Feed aggregator

Today, President Joseph R. Biden, Jr. made additional disaster assistance available to the State of North Carolina by authorizing an increase in the level of federal funding for debris removal and emergency projective measures undertaken in the State of North Carolina as a result of Tropical Storm Helene.

Under the President’s major disaster declaration issued for the North Carolina on September 28, 2024, federal funding was made available for Public Assistance, Hazard Mitigation, and Other Needs Assistance at 75 percent of the total eligible costs.          

Under the President’s order today, the federal share for Public Assistance has been increased to 90 percent of the total eligible costs, except assistance previously approved at 100 percent for a time limited period

FOR FURTHER INFORMATION MEDIA SHOULD CONTACT THE  FEMA NEWS DESK AT (202) 646-3272 OR FEMA-NEWS-DESK@FEMA.DHS.GOV.

###

The post President Joseph R. Biden, Jr. Amends North Carolina Major Disaster Declaration appeared first on The White House.

Today, President Joseph R. Biden, Jr. made additional disaster assistance available to the State of North Carolina by authorizing an increase in the level of federal funding for debris removal and emergency projective measures undertaken in the State of North Carolina as a result of Tropical Storm Helene.

Under the President’s major disaster declaration issued for the North Carolina on September 28, 2024, federal funding was made available for Public Assistance, Hazard Mitigation, and Other Needs Assistance at 75 percent of the total eligible costs.          

Under the President’s order today, the federal share for Public Assistance has been increased to 90 percent of the total eligible costs, except assistance previously approved at 100 percent for a time limited period

FOR FURTHER INFORMATION MEDIA SHOULD CONTACT THE  FEMA NEWS DESK AT (202) 646-3272 OR FEMA-NEWS-DESK@FEMA.DHS.GOV.

###

The post President Joseph R. Biden, Jr. Amends North Carolina Major Disaster Declaration appeared first on The White House.

Health care should be a right, not a privilege, and every American should be able to access quality affordable coverage. My Administration has worked tirelessly to make it happen, and our plan is working: premiums for health insurance through the Affordable Care Act are more affordable, Medicare and Medicaid are strong, seniors are paying less for prescription drugs, and more Americans have health insurance than ever before in American history.

A new report from the Congressional Budget Office underscores just how critical the legislation to bring down health care costs, enacted under my Administration, have been. Millions of Americans are benefiting from expanded premium tax credits that lower their premiums. If Congress takes that benefit away, premiums will spike and 3.8 million people will become uninsured. That’s simply wrong. The American people don’t deserve to see their health insurance premiums skyrocket. That’s why I’ll continue to call on Congress to continue the Affordable Care Act tax credits, and protect affordable health insurance for millions of Americans.

###

The post Statement from President Biden on CBO Report on Health Insurance Coverage appeared first on The White House.

Health care should be a right, not a privilege, and every American should be able to access quality affordable coverage. My Administration has worked tirelessly to make it happen, and our plan is working: premiums for health insurance through the Affordable Care Act are more affordable, Medicare and Medicaid are strong, seniors are paying less for prescription drugs, and more Americans have health insurance than ever before in American history.

A new report from the Congressional Budget Office underscores just how critical the legislation to bring down health care costs, enacted under my Administration, have been. Millions of Americans are benefiting from expanded premium tax credits that lower their premiums. If Congress takes that benefit away, premiums will spike and 3.8 million people will become uninsured. That’s simply wrong. The American people don’t deserve to see their health insurance premiums skyrocket. That’s why I’ll continue to call on Congress to continue the Affordable Care Act tax credits, and protect affordable health insurance for millions of Americans.

###

The post Statement from President Biden on CBO Report on Health Insurance Coverage appeared first on The White House.

