Connect with us

Hi, what are you looking for?


Treasury Secretary Yellen announces $100M affordable housing fund as shelter costs weigh on Biden

Treasury Secretary Janet Yellen on Monday unveiled a new slate of financing initiatives to support housing development, including a $100 million fund specifically for affordable housing.

The announcement comes days before President Joe Biden faces off against former President Donald Trump in the first presidential debate, where inflation is likely to be a key point of contention.

The past several inflation reports have shown prices slightly cooling off, but shelter costs have remained persistently hot. The June consumer price index found overall inflation stayed flat in May, even while shelter inflation rose 0.4%.

As part of its new actions, Treasury will provide $100 million over the next three years to finance affordable housing projects. It is also calling on several agencies that help finance housing to bolster their support for new development.

Yellen will deliver formal remarks about the housing initiatives in Minneapolis later Monday. The speech is part of a tour around Minnesota, where she is lunching with CEOs and holding roundtables with housing officials in the state.

While the president hunkers down at Camp David to prepare for Thursday’s debate, Yellen is among a slew of Biden cabinet members who are making the rounds nationwide in an effort to promote the president’s economic agenda.

Acting Secretary for Housing and Urban Development Adrianne Todman and Transportation Secretary Pete Buttigieg, for example, have been traveling across the country to tout Biden’s infrastructure investments.

The economy has proven to be a major sticking point for Biden among voters, ever since the race for the White House kicked into high gear.

Driven by pandemic-era supply chain clogs and labor shortages, the record inflation that followed is lingering for consumers, who still feel squeezed by higher prices. Polls show that many of them blame the president who was in office through it all.

Housing costs in particular, which make up some of the largest portions of consumer spending, have remained stubbornly high even as other sectors have cooled down.

Biden has tried to punt the responsibility of high housing costs on corporate landlords, accusing them of “rent gouging,” keeping consumer rents artificially high even as their own costs have come down.

“Folks are tired of being played for suckers,” Biden said in March. “And I’m tired of letting them be played for suckers.”

This post appeared first on NBC NEWS
Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    After the final lecture of my Fall 2022 International Economic Policy course (an undergraduate offering meant to introduce non-economics majors to the economics of...

    Editor's Pick

    Real gross domestic product rose at a revised 3.2 percent annualized rate in the third quarter versus a 0.6 percent rate of decline in...

    Editor's Pick

    For years the North Korean playbook was obvious to the world. The Democratic People’s Republic of Korea wanted to be the center of attention....

    Editor's Pick

    On April 23, 1985, the Coca-Cola Company made one of the biggest mistakes in American business history: it changed the formula for Coca-Cola. Outraged...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024