WASHINGTON (Pakistan Point News / Sputnik - 03rd May, 2022) Deputy Treasury Secretary Wally Adeyemo visited an affordable housing service center in Compton, California, and praised the state's use of the American Rescue Plan's funds to leverage the affordable housing crisis amid the epidemic of homelessness in the United States.
"The pandemic dramatically underscored the severity and consequences of the shortage of affordable housing across the country - particularly for low-income renters and communities of color," Adeyemo said.�"Treasury is urging state, local and Tribal governments to follow the lead of states like California in dedicating more of their American Rescue Plan funds to build additional affordable housing and lower costs for families."
California officials have allocated $5 billion of its more than $7.4 billion State and Local Fiscal Recovery Funds (SLFRF) for housing, which expanded affordable accommodations statewide and targeted the needs of homeless people.
Adeyemo pointed out that communities around the United States have been struggling with enduring and pervasive shortages in the affordable housing market and the global pandemic has made things worse, particularly for low-income renters and households of color.
That's why state and local governments opting to direct more of their SLFRF funds toward building up the inventory of affordable housing are so important, he added.
