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U.S. Treasury's Adeyemo urges states, local governments to use COVID aid for housing

03 Tháng Năm 2022

By David Lawder

WASHINGTON (Reuters) - Deputy U.S. Treasury Secretary Wally Adeyemo on Monday called on state, local and tribal governments to use more of their shares of a $350 billion COVID-19 relief fund to address a severe shortage of affordable housing.

Adeyemo was pressing his case during a visit to Los Angeles to highlight California officials' plans to use $7.4 billion of the state's $27 billion allotment from the State and Local Fiscal Recovery Funds to address housing needs.

That represents the lion's share of the $11.7 billion budgeted for housing so far by 570 state and local governments from their recovery funds, which were approved last year as part of President Joe Biden's $1.9 trillion American Rescue Plan Act.

Adeyemo told Reuters that addressing a lack of affordable housing has emerged as a top long-term priority for many cities and counties as they emerge from the COVID-19 pandemic.

"We just need more housing in this country - both multi-family and single-family - and we think using the ARP dollars to do that makes a lot of sense," Adeyemo said in an interview.

He is due to visit a community housing organization in Compton, California, where he said he will call on other state and local governments to follow California's lead in dedicating more of their ARP funds to housing.

California is investing $1.75 billion in development capital for "shovel-ready" housing developments and preservation of existing affordable housing in need of significant repairs or at risk of conversion to market-rate housing, the Treasury said. The state, the country's most populous, also plans to rehabilitate vacant hotels, apartment buildings and other structures specifically for individuals facing homelessness.

The $350 billion in state and local recovery funds administered by Treasury has given many communities an unprecedented influx of funds, and is emerging as the Biden administration's premier social policy tool as a much larger social and climate spending plan languishes in Congress.

Research by mortgage finance giant Freddie Mac (OTC:FMCC) showed that the shortage of U.S. housing hit 3.8 million units in 2020, up 52% from 2018. It cited slow construction of entry-level homes since the 2008-2009 financial crisis coupled with increasing demand from the large millennial generation, now entering its peak first-time homebuying years.

Adeyemo said that he is meeting with local officials in Los Angeles County to better understand their needs so that Treasury can provide maximum flexibility in uses of the funds to promote housing development.

The ARP funds can help provide the "last dollar" of investments needed to finance many projects, combined with private-sector funds, bank loans, housing tax credits and local incentives, he said.

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28-05-2022 02:23:34 (UTC+7)

EUR/USD

1.0730

+0.0006 (+0.05%)

Summary

Sell

Moving Avg:

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Indicators:

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EUR/USD

1.0730

+0.0006 (+0.05%)

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GBP/USD

1.2627

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USD/JPY

127.03

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AUD/USD

0.7155

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USD/CAD

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136.31

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US Coffee C Futures

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Euro Stoxx 50

3,808.86

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20,697.36

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1,883.80

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8,933.60

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51.110

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Bayer AG NA

66.58

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200.20

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Adidas AG

179.96

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Deutsche Lufthansa AG

6.881

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Siemens AG Class N

121.86

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Deutsche Bank AG

10.392

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 EUR/USD1.0730Sell
 GBP/USD1.2627Neutral
 USD/JPY127.03↑ Sell
 AUD/USD0.7155↑ Sell
 USD/CAD1.2727↑ Sell
 EUR/JPY136.31Sell
 EUR/CHF1.0274Neutral
 Gold1,852.41↑ Buy
 Silver22.130↑ Buy
 Copper4.3232↑ Buy
 Crude Oil WTI114.97↑ Buy
 Brent Oil115.46↑ Buy
 Natural Gas8.711Neutral
 US Coffee C228.65↑ Sell
 Euro Stoxx 503,808.86↑ Buy
 S&P 5004,146.60↑ Buy
 DAX14,462.19↑ Buy
 FTSE 1007,585.46Sell
 Hang Seng20,697.36↑ Buy
 Small Cap 20001,883.80Neutral
 IBEX 358,933.60↑ Buy
 BASF51.110Neutral
 Bayer66.58↑ Buy
 Allianz200.20↑ Buy
 Adidas179.96↑ Buy
 Lufthansa6.881↑ Buy
 Siemens AG121.86Buy
 Deutsche Bank AG10.392↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,830/ 6,940
(0/ 0) # 1,716
SJC HCM6,855/ 6,955
(0/ 0) # 1,731
SJC Hanoi6,855/ 6,957
(0/ 0) # 1,733
SJC Danang6,855/ 6,957
(0/ 0) # 1,733
SJC Nhatrang6,855/ 6,957
(0/ 0) # 1,733
SJC Cantho6,855/ 6,957
(0/ 0) # 1,733
Cập nhật 28-05-2022 02:23:36
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ↀ Giá vàng thế giới
$1,854.44+1.530.08%
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Sản phẩmVùng 1Vùng 2
RON 95-V31.25031.870
RON 95-III30.65031.260
E5 RON 92-II29.63030.220
DO 0.05S25.55026.060
DO 0,001S-V26.35026.870
Dầu hỏa 2-K24.40024.880
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WTI$114.87-0.71-0.62%
Brent$119.12-1.09-0.92%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.030,0023.340,00
EUR24.263,1125.622,23
GBP28.523,9629.740,84
JPY177,60188,03
KRW15,9119,38
Cập nhật lúc 18:54:46 27/05/2022
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