     On National Pearl Harbor Remembrance Day, we honor the 2,403 service members and civilians who were killed on that tragic December morning 83 years ago.  And we recognize the absolute courage of the service members who, in the wake of this painful and unprovoked attack, stood up to defend democracy and stand up to fascism abroad in World War II.
     As we reflect on the honors and triumphs of the Greatest Generation, we must remember that they risked all, dared all, and gave all not for a person or a place — but for the idea of America.  They recognized that freedom is never guaranteed:  Every generation has had to earn and defend it in the battle between autocracy and democracy.  This service and sacrifice helped deliver a world grounded in peace and security.  And together, these brave women and men proved that no force — not destruction, death, or the darkness of hate — is a match for the flame of liberty that ignites the hearts of free people everywhere. 
     Today, we must be keepers of their mission and bearers of the flame of freedom they kept burning bright.  That begins by honoring our sacred obligation to care for our service members and veterans and their families, caregivers, and survivors — especially our World War II veterans whose actions ensured that democracy endured.  That is why my Administration began enrolling all World War II veterans, regardless of length of service or financial status, in Veterans Affairs health care services.  And we also expanded access to benefits for those who participated in testing and clean-up activities related to World War II weapons programs, helping address radiation related illnesses for veterans and civilians. 
     During National Pearl Harbor Remembrance Day, may we remember the brave patriots whose lives were cut short on this day 83 years ago.  May we honor all the service members who gave their last full measure of devotion to defend democracy in the years that followed.  And may we all recommit to fulfilling the future they fought for — one grounded in freedom, democracy, equality, and opportunity for all.
     The Congress, by Public Law 103-308, as amended, has designated December 7 of each year as “National Pearl Harbor Remembrance Day.”  Today, let us commemorate the patriots who perished and who were wounded on December 7, 1941, and continue to fulfill our sacred obligation to care for our service members; our veterans; and their families, caregivers, and survivors.
     NOW, THEREFORE, I, JOSEPH R. BIDEN JR., President of the United States of America, do hereby proclaim December 7, 2024, as National Pearl Harbor Remembrance Day.  I encourage all Americans to reflect on the courage shown by our brave service members that day and remember their sacrifices.  I ask us all to give sincere thanks and appreciation to the survivors of that unthinkable day.  I urge all Federal agencies, interested organizations, groups, and individuals to fly the flag of the United States at half-staff on December 7, 2024, in honor of those American patriots who died as a result of their service at Pearl Harbor.
     IN WITNESS WHEREOF, I have hereunto set my hand this sixth day of December, in the year of our Lord two thousand twenty-four, and of the Independence of the United States of America the two hundred and forty-ninth.
 
 
                              JOSEPH R. BIDEN JR.

The post A Proclamation on National Pearl Harbor Remembrance Day, 2024 appeared first on The White House.

     On National Pearl Harbor Remembrance Day, we honor the 2,403 service members and civilians who were killed on that tragic December morning 83 years ago.  And we recognize the absolute courage of the service members who, in the wake of this painful and unprovoked attack, stood up to defend democracy and stand up to fascism abroad in World War II.
     As we reflect on the honors and triumphs of the Greatest Generation, we must remember that they risked all, dared all, and gave all not for a person or a place — but for the idea of America.  They recognized that freedom is never guaranteed:  Every generation has had to earn and defend it in the battle between autocracy and democracy.  This service and sacrifice helped deliver a world grounded in peace and security.  And together, these brave women and men proved that no force — not destruction, death, or the darkness of hate — is a match for the flame of liberty that ignites the hearts of free people everywhere. 
     Today, we must be keepers of their mission and bearers of the flame of freedom they kept burning bright.  That begins by honoring our sacred obligation to care for our service members and veterans and their families, caregivers, and survivors — especially our World War II veterans whose actions ensured that democracy endured.  That is why my Administration began enrolling all World War II veterans, regardless of length of service or financial status, in Veterans Affairs health care services.  And we also expanded access to benefits for those who participated in testing and clean-up activities related to World War II weapons programs, helping address radiation related illnesses for veterans and civilians. 
     During National Pearl Harbor Remembrance Day, may we remember the brave patriots whose lives were cut short on this day 83 years ago.  May we honor all the service members who gave their last full measure of devotion to defend democracy in the years that followed.  And may we all recommit to fulfilling the future they fought for — one grounded in freedom, democracy, equality, and opportunity for all.
     The Congress, by Public Law 103-308, as amended, has designated December 7 of each year as “National Pearl Harbor Remembrance Day.”  Today, let us commemorate the patriots who perished and who were wounded on December 7, 1941, and continue to fulfill our sacred obligation to care for our service members; our veterans; and their families, caregivers, and survivors.
     NOW, THEREFORE, I, JOSEPH R. BIDEN JR., President of the United States of America, do hereby proclaim December 7, 2024, as National Pearl Harbor Remembrance Day.  I encourage all Americans to reflect on the courage shown by our brave service members that day and remember their sacrifices.  I ask us all to give sincere thanks and appreciation to the survivors of that unthinkable day.  I urge all Federal agencies, interested organizations, groups, and individuals to fly the flag of the United States at half-staff on December 7, 2024, in honor of those American patriots who died as a result of their service at Pearl Harbor.
     IN WITNESS WHEREOF, I have hereunto set my hand this sixth day of December, in the year of our Lord two thousand twenty-four, and of the Independence of the United States of America the two hundred and forty-ninth.
 
 
                              JOSEPH R. BIDEN JR.

The post A Proclamation on National Pearl Harbor Remembrance Day, 2024 appeared first on The White House.

Today, President Joseph R. Biden, Jr. made additional disaster assistance available to the State of Georgia by authorizing an increase in the level of Federal funding for emergency work undertaken in the State of Georgia as a result of Hurricane Helene from September 24 to October 30, 2024.

Under the President’s order today, Federal funds for debris removal and emergency protective measures, including direct Federal assistance has been increased to 100 percent of the total eligible costs for a period of 120 days of the State’s choosing within the first 180 days from the start of the incident period.

FOR FURTHER INFORMATION MEDIA SHOULD CONTACT THE FEMA NEWS DESK AT (202) 646-3272 OR FEMA-NEWS-DESK@FEMA.DHS.GOV.

