The nation’s affordable housing crisis and revitalizing our nation’s housing infrastructure will be addressed in American Jobs Plan by President Biden. Though many renters would prefer to own their own homes; but the housing costs are surpassing incomes becoming an obstacle in people fulfilling their dream.

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About American Jobs Plan
The nation’s affordable housing crisis and revitalizing our nation’s housing infrastructure will be addressed in
American Jobs Plan by President Biden.
Though many renters would prefer to own their own homes; but the housing costs are surpassing incomes
becoming an obstacle in people fulfilling their dream.
Additionally, rising rents have left many families with little or no funds to save for a home down payment.
The American Job Plan is a historic, once-in-a-generation investment in the country’s infrastructure and our
housing infrastructure.
For the United States to remain the greatest nation in the world, the infrastructure plan should be a success and
help in expanding affordable housing and revitalizing the communities.
HUD has named five awardees as 2021 recipients of a combined $160 million in funding Choice Neighbourhood
initiative. There are plans for close to 2,700 new or renovated, mixed-income housing units to help revitalize
neighborhoods.
The program’s requirement for a public-private partnership translates to $1 of federal funding for every $10.60
generated from local public and private funds.
The proposal includes $213 billion in direct funding and over $100 billion in new and expanded tax credits. If
everything works out as presented, then an estimated 500,000 new and rehabilitated housing units will be ready for
low-and-moderate income families.
This will also provide equal pay provisions, and workplaces free from discrimination, bias, or harassment.
According to reports, 11 million families across America now pay more than half their income on rent, and 3 million
families with children under the age of six live in homes with lead-based paint.
This spring, the National Association of Realtors (NAR) report found that the nation’s median existing-home
sales price in March rose by 17.2% to a historic high of $329,100, with price gains in double-digit. The median
existing single-family home price rose 18.4% to $334,500.
According to HUD, in April 2020 the country’s median family income was $78,500. Home affordability is measured
by the ratio of housing costs to income.

2. According to the measure, affordable housing costs 30% or less, and 30–50% of their income is paid by
moderately cost-burdened households. Severely cost-burdened households pay 50% or more on housing.
Housing affordability is disappearing with NAR’s national median sales price of $334,500.
The U.S. Senate’s Joint Economic Committee report reached several startling conclusions:
* With education, The wealth gap between Black and White households increased.
* The White households earn one-third of the typical Black households. There is a gap of about $29,000 between
Black and White annual household incomes per annum.
* Close to 42% of Black families own their homes, compared to 73% of White families; and
* Continues discrimination leads to a large gap in the quality of secondary education, leading to worse economic
outcomes.
In 2019 the report stated that a Black household held less than 5% of the nation’s total wealth, while White
households held 85%, even when Blacks make up to 13% of the population.
At the current speed of decline, by 2053 the median household wealth could reach zero for Black households and
by 2073 zero for Hispanic households.
President Biden’s program will acknowledge and redress the impacts of this long history of the country’s and the
Federal Government’s housing discrimination and the racial gap in homeownership.
Reference Source: Precinct Reporter Group
https://www.compareclosing.com/mortgagenews/about-american-jobs-plan/