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News > U.S.

Biden Takes Steps to Contain US Housing Affordability Crisis

  • Barricades during a protest for housing equity, Oregon, U.S., Dec. 10, 2020.

    Barricades during a protest for housing equity, Oregon, U.S., Dec. 10, 2020. | Photo: Twitter/ @OPBTOL

Published 16 February 2021
Opinion

The temporary mortgage assistance and the ban on home foreclosures were lengthened until June 30.

U.S. President Joe Biden on Tuesday extended the temporary COVID-19 pandemic mortgage assistance and a moratorium on home foreclosures until the end of June to help citizens struggling to make payments due to the economic crisis.

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"The COVID-19 pandemic has caused a crisis of housing affordability. Now, homeowners will receive federal assistance in this unprecedented national emergency," said Biden.

The temporary mortgage assistance and the ban on home foreclosures were lengthened until June 30. This is the second time Biden has extended this assistance, the first being on January 20.

These measures will only apply to citizens who are part of the government-backed mortgage plan, which leaves about 30 percent of U.S. families unprotected.

The White House announced that the extension does not affect the moratorium on evictions, which expires on March 31. It means there are no benefits for renters, who represent one-third of the U.S. population.

Biden also proposed a US$1.9 trillion incentive package, which will be discussed in Congress in the coming weeks. If it is approved, each taxpayer will receive a US$1.400 check and a US$400 unemployment help per week.

Currently, the U.S. is the world's most affected country. As of Tuesday, it had reported over 27.6 million COVID-19 cases and over 486,000 related deaths.

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