###

The post President Joseph R. Biden, Jr. Amends Georgia Disaster Declaration appeared first on The White House.

Today, President Joseph R. Biden, Jr. made additional disaster assistance available to the State of Georgia by authorizing an increase in the level of Federal funding for emergency work undertaken in the State of Georgia as a result of Hurricane Helene from September 24 to October 30, 2024.

Under the President’s order today, Federal funds for debris removal and emergency protective measures, including direct Federal assistance has been increased to 100 percent of the total eligible costs for a period of 120 days of the State’s choosing within the first 180 days from the start of the incident period.

FOR FURTHER INFORMATION MEDIA SHOULD CONTACT THE FEMA NEWS DESK AT (202) 646-3272 OR FEMA-NEWS-DESK@FEMA.DHS.GOV.

###

The post President Joseph R. Biden, Jr. Amends Georgia Disaster Declaration appeared first on The White House.

Today, President Joseph R. Biden, Jr. made additional disaster assistance available to the State of South Carolina by authorizing an increase in the level of Federal funding for debris removal undertaken in the State of South Carolina as a result of Hurricane Helene.

Under the President’s order today, Federal funds for debris removal, including direct Federal assistance has been increased to 100 percent of the total eligible costs for a period of 120 days of the State’s choosing within the first 180 days from the start of the incident period, starting September 25.

FOR FURTHER INFORMATION MEDIA SHOULD CONTACT THE FEMA NEWS DESK AT (202) 646-3272 OR FEMA-NEWS-DESK@FEMA.DHS.GOV.

###

The post President Joseph R. Biden, Jr. Amends South Carolina Major Disaster Declaration appeared first on The White House.

Today, President Joseph R. Biden, Jr. made additional disaster assistance available to the State of South Carolina by authorizing an increase in the level of Federal funding for debris removal undertaken in the State of South Carolina as a result of Hurricane Helene.

Under the President’s order today, Federal funds for debris removal, including direct Federal assistance has been increased to 100 percent of the total eligible costs for a period of 120 days of the State’s choosing within the first 180 days from the start of the incident period, starting September 25.

FOR FURTHER INFORMATION MEDIA SHOULD CONTACT THE FEMA NEWS DESK AT (202) 646-3272 OR FEMA-NEWS-DESK@FEMA.DHS.GOV.

###

The post President Joseph R. Biden, Jr. Amends South Carolina Major Disaster Declaration appeared first on The White House.

Today, President Joseph R. Biden, Jr. made additional disaster assistance available to the State of Tennessee by authorizing an increase in the level of Federal funding for debris removal and emergency protective measures undertaken in the State of Tennessee as a result of Tropical Storm Helene..

Under the President’s order today, Federal funds for debris removal and emergency protective measures, including direct Federal assistance has been increased to 100 percent of the total eligible costs for a period of 120 days of the State’s choosing within the first 180 days from the start of the incident period on September 26

FOR FURTHER INFORMATION MEDIA SHOULD CONTACT THE FEMA NEWS DESK AT (202) 646-3272 OR FEMA-NEWS-DESK@FEMA.DHS.GOV.

###

The post President Joseph R. Biden, Jr. Amends Tennessee Major Disaster Declaration appeared first on The White House.

Today, President Joseph R. Biden, Jr. made additional disaster assistance available to the State of Tennessee by authorizing an increase in the level of Federal funding for debris removal and emergency protective measures undertaken in the State of Tennessee as a result of Tropical Storm Helene..

Under the President’s order today, Federal funds for debris removal and emergency protective measures, including direct Federal assistance has been increased to 100 percent of the total eligible costs for a period of 120 days of the State’s choosing within the first 180 days from the start of the incident period on September 26

FOR FURTHER INFORMATION MEDIA SHOULD CONTACT THE FEMA NEWS DESK AT (202) 646-3272 OR FEMA-NEWS-DESK@FEMA.DHS.GOV.

###

The post President Joseph R. Biden, Jr. Amends Tennessee Major Disaster Declaration appeared first on The White House.

America’s comeback continues. Today’s report shows that the economy created 227,000 jobs in November, as Boeing machinists returned to work with record wage gains and hurricane recovery continued. Unemployment of 4.2% is in the same low range of the past seven months. This has been a hard-fought recovery, but we are making progress for working families.

Since I took office, the economy has created more than 16 million jobs, with jobs created every single month. Unemployment has been the lowest on average of any administration in 50 years. Incomes are up almost $4,000 more than prices. While there is more to do to lower costs, we’ve taken action to lower prescription drug prices, health insurance premiums, utility bills, and gas prices that will pay dividends for years to come.

###

The post Statement from President Joe Biden on the November 2024 Jobs Report appeared first on The White House.

America’s comeback continues. Today’s report shows that the economy created 227,000 jobs in November, as Boeing machinists returned to work with record wage gains and hurricane recovery continued. Unemployment of 4.2% is in the same low range of the past seven months. This has been a hard-fought recovery, but we are making progress for working families.

