The investment is intended to address mortgage inflation caused by the housing shortage.
Secretary of the Treasury Janet Yellen announced that $100 million in financing is now available to construct new affordable housing. Secretary Yellen made the announcement at a public housing project in Minneapolis last week, stating that the funds were the ongoing distribution of previously-approved COVID-19 funding.
The U.S. economy continues to experience persistent inflation rates. According to the Treasury Department, rising housing costs due to a lack of available homes are the primary source of this economic strain. In her remarks, Secretary Yellen noted that median housing rents have outpaced median income levels for 97 percent of Americans within the last two decades.
“We face a very significant housing supply shortfall that has been building for a long time,” said Secretary Yellen. “This supply crunch has led to an affordability crunch.”
As the Lord Leads, Pray with Us…
- For discernment for Secretary Yellen as she oversees the Treasury Department.
- For Treasury officials to be prudent in the allocation of Covid funding for housing.
Sources: Reuters, AP News
