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U.S. Treasury Secretary Janet Yellen announced an additional $100 million program to support affordable housing financing over the next three years.
Yellen announced new sources of financing in a statement in Minneapolis to increase housing supply and lower costs.
Yellen noted that they have long faced a very serious housing supply shortage, which has led to affordability issues.
Yellen called on the U.S. Congress and state and local governments to take further action, saying they are working to increase housing supply to lower costs nationwide.
Additional $100 million plan
Yellen said that despite the global financial crisis, house prices doubled between 2000 and 2019, growing faster than average incomes, and stressed that high housing costs affect a large portion of Americans across the country.
Yellen said that an additional $100 million program will be established over the next three years to support affordable housing financing, and the new program will focus primarily on increasing the supply of affordable housing in the country.
Secretary Yellen also called on federal mortgage banks to increase spending on housing programs.
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