Since I took office, the economy has created more than 16 million jobs, with jobs created every single month. Unemployment has been the lowest on average of any administration in 50 years. Incomes are up almost $4,000 more than prices. While there is more to do to lower costs, we’ve taken action to lower prescription drug prices, health insurance premiums, utility bills, and gas prices that will pay dividends for years to come.

###

The post Statement from President Joe Biden on the November 2024 Jobs Report appeared first on The White House.

The Ellipse
Washington, D.C.

6:14 P.M. EST

THE PRESIDENT:  Merry Christmas, everyone!  (Applause.)  Merry Christmas.  

This Christmas tree lighting is one of my wife Jill’s favorite events, so she truly regrets not being here tonight.  She’s on an international trip in Qatar and the United Arab Emirates and Sicily to — in order to promote women’s health research.  (Applause.)  She sends her best wishes to all of you.

And on behalf of Kamala and Doug — where are you, Kamala and Doug?  You — (applause) — there you go.  Welcome to the — on behalf of them, welcome to the National Christmas Tree lighting.

Thank you, Mickey, all the artists who are performing tonight. 

A special thanks to the Jones family for their service and sacrifice and our military families.  (Applause.)  Tonight, they’ll help light this beautiful Christmas tree. 

Mickey, will you start the countdown?

MS. GUYTON:  All right, y’all.  Let’s count down together, people. 

AUDIENCE:  Five, four, three, two, one!

(The Jones family light the National Christmas Tree.)

THE PRESIDENT:  Whoa!  (Applause.) 

MS. GUYTON:  Merry Christmas!

(A choir sings “Joy to the World.”)

THE PRESIDENT:  Folks, as we gather here in President’s Park just outside the White House, a special thanks to the National Park Service and the National Park Foundation.  (Applause.)  I mean it. 

This 30-foot Red Spruce represents the spirit embodied in this year’s White House holiday theme, which Jill unveiled earlier this week.  The theme is “A Season of Peace and Light” — of peace and light — the peace we feel as we pause and reflect on our blessing and the light — the light we see as we gather with loved ones that cherish our time together. 

During this season of reflection and renewal, many of us will sing “O Holy Night.”  A phrase in the song is, “His law is love; His gospel is peace.”  May [My] wish for you and for the nation, now and always, is we continue to seek the light of liberty and love, kindness and compassion, dignity and decency. 

Merry Christmas, America.  Merry Christmas to all of you.  And may God bless you all.  (Applause.)  And may God protect — may God protect our troops.

Thank you, thank you, thank you.  (Applause.)

6:19 P.M. EST

The post Remarks by President Biden at the National Christmas Tree Lighting appeared first on The White House.

The Ellipse
Washington, D.C.

6:14 P.M. EST

THE PRESIDENT:  Merry Christmas, everyone!  (Applause.)  Merry Christmas.  

This Christmas tree lighting is one of my wife Jill’s favorite events, so she truly regrets not being here tonight.  She’s on an international trip in Qatar and the United Arab Emirates and Sicily to — in order to promote women’s health research.  (Applause.)  She sends her best wishes to all of you.

And on behalf of Kamala and Doug — where are you, Kamala and Doug?  You — (applause) — there you go.  Welcome to the — on behalf of them, welcome to the National Christmas Tree lighting.

Thank you, Mickey, all the artists who are performing tonight. 

A special thanks to the Jones family for their service and sacrifice and our military families.  (Applause.)  Tonight, they’ll help light this beautiful Christmas tree. 

Mickey, will you start the countdown?

MS. GUYTON:  All right, y’all.  Let’s count down together, people. 

AUDIENCE:  Five, four, three, two, one!

(The Jones family light the National Christmas Tree.)

THE PRESIDENT:  Whoa!  (Applause.) 

MS. GUYTON:  Merry Christmas!

(A choir sings “Joy to the World.”)

THE PRESIDENT:  Folks, as we gather here in President’s Park just outside the White House, a special thanks to the National Park Service and the National Park Foundation.  (Applause.)  I mean it. 

This 30-foot Red Spruce represents the spirit embodied in this year’s White House holiday theme, which Jill unveiled earlier this week.  The theme is “A Season of Peace and Light” — of peace and light — the peace we feel as we pause and reflect on our blessing and the light — the light we see as we gather with loved ones that cherish our time together. 

During this season of reflection and renewal, many of us will sing “O Holy Night.”  A phrase in the song is, “His law is love; His gospel is peace.”  May [My] wish for you and for the nation, now and always, is we continue to seek the light of liberty and love, kindness and compassion, dignity and decency. 

Merry Christmas, America.  Merry Christmas to all of you.  And may God bless you all.  (Applause.)  And may God protect — may God protect our troops.

Thank you, thank you, thank you.  (Applause.)

6:19 P.M. EST

The post Remarks by President Biden at the National Christmas Tree Lighting appeared first on The White House.

Capital Hilton
Washington, D.C.

2:09 P.M. EST

THE VICE PRESIDENT:  Good afternoon.  (Applause.) 

