Rapid acceleration of affordable housing development expected over next five years

Affordable housing development is expected to soar over the next five years, according to housing experts.

Action by the federal government including recently passed legislation that allocates $322 billion for housing and community development will ignite this sector. The House Financial Services Committee voted in favor of the bill in mid-September.

The legislation includes $80 billion to build, preserve, or retrofit more than 3 million affordable housing units. The bill also provides for $90 billion in rental assistance to low-income renters, with $25 billion for those who have been homeless or are at risk of being homelessness.

Another $80 billion will address a public housing capital backlog. Congressional support for affordable housing grew during the COVID-19 pandemic.