White House aims for greater housing affordability. Incentivizing the construction of lower-income housing in various forms is the primary goal of the Housing Supply Action Plan, updated this October. In particular, a proposed income-averaging provision for the Low-Income Housing Tax Credit would make development more feasible in sparsely-populated areas, by no longer requiring all tenants to meet the same income threshold. This change joins a series of other alterations and additions, designed to ease the regulatory and financial hurdles of building income-restricted dwellings. Addressing housing affordability is becoming a priority for the Biden administration after steep home price run-ups directed excess demand to apartments and drove up rental costs.
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source: Costar October 2022 Market Report