I was — I knew you all were in town.  I couldn’t let it go without coming by to say hello and to say thank you to everyone here, all of these extraordinary leaders.  (Applause.)

I wanted to come by and say happy holidays, Merry Christmas, Happy Kwanzaa, Happy Hanukkah — whatever you may celebrate.  But most important, let’s make sure we celebrate each other.  (Applause.)  Let’s make sure we — please have a seat.  I’m going to j- — be just a minute.  I am not here to give a long speech.  I’m here to give greetings.

But here’s what I want to say.  This is the season for us to be thankful, to celebrate our blessings, and to reinvigorate ourselves about the blessings we have yet to create for each other and the people we represent.  And you all are the leaders on the ground who are doing the work that is about lifting people up. 

You all have heard me say so many times: I do believe the true measure of the strength of a leader is not based on who you beat down; it is based on who you lift up.  (Applause.)  And that is the work that each of you does every day. 

Your work benefits people that, for the most part, may never know your name or mine, people you may never meet.  Yours is the work that is a response to a calling to serve; a calling to sacrifice; to work long hours, to work long days to meet the needs of the people. 

Yours is the work that is also the calling that our country makes that asks of each of us to believe in the promise of America and then do everything we can to help our nation realize that promise on behalf of everyone, no matter who they are, where they live, what they look like.

And so, I wanted to stop by to say thank you for all the support you have given me but, most importantly, for your willingness to answer the call to serve in the way you do. 

It’s going to be an important year next year.  And I know that’s part of what the conference has been about, to think about how we are going to use the limited resources we have to serve the greatest number of people and to lift folks up. 

And so, I am here also to thank you in advance for that pledge that you have made and continue to make.  Our work is so important.  And as we reflect on this past year, let us remember we had impact in every way, and we have taken on the work of building community and coalitions.  That’s what we do and do so well.  And, in particular, that’s what members of this organization do, so let’s stay committed to that. 

But you all are the soldiers on the ground and in the field.  And I know that everyone is here together in fellowship to rededicate ourselves to the work yet to be done and to do it knowing, yes, it will be hard work, but hard work is good work.  Hard work is joyful work. 

And we are up — we are up for the moment to see it through and get it done.  And, yes, we will do it with joy in our hearts and with our commitment to the fight that is about lifting up all people, recognizing everyone’s right to opportunity, to dignity, to freedom.

And so, I wanted to just stop by to say thank you for all of that.  And please enjoy the holidays. 

Take care, everybody.  (Applause.)

                         END                     2:13 P.M. EST

The post Remarks by Vice President Harris at the National Black Caucus of State Legislators’ 48th Annual Legislative Conference appeared first on The White House.

Capital Hilton
Washington, D.C.

2:09 P.M. EST

THE VICE PRESIDENT:  Good afternoon.  (Applause.) 

I was — I knew you all were in town.  I couldn’t let it go without coming by to say hello and to say thank you to everyone here, all of these extraordinary leaders.  (Applause.)

I wanted to come by and say happy holidays, Merry Christmas, Happy Kwanzaa, Happy Hanukkah — whatever you may celebrate.  But most important, let’s make sure we celebrate each other.  (Applause.)  Let’s make sure we — please have a seat.  I’m going to j- — be just a minute.  I am not here to give a long speech.  I’m here to give greetings.

But here’s what I want to say.  This is the season for us to be thankful, to celebrate our blessings, and to reinvigorate ourselves about the blessings we have yet to create for each other and the people we represent.  And you all are the leaders on the ground who are doing the work that is about lifting people up. 

You all have heard me say so many times: I do believe the true measure of the strength of a leader is not based on who you beat down; it is based on who you lift up.  (Applause.)  And that is the work that each of you does every day. 

Your work benefits people that, for the most part, may never know your name or mine, people you may never meet.  Yours is the work that is a response to a calling to serve; a calling to sacrifice; to work long hours, to work long days to meet the needs of the people. 

Yours is the work that is also the calling that our country makes that asks of each of us to believe in the promise of America and then do everything we can to help our nation realize that promise on behalf of everyone, no matter who they are, where they live, what they look like.

And so, I wanted to stop by to say thank you for all the support you have given me but, most importantly, for your willingness to answer the call to serve in the way you do. 

It’s going to be an important year next year.  And I know that’s part of what the conference has been about, to think about how we are going to use the limited resources we have to serve the greatest number of people and to lift folks up. 

And so, I am here also to thank you in advance for that pledge that you have made and continue to make.  Our work is so important.  And as we reflect on this past year, let us remember we had impact in every way, and we have taken on the work of building community and coalitions.  That’s what we do and do so well.  And, in particular, that’s what members of this organization do, so let’s stay committed to that. 

But you all are the soldiers on the ground and in the field.  And I know that everyone is here together in fellowship to rededicate ourselves to the work yet to be done and to do it knowing, yes, it will be hard work, but hard work is good work.  Hard work is joyful work. 

And we are up — we are up for the moment to see it through and get it done.  And, yes, we will do it with joy in our hearts and with our commitment to the fight that is about lifting up all people, recognizing everyone’s right to opportunity, to dignity, to freedom.

