By John M. NicholsThe federal government is set to spend nearly $5 billion over the next two years to help families purchase their first home, the White House announced Thursday.
The Housing Choice Voucher program, which is designed to help middle-class families buy homes, is expected to reach more than a half million households.
The program was first announced in the fall of 2016 and it provides subsidies for families with children and couples with two children who can’t find affordable homes in the country.
President Donald Trump said in November that the program would “do more to help struggling families buy their first homes than any other program in the United States.”
The White House said that since the announcement, the number of families eligible to receive assistance has grown from nearly 1.6 million to more than 2.3 million.
It’s unclear how many families will qualify for assistance under the program.
The Department of Housing and Urban Development said it expects that at least half of the 1.2 million families who were previously eligible will qualify by the end of this year.
About 60 percent of the families who have received the Vouchers will qualify through 2020, while another 30 percent will qualify in 2021, according to HUD.
The remaining families will receive assistance beginning in 2022.
The White House’s announcement comes as housing market experts warn that the market may be nearing an “era of overbuilt homes.”
In 2016, the Bureau of Labor Statistics reported that there were 6,000 more housing units built in 2017 than there were in 2016, and that there was an increase of 1,400 homes built in 2018.
That means that there are more homes on the market than there are houses, said Tom Anderson, senior vice president of research and consulting at the National Association of Realtors.
The shortage of homes means that a lot of families are stuck in the market for a number of reasons, including lack of financial stability and a desire to sell, Anderson said.
Housing is a particularly challenging area for young families because they are at the top of the economic pyramid, so there’s a lot more competition there than you would expect.
“We’re seeing a lot less housing, but the supply of homes is not increasing,” Anderson said, noting that there is an increase in sales in 2017.
Homes are also a “hot market” for the middle class.
According to the Census Bureau, more than half of Americans between the ages of 25 and 34 were homeowners.
The Trump administration has been pushing to increase the number, and to expand the program to families earning up to 250 percent of federal poverty guidelines.
The program would also help people with low incomes afford to buy homes and would allow those families to qualify for the same subsidy as those earning more than 200 percent of poverty.
The housing program is expected be a boon for people struggling to afford a home.
According the Census, the median price of a home in the US last year was $1.06 million.
That price is up from $1,400,000 in 2017 and it’s more than triple the $1 million that was paid by middle- and lower-income families in 2016.
The average price of homes for those earning less than $30,000 a year is $1 per square foot.
According to Anderson, the housing program could help millions of people who are struggling to get a home but want to sell their home in order to buy a home of their own.
“They’re desperate and there are no homes for them in the area,” Anderson told CNNMoney.
“They want to move out of the city and into their own neighborhood.
I think that’s the greatest thing that’s going to happen to this country in the next 20 years.”