How Biden-Harris Administration Promotes Community Development & Business Growth

How Biden-Harris Administration Promotes Community Development & Business Growth

June 25th, 2024

The Biden-Harris Administration has made significant strides in promoting community development and business growth, especially in under-resourced and minority communities across the United States. 

By implementing a series of policies and initiatives aimed at boosting housing supply, increasing access to capital for small businesses, and fostering economic growth, the Administration has demonstrated a strong commitment to building a more equitable and inclusive economy. 

This post explores the various efforts and accomplishments of the Administration in these areas, highlighting the importance of these initiatives in fostering community development and supporting business growth.

HUD on Biden-Harris Administration Policies

The Interagency Community Investment Committee (ICIC), chaired by Adrianne Todman, Acting Secretary of the U.S. Department of Housing and Urban Development (HUD), recently convened a Roundtable and Listening Session. This event was held to showcase the Biden-Harris Administration's achievements in making place-based investments, enhancing housing supply across federal levels, and supporting small business growth.

"Over the past year, it was my honor to lead the Interagency Community Investment Committee, focusing on investing in under-resourced communities and ensuring fair access to the opportunities created by this Administration,” said HUD Acting Secretary Adrianne Todman. “We are highlighting the progress our eight federal agencies have made in the past year, from expanding access to affordable housing to reducing barriers of access to capital.”

In June of the previous year, the ICIC introduced its 2023 Action Plan, which outlined ambitious new strategies to channel more resources into underserved communities across the nation. The Administration's work aims to:

  • Unlock the economic potential of communities of color
  • Support low-income neighborhoods
  • Foster development in rural areas
  • Empower tribal communities
  • Assist other historically marginalized groups

Ultimately, these efforts strive to create a stronger, more inclusive economy for everyone. The ICIC was established to improve the operational coordination of federal investment programs and maximize their collective impact.

How Biden-Harris Administration Promotes Community Development and Business Growth

The Biden-Harris Administration has implemented several key initiatives to promote community development and business growth, particularly in underserved areas. These initiatives are designed to provide easier access to resources, support affordable housing, and encourage economic investment. Below, we detail the various ways the Administration is achieving these goals.

1. No "Wrong Doors" Policy

The "No Wrong Doors" policy ensures that small businesses have easier access to capital and resources via an online tool and resource guides. This initiative simplifies the process for small business owners to find and utilize available resources, ensuring they can get the support they need regardless of where they start their search. By streamlining access to capital, this policy helps small businesses thrive, contributing to the economic stability of their communities.

2. Community Finance Development

HUD and USDA have collaborated to scale community-financed affordable housing via webinars and the Mortgage Partnership Finance® Program. These initiatives provide valuable information and resources to community organizations and financial institutions, enabling them to develop and finance affordable housing projects. By supporting community-driven solutions, these programs help address the specific housing needs of diverse communities.

3. Investment Flow Analysis

A pilot project is analyzing federal investments in 12 diverse communities, offering insights and recommendations. This analysis helps identify effective strategies for directing federal resources to areas that need them most. The findings from this project can guide future investment decisions, ensuring that funds are used efficiently to promote community development and housing affordability.

4. Rural Community Connections

USDA's Rural Partners Network has facilitated significant federal investments and support in rural areas. This network connects rural communities with federal resources and technical assistance, helping them address unique challenges and seize opportunities for growth. By focusing on rural areas, this initiative ensures that all communities, regardless of location, have the support they need to thrive.

5. Federal Investment Alignment

The Treasury’s State and Local Fiscal Recovery Funds program has expanded eligible activities to enhance housing and infrastructure investments. This alignment of federal investment programs helps maximize their collective impact, ensuring that funds are used strategically to address critical needs. By supporting housing and infrastructure projects, this initiative promotes sustainable community development.

6. Affordable Housing Initiatives

Treasury and HUD have launched initiatives to increase housing supply and support affordable housing. These initiatives include funding for new housing construction, rehabilitation of existing properties, and support for low-income renters. By expanding the availability of affordable housing, these efforts help ensure that all families have access to safe and stable homes.

7. Climate Resources for Housing

HUD has introduced new tools to connect climate resources with housing development efforts. These tools help communities integrate climate resilience into their housing projects, ensuring that new developments are sustainable and can withstand environmental challenges. By promoting climate-smart housing, this initiative supports long-term community stability and health.

8. EPA Collaboration

The Environmental Protection Agency (EPA) is supporting community impact through its $27 billion Green House Gas Reduction Fund. This collaboration aims to reduce greenhouse gas emissions while promoting community development. By investing in green projects, this initiative helps create healthier living environments and supports economic growth.

9. Public-Private Coordination

The Economic Opportunity Coalition (EOC) secures corporate investments in underserved communities. EOC's commitment to raising additional funds and strengthening domestic supply chains involves small and disadvantaged businesses. Federal agencies collaborate to enhance economic development and community investment, particularly in historically underserved areas. By leveraging private sector resources, these partnerships create more opportunities for economic growth and housing stability.

Related: 3 Tips That Would Help You Buy a House with Low Income

Wrapping Up

The Biden-Harris Administration has implemented numerous policies and initiatives to promote community development and business growth, particularly in underserved areas. From the "No Wrong Doors" policy that provides small businesses easier access to capital, to community finance development programs and investment flow analysis, these efforts are making significant strides in addressing systemic barriers and fostering economic stability.

At NID Housing, we share this commitment to fostering equity and providing support for those in need. Our HUD-Approved Housing Counseling services offer comprehensive assistance to urban and minority communities across the United States. We provide homebuyer education programs, reverse mortgage counseling and education, post-purchase education, foreclosure prevention, and rental housing and financial management education, designed to help individuals find affordable housing and prevent foreclosure.

We invite you to schedule a consultation with us to learn more about how we can support you in your journey towards homeownership and financial stability.

Get in Touch Now!

For more information, please reach out to us at (510) 268-9792 or [email protected]. Together, we can continue the fight for fair and equitable housing for all.

Contact Us

Share how we can help, and we'll reach out to you within 48 hours. All our services are FREE.

Powered by