And so, I wanted to just stop by to say thank you for all of that.  And please enjoy the holidays. 

Take care, everybody.  (Applause.)

                         END                     2:13 P.M. EST

The post Remarks by Vice President Harris at the National Black Caucus of State Legislators’ 48th Annual Legislative Conference appeared first on The White House.

As Prepared for Delivery at the Novogradac Housing Finance Conference

We are at a critically important moment for housing policy.

Housing is less affordable for Americans now than at any point in recent memory. Approximately half of renters are cost-burdened and a quarter are severely cost-burdened, meaning they must devote over half of their income to rent. Renters report that homeownership – long seen as the main source of wealth building for the middle-class – feels unattainable.

Much has been made of why various measures of economic sentiment remain at low or moderate levels in light of a macroeconomy that has performed so well – with robust growth, low unemployment, and an inflation rate that is nearly back to normal. I suspect that the housing situation facing middle- and low-income households is likely one of the more significant reasons.

How did we get here? The combination of a missing decade of apartment construction and homebuilding after the Global Financial Crisis and a historic shift in housing demand after COVID led to a substantial mismatch between supply and demand that triggered unsustainable growth in rents and home prices. And bringing the housing market into better balance would still be insufficient for households earning the lowest incomes, as these households don’t earn enough income to afford market rents.

As we near the end of this presidential term, I’d like to focus today on the groundwork President Biden and Vice President Harris have laid to address housing affordability by increasing the supply of housing. Two and a half years ago, our Administration launched the Housing Supply Action Plan, an all-of-government effort to build and preserve more housing.

Today, I will discuss our work as part of that plan to break down barriers to housing, increase the flow of public and private capital into housing that is affordable, and promote innovation to lower costs. And I’ll highlight what I see as the opportunities ahead for state and local governments and the private sector to build on this work – even as it remains critical that Congress meet the moment to encourage more housing production and preservation.

Breaking Down Barriers to Housing

Land use, zoning, and permitting barriers have long constrained housing supply. Since the 1980s, housing prices have grown sixfold, while construction costs have quadrupled. Restrictive regulations at the state and local level have contributed to this dynamic and divergence.

That’s why the Administration’s plan began with federal action to incentivize state and local governments to reduce barriers to housing construction. Our Administration launched a first-of-its-kind grant program, which supports state and local governments in removing obstacles to affordable housing development, including awarding grants to 21 communities across the country that are taking steps like updating land use policies to increase density and by-right permitting, streamlining regulations, and increasing staffing to enable faster approvals. In addition, we incorporated zoning and land use reforms as selection criteria in more than $20 billion in competitive federal funds, including transportation dollars —meaning, if you have pro-housing policies in place, you are more likely to receive highly-sought after federal grant dollars.

The federal government also has an important role to play in reviewing its regulations and policies in a manner that promotes public health and safety, while seeking to make it easier to build and preserve housing. For example, our Administration waived certain environmental review requirements when commercial structures are being converted into housing.

Looking ahead, this moment calls for much more than just rhetoric of deregulation. We need to build a real coalition across the private sector, state and local leaders, and members of both parties in Washington that asks what more we can do through our policies, investments, and partnerships, to reward and encourage zoning, land use, and permitting reforms that make it easier, faster, and cheaper to build.

Increasing the Flow of Public and Private Capital into Housing that is Affordable

The second key area of focus in our Housing Supply Action Plan was mobilizing more public and private capital into building and preserving housing that is affordable for working families. This is an area where Congressional action is critical, as subsidy dollars are often needed to build and operate housing that is affordable for low-income households.

At the same time, part of making the case to Congress and to the private sector that more capital is needed is demonstrating that existing federal dollars can be used effectively, including to crowd in private investment. Since launching the plan, we finalized regulations to make it easier to use the Low-Income Housing Tax Credit for building mixed-income housing; indefinitely extended and expanded the Federal Financing Bank Risk Share program to channel more capital into projects and increase certainty for new construction; made it easier to layer funds from the American Rescue Plan, which represented the largest one-time housing block grant in U.S. history, with other sources of federal financing; and unlocked billions of dollars in low-cost lending authority at the Department of Transportation to finance housing near transit—a program that will close a deal on its first housing project in the coming days.

Another way governments can help increase the flow of private capital into housing that is affordable is by making under-utilized public land or buildings available for housing. For example, right here in Clark County, Nevada, our Administration recently announced the sale of 20 acres of public land for just $100 per acre that will be transformed into homes for working and middle-class families. And the United States Postal Service, which owns 8,500 facilities nationwide, is soon to announce a first-of-its-kind sale of surplus land to be repurposed as affordable housing – building on steps that the U.S. Forest Service has already taken to enable workforce housing in high-cost areas in the Mountain West.

