Washington, DC- BPC’s J. Ronald Terwilliger Center for Housing Policy commends the Treasury Department’s new guidance giving states and cities increased flexibility to use America Rescue Plan funds to fully finance long-term affordable housing loans. The guidance is a significant step forward in the effort to combat America’s housing affordability crisis. Treasury’s announcement builds on the bipartisan LIFELINE ACT and should encourage greater investment in affordable housing at the local level, while enabling states and cities to tap new sources of much-needed long-term capital for affordable housing production.
“We commend the Biden administration’s continuing focus on increasing the supply of homes to help respond to America’s housing affordability crisis,” said Dennis Shea, the Terwilliger Center’s executive director. “States and cities should consult the How-to-Guide, released by Treasury and the Department of Housing and Urban Development, to ensure they understand and can utilize the enhanced flexibilities offered by today’s announcement.”