this system.
In its announcement, HUD recognized a number of widespread themes, together with “excessive land and improvement prices, a scarcity of accessible models, underutilized vacant land and properties, growing old housing inventory, insufficient infrastructure, eviction pressures, danger of climate-driven excessive climate and environmental disasters, excessive power prices, and outdated land use and allowing insurance policies and processes.”
The deadline for funding functions is October 15, 2024.