Looking ahead, in addition to pressing for Congressional action, we must also consider what more the private sector can do in light of increasing housing needs across the income spectrum and significant preservation demands, with the aging of the housing stock and the upcoming expiration of affordability covenants for hundreds of thousands of homes. There is a growing recognition that building and preserving more housing is not just a social necessity—it is also an economic opportunity that, if structured properly, can improve outcomes like long-term affordability and housing quality, and earn attractive risk-adjusted returns.

I believe this recognition presents a critically important opportunity that shares some similarities with the push to mobilize private capital into the energy transition that began more than a decade ago. For example, if the private market, in partnership with state and local governments, can demonstrate how to operate quality, affordable workforce housing at scale, it could bring much-needed capital into meeting the housing needs of working families, begin to address housing challenges in high-opportunity areas, incentivize better policy and innovation, and provide policymakers with insights on how to improve existing housing subsidy programs.

Promoting Innovation to Lower Costs

A final area of focus in the Housing Supply Action Plan was action to encourage housing innovation and improve construction productivity in order to lower costs. This goal, while more long-term than the others I’ve discussed, has the potential to benefit renters and homebuyers, builders, developers, and manufacturers alike.

One key step our Administration has taken to encourage this kind of innovation is enabling more housing types – including duplexes, triplexes, and fourplexes – to be built under the HUD Code, a single code that enables offsite manufacturers to benefit from economies of scale because it does not require them to follow different codes in different states. Another example is the Build Back Better Regional Challenge, a grant competition that funded an R&D investment in mass timber for affordable housing, which aims to promote the use of scalable building materials.

Looking ahead, more can and should be done to create the conditions for innovation and productivity growth in multifamily construction in particular. This is an area where the private sector can contribute substantially, with dozens of firms now beginning to experiment with technologies like modular building, robotics, advanced manufacturing, and 3D printing. Efforts to mobilize more private capital into affordable and workforce housing should aim to leverage these technologies in a manner that enables each dollar to go further and faster.

Conclusion

There is no question that the housing challenges facing families across the country are immense. And, while bipartisan consensus is building on this issue, Congressional action is sorely needed. But I remain optimistic about what we can do together in the years ahead to tackle the challenge of housing affordability by building and preserving more housing.

This does not mean housing supply solutions alone are sufficient. We must also support the lowest-income households and promote fairness and competition – from prohibiting egregious rent increases when federal dollars are used to ensuring that algorithmic price fixing does not diminish the incentive for housing providers to compete on price and quality.

But we can’t begin to address the housing challenges facing workers, families, and communities, without a dedicated effort to build and preserve more housing at a scale we haven’t seen in decades. And I remain optimistic that the coming years can bring such an effort.

###

The post Remarks by National Economic Council Deputy Director Daniel Hornung on Biden-Harris Efforts to Build and Preserve Housing to Lower Costs, and Opportunities Ahead appeared first on The White House.

As Prepared for Delivery at the Novogradac Housing Finance Conference

We are at a critically important moment for housing policy.

Housing is less affordable for Americans now than at any point in recent memory. Approximately half of renters are cost-burdened and a quarter are severely cost-burdened, meaning they must devote over half of their income to rent. Renters report that homeownership – long seen as the main source of wealth building for the middle-class – feels unattainable.

Much has been made of why various measures of economic sentiment remain at low or moderate levels in light of a macroeconomy that has performed so well – with robust growth, low unemployment, and an inflation rate that is nearly back to normal. I suspect that the housing situation facing middle- and low-income households is likely one of the more significant reasons.

How did we get here? The combination of a missing decade of apartment construction and homebuilding after the Global Financial Crisis and a historic shift in housing demand after COVID led to a substantial mismatch between supply and demand that triggered unsustainable growth in rents and home prices. And bringing the housing market into better balance would still be insufficient for households earning the lowest incomes, as these households don’t earn enough income to afford market rents.

As we near the end of this presidential term, I’d like to focus today on the groundwork President Biden and Vice President Harris have laid to address housing affordability by increasing the supply of housing. Two and a half years ago, our Administration launched the Housing Supply Action Plan, an all-of-government effort to build and preserve more housing.

Today, I will discuss our work as part of that plan to break down barriers to housing, increase the flow of public and private capital into housing that is affordable, and promote innovation to lower costs. And I’ll highlight what I see as the opportunities ahead for state and local governments and the private sector to build on this work – even as it remains critical that Congress meet the moment to encourage more housing production and preservation.

Breaking Down Barriers to Housing

Land use, zoning, and permitting barriers have long constrained housing supply. Since the 1980s, housing prices have grown sixfold, while construction costs have quadrupled. Restrictive regulations at the state and local level have contributed to this dynamic and divergence.

That’s why the Administration’s plan began with federal action to incentivize state and local governments to reduce barriers to housing construction. Our Administration launched a first-of-its-kind grant program, which supports state and local governments in removing obstacles to affordable housing development, including awarding grants to 21 communities across the country that are taking steps like updating land use policies to increase density and by-right permitting, streamlining regulations, and increasing staffing to enable faster approvals. In addition, we incorporated zoning and land use reforms as selection criteria in more than $20 billion in competitive federal funds, including transportation dollars —meaning, if you have pro-housing policies in place, you are more likely to receive highly-sought after federal grant dollars.

