The Biden Plan for Investing in Our Communities Through Housing

Joe Biden is committed to rebuilding the middle class and ensuring everyone benefits from economic growth. To him, the middle class isn’t about income but values, like owning a home and living in a safe community. Biden firmly believes that housing is a right, not a privilege.

The Housing Crisis in America

Today, far too many Americans struggle to access affordable, quality housing. The shortage of affordable housing units disproportionately affects low-income families, forcing tens of millions of people to spend more than 30% of their income on housing. It leaves little room for other essential expenses, such as groceries and healthcare. Additionally, millions live in unsafe homes that threaten their health and safety.

Communities of color face even more significant challenges, with Black and Latino homeownership rates significantly lower than those of white individuals. This disparity exacerbates the racial wealth gap, as homeownership remains a key way families build wealth. Systemic housing discrimination and inequities must be addressed to ensure fairness and opportunity for all.

Biden’s $640 Billion Plan for Affordable Housing

As President, Biden will invest $640 billion over 10 years to ensure every American has access to affordable, safe, and healthy housing. His plan focuses on:

1. Ending Housing Discrimination
   Biden will eliminate redlining and other discriminatory practices in the housing market, ensuring fairness for all.
2. Providing Financial Assistance
   He will offer down payment assistance through a refundable, advanceable tax credit and fully fund federal rental assistance programs to help Americans secure safe, quality housing.
3. Increasing Housing Supply and Quality
   Biden’s plan includes investments to boost housing availability, affordability, and resilience, prioritizing energy efficiency, accessibility, and safety.
4. Ending Homelessness
   Biden will implement a comprehensive strategy to address homelessness, ensuring everyone can access stable shelter.

The Biden Principles for Housing

Biden’s housing strategy reflects his goal of creating strong, healthy communities across America. His principles for housing include ensuring that every American has access to housing that is:

• Affordable: Housing costs should not exceed 30% of income, leaving families enough for other needs.
• Stable: Families need consistency in housing to maintain jobs, succeed in school, and thrive socially.
• Safe and Healthy: Homes must protect against environmental risks like pollution and lead contamination and social risks like gun violence.
• Accessible: Housing must meet the needs of individuals with disabilities, allowing them to live independently in their communities.
• Energy Efficient and Resilient: Homes should reduce greenhouse gas emissions and withstand climate change impacts.
• Well-Located: Housing should be near quality schools and within a reasonable commute to jobs.

Biden’s housing plan is part of a comprehensive strategy to create vibrant communities in every zip code. From rebuilding infrastructure and revitalizing local economies to investing in public schools, Biden’s vision ensures that housing becomes a cornerstone of opportunity and stability for all Americans.

Ending Discrimination and Unfair Practices in the Housing Market

Joe Biden’s housing plan aims to dismantle systemic discrimination and unfair practices in the housing market, ensuring all Americans have access to equitable, affordable, and safe housing. His approach includes bold legislation, enforcement measures, and community-focused strategies.

1. Protect Homeowners and Renters with a Bill of Rights

Biden proposes a comprehensive Homeowner and Renter Bill of Rights to address unfair practices in the housing market, inspired by California’s Homeowner Bill of Rights. This legislation will:

• Prevent mortgage brokers from steering borrowers into costly loans.
• Stop foreclosure proceedings when homeowners are pursuing loan modifications.
• Grant homeowners the right to financial redress and timely notifications for loan modifications.
• Prohibit landlords from discriminating against renters who rely on federal housing benefits.

2. Prevent Evictions

Recognizing the devastating impact of housing evictions, Biden will:

• Support the Legal Assistance to Prevent Evictions Act of 2020, providing legal aid to tenants facing eviction.
• Encourage local governments to create eviction diversion programs, including mediation, payment plans, and financial literacy education.

3. Eliminate Exclusionary Zoning and Discriminatory Regulations

Biden plans to tackle local and state regulations, such as exclusionary zoning, which have historically segregated communities of color and low-income families. His plan includes:

• Conditioning federal funding through grants on states’ development of inclusionary zoning strategies, as outlined in the HOME Act of 2019.
• Investing $300 million in Local Housing Policy Grants to help states and localities eliminate discriminatory housing policies and reduce sprawl.

4. Hold Financial Institutions Accountable

To combat discriminatory lending, Biden will:

• Restore the disparate impact standard that holds lenders accountable for practices that disproportionately harm marginalized communities.
• Expand the Community Reinvestment Act to include mortgage and insurance companies, ensuring these institutions serve all communities responsibly.

5. Reinstate and Strengthen Fair Housing Protections

Biden will roll back Trump Administration policies that weakened fair housing protections by:

• Reinstating the Affirmatively Furthering Fair Housing Rule, requiring communities to address discriminatory housing patterns.
• Enforcing the Fair Housing Act and the Home Mortgage Disclosure Act to ensure equity in housing markets.
• Reviving the federal risk-sharing program to increase affordable rental housing financing.

