Biden administration announces new steps in its housing plan

The Biden administration on Friday announced what it described as “new steps” in its “housing supply action plan” that was outlined in May. The steps include “finalizing regulations that make it easier to build mixed-income housing, housing that includes very-low-income tenants, and housing in sparsely populated rural areas by reforming the income guidelines for the main source of financing for affordable housing — Low-Income Housing Tax Credits (LIHTCs),” the White House said in a statement. Other steps are extending LIHTC deadlines and reforming a financing program at Fannie Mae FNMA, +1.02% and Freddie Mac FMCC, +1.46%.