In Los Angeles, Deputy Secretary of the Treasury Wally Adeyemo Calls on State and Local Governments to Use American Rescue Plan Funds to Boost Affordable Housing Supply

LOS ANGELES — Today Deputy Secretary of the Treasury Wally Adeyemo visited an affordable housing services center in the City of Compton in Los Angeles County where he highlighted how California is using American Rescue Plan funds to keep families in their homes and build more affordable housing. The State of California has budgeted over $7.4 billion of its State and Local Fiscal Recovery Funds (SLFRF) for housing, which includes over $5 billion toward expanding affordable housing and meeting the needs of individuals experiencing homelessness. With communities nationwide facing longstanding affordable housing shortages that have been exacerbated by the pandemic and its effects – particularly for low-income renters and households of color, the Deputy Secretary encouraged state and local governments to dedicate more of their SLFRF funds toward boosting the supply of affordable housing.