6. Restore Enforcement Against Discriminatory Lenders

Biden plans to return enforcement powers to the Office of Fair Lending and Equal Opportunity within the Consumer Financial Protection Bureau, ensuring lenders are held accountable for discriminatory practices, such as charging higher interest rates to people of color.

7. Address Racial Bias in Home Appraisals

Biden will establish a national standard for housing appraisals to counteract racial biases that undervalue homes in communities of color. This initiative will:

• Ensure appraisers receive proper training and understand the communities they evaluate.
• Limit the influence of financial institutions on appraisers to prevent biased valuations.

A Commitment to Equity and Fairness

Joe Biden’s housing plan aims to make homeownership and quality rental housing more accessible to hardworking Americans. His administration will help millions of families achieve housing stability and wealth by providing financial assistance and implementing supportive policies.

1. First-Time Homebuyers Tax Credit

Biden proposes a First Down Payment Tax Credit of up to $15,000 to assist first-time homebuyers. This refundable, advanceable credit allows families to access the funds at purchase rather than waiting for a tax refund. This permanent program builds on the temporary tax credit introduced in the Recovery Act, helping families lay down roots and build wealth.

2. Fully Fund Section 8 Housing Vouchers

To ensure no family pays more than 30% of their income on rent, Biden will fully fund the Section 8 rental assistance program, which currently serves only 25% of eligible households. This initiative aims to assist at least 17 million low-income families by dedicating resources to voucher-based and project-based rental assistance. Additionally, Biden will prohibit landlords from discriminating against renters using federal housing benefits as part of a Homeowner and Renter Bill of Rights.

3. Renter’s Tax Credit

Biden will create a Renter's Tax Credit for low-income families who don’t qualify for Section 8 but still struggle to afford housing. This program will reduce rent and utility costs to no more than 30% of household income, supported by $5 billion in federal funding annually.

4. Expanded Housing Benefits for Public Servants

Biden plans to expand the Good Neighbor Next Door program, providing public service workers such as first responders and educators with increased down payment assistance and access to low-interest loans for rehabilitating homes. These benefits aim to revitalize underinvested communities and help public servants afford homes in areas with limited affordable housing.

5. Public Credit Reporting Agency

Recognizing the barriers created by flawed credit reporting systems, Biden will establish a Public Credit Reporting Agency within the Consumer Financial Protection Bureau. This agency will address racial disparities, reduce errors, and incorporate non-traditional data sources like rental history and utility payments to help individuals build credit and access homeownership opportunities.

6. Reducing Carbon Footprints and Utility Bills

In line with his climate goals, Biden will target a 50% reduction in the carbon footprint of U.S. buildings by 2035 while lowering electricity costs for working families. Key initiatives include:

• Retrofitting low-income housing for energy efficiency through a $10 billion fund.
• Accelerating appliance efficiency standards via the Department of Energy.
• Repairing and strengthening building codes, with funding for states and cities to adopt and enforce stricter standards.

A Comprehensive Approach to Housing Stability

Joe Biden’s housing plan focuses on expanding the availability of affordable housing, reducing families' costs, and enhancing the quality and sustainability of homes across America. The plan addresses the housing crisis with significant investments and reforms to ensure every American has access to safe, affordable, and quality housing.

1. $100 Billion Affordable Housing Fund

Biden will allocate $100 billion to construct and upgrade affordable housing, focusing on areas with housing shortages.

• $65 billion will incentivize state housing authorities and tribal governments to build or rehabilitate affordable, resilient, and energy-efficient homes.
• $10 billion will be spent retrofitting homes for energy efficiency, lowering utility bills, creating jobs, and reducing emissions.
• $5 billion will increase affordable housing stock through community development efforts like the HOME program and the Capital Magnet Fund.
• $20 billion will go to the Housing Trust Fund, supported by increased assessments on Fannie Mae and Freddie Mac.

2. Tax Incentives for Affordable Housing

To boost the construction and rehabilitation of affordable housing:

• Biden will expand the Low-Income Housing Tax Credit, which has created nearly 3 million affordable housing units since the 1980s.
• The Neighborhood Homes Investment Act will fund the development and repair of single-family homes in distressed communities, ensuring urban, suburban, and rural areas benefit.

3. Community Development Investments

Biden will increase Community Development Block Grant funding by $10 billion over 10 years, enabling local governments to tackle housing challenges, improve infrastructure, and stimulate economic opportunities.

4. Zoning Reforms and Climate-Friendly Policies

Biden will push for zoning reforms to eliminate local and state regulations restricting affordable housing.

• New federal investments in housing will require states and localities to modernize housing policies and reduce urban sprawl.
• Local Housing Policy Grants will provide $300 million to support zoning reforms and planning efforts.
• Federal transit dollars will incentivize smart growth, reducing commute times and greenhouse gas emissions.

