New York, New York (June 24, 2024) – Following today’s remarks from Secretary of the Treasury Janet L. Yellen on the state of the nationwide housing crisis and the Biden Administration’s scalable efforts to provide Americans relief, Shaun Donovan, President and CEO of Enterprise Community Partners, provided the below statement:  

“As Secretary Yellen said today, housing is a fundamental human need, but for years, crushing costs have left families across the country stretched far beyond their means,” said Shaun Donovan, President and CEO, Enterprise Community Partners. “Today, the majority of renters across the country are considered rent-burdened and the gap in homeownership rate between white and BIPOC Americans continues to grow. Limited housing limits potential, holding both individuals and our entire economy back; we must change course. We know what works, and it’s essential that we invest in solutions that build more housing and preserve and create more affordable housing. 

“Secretary Yellen is right: The burden on the lowest-income families is most acute, and today’s actions set us on a stronger path. Increased investments and easing administrative challenges for CDFIs will be catalytic in creating and preserving more affordable homes, as will increases to FHLB’s commitment to housing programs to boost our supply. Directives to increase interest rate certainty will help keep the market on a stable footing. But ultimately it is up to local policymakers to work alongside community partners to deploy capital and reform outdated restrictions to forge a pro-housing future across the country. 

“We welcome Secretary Yellen and the Biden Administration’s dedication to scalable solutions. Congress can and must swiftly implement policies we know work, from the expansion of the Low-Income Housing Tax Credit, to increased investments in housing programs, to chart us towards a future where all Americans have a home they can afford. The pathways are clear, and now it’s time for cities and states across the nation and our elected officials in Congress to take immediate action.”