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Joe Biden Releases $640B Plan for Housing

first_img  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago housing plan Joe Biden 2020-02-24 Mike Albanese The Week Ahead: Nearing the Forbearance Exit 2 days ago February 24, 2020 1,821 Views in Daily Dose, Featured, Government, News Share Save Tagged with: housing plan Joe Biden Related Articles About Author: Mike Albanese Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Joe Biden Releases $640B Plan for Housing Previous: The Racial Divide of Flood Damage Buyouts Next: Foreclosure Increases Expected in 2020 The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Joe Biden Releases $640B Plan for Housing Democratic Presidential candidate Joe Biden released his plan for housing on Monday, stating he would invest $640 billion over 10 years, to allow Americans to have access to affordable housing. According to a release, Biden plans to end redlining and other discriminatory and unfair practices in the housing market, provide financial assistance and down-payment assistance, increasing the supply and lowering the cost of housing, and pursuing a “comprehensive approach” to end homelessness. The plan says Americans should have access to housing that takes up no more than 30% of their household income. He added that he would work to protect homeowners and renters from “abusive” lenders and landlords through a new Homeowners and Renter Bill of Rights, modeled after the California Homeowner Bill of Rights. “Biden will enact legislation to end many shortcomings in the mortgage and rental markets,” the release states. “This new Bill of Rights will prevent mortgage brokers from leading borrowers into loans that cost more than appropriate, prevent mortgage servicers from advancing a foreclosure when the homeowner is in the process of receiving a loan modification, give homeowners a private right of action to seek financial redress from mortgage lenders and servicers that violate these protections, and give borrowers the right to a timely notification on the status of their loan modifications and to be able to appeal modification denials. “Building on the Obama-Biden Administration’s Protecting Tenants at Foreclosure Act, the Bill of Rights will also expand protections for renters. For example, the Bill of Rights will include a law prohibiting landlords from discriminating against renters receiving federal housing benefits.”Biden’s plan also calls for a $100 billion affordable housing fund to construct and upgrade affordable housing. Also, $65 billion in new incentives for state housing authorities and the Indian Housing Block Grant program to construct or rehabilitate low-cost, efficient, resilient, and accessible housing in areas where affordable housing is in short supply is included in the plan. last_img

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