WASHINGTON – The Biden administration is about to unveil a series of steps aimed at addressing the shortage of basic housing and rental properties, according to people familiar with the matter, measures aimed at increasing its funding and construction over the next few years.
The changes would be based on the administrative authority of government regulators such as the Federal Housing Finance Agency, as Congress weighs in broader policy changes related to the debate over U.S. infrastructure renovation, according to a draft plan revised Tuesday by the Wall Street Journal. Details could change before the White House releases its final version. FHFA oversees Fannie Mae and Freddie Mac, the two mortgage giants that account for about half of the $ 11 trillion mortgage market.
Individually, each normative movement is technical and modest. Collectively, however, “they should have a significant impact, especially because they’re all focused on the lower end of the market, where there is more need,” said Jim Parrott, a former Obama administration housing adviser. commenting on the draft.
The White House was expected to announce the moves as early as Wednesday, one of the people said.
An expanded version of this report appears on WSJ.com.
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