The U.S. Department of Housing and Urban Development (HUD) introduced a program Wednesday entitled "Our Way Home," which is an effort to increase available affordable housing nationwide. The program is under the leadership of Secretary Marcia L. Fudge.
"Our Way Home" builds on HUD’s commitment to educating state, tribal, and local leaders on available federal resources and funding to meet their affordable housing supply needs. Additionally, the plan includes building new and preserving existing units of affordable rentals and permanent housing.
The program stems from the Biden-Harris administration's goals to uplift and address the housing supply crisis, which was announced just a month ago. The administration’s Housing Supply Plan is a five-year plan with the eventual goal of closing the gap of affordable housing availability.
“The shortage of affordable housing has been growing for decades – but this is a solvable crisis,” Secretary Fudge said. “Across the country, we are seeing many communities ending exclusionary zoning, building affordable housing in communities that previously did not allow it. We are seeing communities use innovative building models and materials, and design homes that are sustainable and resilient. And we’re seeing communities tackle homelessness by building permanent affordable housing with services. These are the types of community wins that we want to elevate with Our Way Home and encourage others to follow.”
The National Association of Realtors (NAR) President Leslie Rouda Smith released a statement Wednesday in support of the HUD’s initiative, calling the new plan “an all-hands-on-deck approach to addressing the housing supply crisis.”
Smith remarked that a report that NAR commissioned last year revealed that the U.S. is short 5.5 million housing units.
Smith went on to reflect on the nation’s housing crisis, saying “This historic shortage of affordable housing requires a once-in-a-generation response. In addition to supporting new initiatives like 'Our Way Home,' NAR continues to advocate for comprehensive actions that include zoning reform, money for new construction, expanded financing options, and tax incentives to spur investment, convert unused commercial spaces to residential, and increase the number of construction workers.”
