WASHINGTON (dpa-AFX) - The Biden administration has announced that it is investing $85 million, with another $100 million later this summer, to help more than 20 cities remove significant barriers that prevent communities from affordable housing.
'To address this, in Milwaukee, our investment will help the city provides subsidies to builders to help them develop vacant lots and abandoned buildings into affordable housing,' Vice President Kamala Harris said in a teleconference Wednesday.
'We will give folks who are the first generation in their family to buy a home $25,000 for a down payment, and we'll give millions of first-time home-buyers $400 a month to help them meet their mortgage,' sh added.
This investment is part of a larger strategy of the Biden administration to lower rents and help more Americans buy a home.
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