5. Support for Minority-Owned Businesses

The Biden Administration will ensure that minority-owned businesses benefit from federal housing and infrastructure investments, creating wealth in Black and Latino communities.

6. Housing and Transit Integration

Biden will connect housing and transportation policies to ensure affordable housing near job centers.

• A new transit program will offer reliable public transportation to Americans in cities with populations over 100,000 by 2030.
• $10 billion over 10 years will fund transit projects in high-poverty areas, reducing transportation barriers for low-income workers.

7. Rural Housing Support

Biden will expand funding for the Rural Housing Service to repair and build affordable housing for low-income, disabled, and elderly residents in rural communities. The 10-20-30 plan will ensure persistent poverty areas receive adequate resources.

8. Additional Capital for Low-Income Communities

The New Markets Tax Credit will be expanded to $5 billion annually and made permanent, driving private investment in low-income areas for affordable housing, infrastructure, and economic development.

9. Safe Housing for Military Families

Biden will enforce a comprehensive tenant Bill of Rights for military families, ensuring high-quality housing, transparency, and accountability from housing providers. Military family satisfaction will be regularly assessed, and sub-par providers will face termination of contracts.

A Commitment to Affordable Housing and Economic Growth

Biden’s housing initiatives ensure federal investments prioritize family-sustaining jobs, domestic resources, and environmentally sustainable practices. This comprehensive approach will address the housing crisis, revitalize communities, create jobs, and ensure all Americans can access safe, affordable, and quality homes.

A Comprehensive Approach to Ending Homelessness

Joe Biden’s housing plan prioritizes making safe and stable housing a fundamental right for all Americans. Combining emergency funding, targeted reforms, and expanded programs, the plan seeks to eradicate homelessness while addressing its root causes.

National Strategy for Housing as a Right

On his first day in office, Biden will direct the Department of Housing and Urban Development (HUD) to lead a task force with local officials to develop a national roadmap for ensuring housing is a right for all. This plan will leverage the expertise of mayors and local leaders to replicate successful practices nationwide.

Emergency Funding to Address Homelessness

Biden supports the Ending Homelessness Act, which would allocate $13 billion over five years. This funding will:

• Provide emergency shelters, housing vouchers, and case management.
• Create over 400,000 additional housing units for homeless individuals.
• Specifically, it targets homeless children and young adults.

Adopting a "Housing First" Approach

The Biden Administration will prioritize a housing first strategy, focusing on providing stable housing before addressing other challenges like addiction or mental health issues. Initiatives will include:

• A review of federal housing policies to ensure alignment with the Housing First model.
• Expanded support for rapid re-housing and long-term supportive housing.

Addressing Veteran Homelessness

Building on the Obama-Biden Administration’s success in reducing veteran homelessness by nearly half, Biden’s plan will:

• Permanently authorize the Supportive Services for Veteran Families program.
• Refurbish unused buildings like the VA Los Angeles campus to create modern housing for homeless veterans.
• Address the unique needs of women and LGBTQ veterans.

Protecting LGBTQ Individuals

Joe Biden is committed to ensuring equal protection and support for LGBTQ individuals in housing and shelters. His plan includes:

• Enforcing the Equality Act: Biden will ensure the implementation of the Equality Act to safeguard LGBTQ individuals from housing discrimination and guarantee fair treatment in shelters.
• Expanding Support for LGBTQ Youth: Biden will increase funding for the Runaway and Homeless Youth Act, ensuring LGBTQ youth have access to transitional living programs that provide vital resources such as shelter, counseling, and essential services.

Supportive Housing for Seniors and Individuals with Disabilities

Biden will expand programs like Section 202 and Section 811 to provide more supportive housing for elderly individuals and people with disabilities. Additional resources will support mental health services and substance use disorder treatments.

Ensuring Housing for Formerly Incarcerated Individuals

Biden will work toward guaranteeing housing for all formerly incarcerated individuals by:

• Eliminating barriers that prevent access to public housing.
• Expanding funding for transitional housing programs.
• Directing HUD to only work with entities that support housing for individuals re-entering society.

Safe Housing for Survivors of Domestic Violence

Recognizing domestic violence as a leading cause of homelessness, Biden will:

• Establish a coordinated housing initiative tailored to survivors.
• Strengthen VAWA (Violence Against Women Act) provisions to make housing assistance more accessible and flexible.
• Enforce the Fair Housing Act to protect survivors from discrimination and unfair evictions.

Investing in Housing to Support the Middle Class

Biden’s $640 billion investment in housing will be funded by:

• Raising taxes on corporations and financial institutions with over $50 billion in assets.
• Including $300 billion for housing construction as part of his $1.3 trillion infrastructure plan.

A Bold Vision to End Homelessness

Biden’s comprehensive plan ensures that every American can access safe, stable, affordable housing regardless of circumstance. By addressing homelessness, the plan supports housing stability and a stronger, more equitable society.