The federal government also has an important role to play in reviewing its regulations and policies in a manner that promotes public health and safety, while seeking to make it easier to build and preserve housing. For example, our Administration waived certain environmental review requirements when commercial structures are being converted into housing.

Looking ahead, this moment calls for much more than just rhetoric of deregulation. We need to build a real coalition across the private sector, state and local leaders, and members of both parties in Washington that asks what more we can do through our policies, investments, and partnerships, to reward and encourage zoning, land use, and permitting reforms that make it easier, faster, and cheaper to build.

Increasing the Flow of Public and Private Capital into Housing that is Affordable

The second key area of focus in our Housing Supply Action Plan was mobilizing more public and private capital into building and preserving housing that is affordable for working families. This is an area where Congressional action is critical, as subsidy dollars are often needed to build and operate housing that is affordable for low-income households.

At the same time, part of making the case to Congress and to the private sector that more capital is needed is demonstrating that existing federal dollars can be used effectively, including to crowd in private investment. Since launching the plan, we finalized regulations to make it easier to use the Low-Income Housing Tax Credit for building mixed-income housing; indefinitely extended and expanded the Federal Financing Bank Risk Share program to channel more capital into projects and increase certainty for new construction; made it easier to layer funds from the American Rescue Plan, which represented the largest one-time housing block grant in U.S. history, with other sources of federal financing; and unlocked billions of dollars in low-cost lending authority at the Department of Transportation to finance housing near transit—a program that will close a deal on its first housing project in the coming days.

Another way governments can help increase the flow of private capital into housing that is affordable is by making under-utilized public land or buildings available for housing. For example, right here in Clark County, Nevada, our Administration recently announced the sale of 20 acres of public land for just $100 per acre that will be transformed into homes for working and middle-class families. And the United States Postal Service, which owns 8,500 facilities nationwide, is soon to announce a first-of-its-kind sale of surplus land to be repurposed as affordable housing – building on steps that the U.S. Forest Service has already taken to enable workforce housing in high-cost areas in the Mountain West.

Looking ahead, in addition to pressing for Congressional action, we must also consider what more the private sector can do in light of increasing housing needs across the income spectrum and significant preservation demands, with the aging of the housing stock and the upcoming expiration of affordability covenants for hundreds of thousands of homes. There is a growing recognition that building and preserving more housing is not just a social necessity—it is also an economic opportunity that, if structured properly, can improve outcomes like long-term affordability and housing quality, and earn attractive risk-adjusted returns.

I believe this recognition presents a critically important opportunity that shares some similarities with the push to mobilize private capital into the energy transition that began more than a decade ago. For example, if the private market, in partnership with state and local governments, can demonstrate how to operate quality, affordable workforce housing at scale, it could bring much-needed capital into meeting the housing needs of working families, begin to address housing challenges in high-opportunity areas, incentivize better policy and innovation, and provide policymakers with insights on how to improve existing housing subsidy programs.

Promoting Innovation to Lower Costs

A final area of focus in the Housing Supply Action Plan was action to encourage housing innovation and improve construction productivity in order to lower costs. This goal, while more long-term than the others I’ve discussed, has the potential to benefit renters and homebuyers, builders, developers, and manufacturers alike.

One key step our Administration has taken to encourage this kind of innovation is enabling more housing types – including duplexes, triplexes, and fourplexes – to be built under the HUD Code, a single code that enables offsite manufacturers to benefit from economies of scale because it does not require them to follow different codes in different states. Another example is the Build Back Better Regional Challenge, a grant competition that funded an R&D investment in mass timber for affordable housing, which aims to promote the use of scalable building materials.

Looking ahead, more can and should be done to create the conditions for innovation and productivity growth in multifamily construction in particular. This is an area where the private sector can contribute substantially, with dozens of firms now beginning to experiment with technologies like modular building, robotics, advanced manufacturing, and 3D printing. Efforts to mobilize more private capital into affordable and workforce housing should aim to leverage these technologies in a manner that enables each dollar to go further and faster.

Conclusion

There is no question that the housing challenges facing families across the country are immense. And, while bipartisan consensus is building on this issue, Congressional action is sorely needed. But I remain optimistic about what we can do together in the years ahead to tackle the challenge of housing affordability by building and preserving more housing.

This does not mean housing supply solutions alone are sufficient. We must also support the lowest-income households and promote fairness and competition – from prohibiting egregious rent increases when federal dollars are used to ensuring that algorithmic price fixing does not diminish the incentive for housing providers to compete on price and quality.

But we can’t begin to address the housing challenges facing workers, families, and communities, without a dedicated effort to build and preserve more housing at a scale we haven’t seen in decades. And I remain optimistic that the coming years can bring such an effort.

###

The post Remarks by National Economic Council Deputy Director Daniel Hornung on Biden-Harris Efforts to Build and Preserve Housing to Lower Costs, and Opportunities Ahead appeared first on The White House.