WASHINGTON: US Treasury Secretary Janet Yellen on Tuesday called on counties, cities and states to focus their remaining COVID-19 pandemic aid funding to develop more worker training and affordable housing programs.
Speaking to the National Association of Counties conference in Washington, Yellen said the nearly two-year old American Rescue Plan Act has enabled state and local governments to budget over $14 billion on more than 1,800 projects focused on housing.
"And this is just the beginning," Yellen said of projects to be funded by the $350 billion State and Local Fiscal Recovery Fund program, which runs through April 30, 2025.
Yellen said more affordable housing was needed to serve new manufacturing centers being created by legislation for new investment in green technologies, semiconductors and infrastructure projects.
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She said the Biden administration's goal was to "close the housing supply shortfall by 2027," and its plan would require additional action by Congress.
Treasury will be able to assist counties and other jurisdictions seeking to make investments in housing and job training, including for skilled construction workers needed to implement a $1.2 trillion infrastructure investment law, she said.
Yellen also said that a major legacy of pandemic-era housing aid programs has been to create a lasting nationwide infrastructure for eviction prevention.
"By our count, 180 jurisdictions across 36 states have now created or enhanced structures and policies for eviction prevention, and much of that will last beyond the expiration of federal funds."
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