In his annual State of the Union (SOTU) Address, President Biden said: “I know the cost of housing is so important to you.”

Speaking in front of both chambers of Congress and millions of Americans at home, the President committed to new efforts to bring housing costs down while increasing the housing supply. The President’s Address also underscored the need for high speed internet in rural areas, and the importance of “standing up for seniors,” lowering the cost of prescription drugs, improving Medicare and Medicaid, and investing in caregiving careers.

The Administration’s affordable housing commitments echo recent White House announcements, including a February 29 factsheet that highlighted the housing needs of older adults with low incomes.

In an additional factsheet released just ahead of the SOTU on March 7, President Biden announced a plan to improve housing affordability, including by increasing housing supply, reducing home buying fees, and expanding Housing Choice Vouchers. The factsheet outlines a proposal to expand the Low-Income Housing Tax Credit to build or preserve 1.2 million more affordable rental units, establish a new $20 billion competitive grant fund to support the construction of affordable multifamily rental units, and incentivize local actions to remove barriers to housing development.

LeadingAge supports the Administration’s affordable housing efforts, and we applaud the Administration for elevating older adults and the nation’s housing needs in the annual State of the Union Address.