United States Treasury Secretary Janet Yellen made headlines in Minneapolis as she unveiled a $100 million fund to support affordable housing initiatives. Addressing the Affordable Housing Crisis Yellen emphasized the dire need for affordable housing across the nation, stating that not a single state has enough affordable housing for low-income renters. During her visit, she met with key figures and announced the establishment of the $100 million fund to provide financial support for affordable housing projects. In Minnesota, she highlighted the disproportionate impact on Black households, who are six times more likely than white households to face housing instability. Boosting Federal Support The new fund aims to bolster the Federal Financing Bank's efforts in financing affordable housing projects over the next three years. Yellen also praised the Biden administration's commitment to promoting affordable rental housing through the low-income housing tax credit program. She expressed optimism about the program's potential to increase the overall supply of affordable housing and meet the pressing needs of low-income families. National Housing Shortage Nationally, there is a shortage of over 7 million affordable homes for more than 10.8 million extremely low-income families, according to the National Low Income Housing Coalition. Yellen's announcements coincide with the growing attention to the housing crisis during the presidential election campaign. Diane Yentel, president of the National Low Income Housing Coalition, highlighted the ongoing efforts to address the housing crisis but emphasized the need for further action. Promoting Affordable Housing Development Yellen toured the city's Family Housing Expansion Project, a recent initiative by the Minnesota Public Housing Authority to develop 84 new units across Minneapolis. Senator Tina Smith and Mayor Jacob Frey joined Yellen to underscore the critical link between housing and public health. Frey commended Minneapolis for its strategic approach to affordable housing development and highlighted the importance of inclusive zoning policies. Future Initiatives Yellen is scheduled to engage in discussions with Senator Amy Klobuchar and local business owners on Community Development Financial Institutions. The escalating demand for affordable rentals and homes for sale has contributed to a surge in prices, creating an affordability crisis for many Americans. President Biden's proposed budget includes provisions to support first-time homebuyers and the construction of millions of new homes, signaling a comprehensive approach to addressing the housing shortage.