The Biden administration aims to dent the housing shortage of millions of U.S. homes with new regulatory moves
will consider purchasing loans made to builders prior to construction of multifamily housing. At present, Fannie generally only buys mortgages for homes already built and certified for occupancy, which is too late for smaller builders that lack access to affordable financing.
The administration also said it would consider moves aimed at boosting the availability of manufactured homes, which are constructed in factories and shipped to their destinations rather than built on a housing site. For example,will consider purchasing so-called chattel loans that are secured by manufactured homes but not the plot of land they sit on.
Local zoning and land-use regulations—such as minimum lot sizes, parking requirements and prohibitions on multifamily housing—have proliferated since the 1970s. Housing shortages have extended in recent years beyond expensive coastal areas like Boston and San Francisco to places like Grand Rapids, Mich., and Austin, Texas.
In the last two years, the shortage has been exacerbated by robust home-buying demand due to record-low mortgage rates and the Covid-19 pandemic, which stoked city-dwellers’ desire to escape cramped living quarters for more spacious suburban homes. The limited inventory of homes has pushed up housing costs for home buyers and renters alike. The median existing-home price
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