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The Biden administration is taking steps to address a severe聽housing聽shortage in the United States by creating and selling 100,000 affordable homes over the next three years using existing funds, the White House said last week.

The move will focus on boosting home sales to individuals and non-profit organizations, while limiting sales to large investors, who scooped up one in six homes sold in the second quarter, according to a White House statement.

Demand for聽housing聽soared early in the pandemic as Americans sought more spacious accommodations for home offices and home schooling, but a shortage of homes for sale and supply chain bottlenecks have driven聽housing聽prices sharply higher.

Rental prices, which typically follow the lead of house prices, are also a big concern, given that even before the pandemic 11 million families 鈥� or nearly a quarter of all renters聽鈥� were already spending more than half their income on rent, according to the White House.

The United States has an estimated shortage of as many as 4 million affordable聽housing聽units, White House officials say.

U.S. President Joe Biden has proposed spending more than $300 billion to add 2 million more affordable聽housing聽units as part of a $3.5 trillion investment package being considered by Congress, but wanted to push forward with immediate steps that could be taken now, the White House said.

The plans will cover rural and urban聽housing聽projects, with a focus on aiding communities of color, where home ownership rates have lagged historically.

U.S.聽Housing聽and Urban Development (HUD) Secretary Marcia Fudge will announce the measures after touring a new five-story affordable聽housing聽complex in Philadelphia on Wednesday.

Ms. Fudge called the initiatives 鈥渟ignificant downpayment鈥� on Mr. Biden鈥檚 commitment to boost the supply of affordable rental聽housing, expanding access to capital for state聽Housing聽Finance Agencies, empowering local communities to build more affordable聽housing聽and promoting equitable聽housing聽policies.

Specific actions are planned by Ms. Fudge鈥檚 department, the U.S. Treasury, and agencies such as Fannie Mae and Freddie Mac, which will increase financing opportunities to enable more Americans to purchase homes, the White House said.

One key step is the revival of a joint Treasury-HUD 鈥淩isk Sharing Program鈥� that ended in 2019 and that will enable state聽housing聽financing agencies to provide more low-cost capital for affordable聽housing聽development.

The plans will also boost the supply of manufactured聽housing聽and two- to four- unit properties by expanding financing through Freddie Mac, while taking steps to limit the sale of some U.S. Federal聽Housing聽Administration-insured properties to large investors.

Investor purchases, which have been as high as 1 in every 4 homes in some communities, have driven up prices for lower-cost houses and triggered fierce competition for starter homes, the White House said.

The administration also plans to work with state and local governments to leverage existing federal funds, and help reduce exclusionary zoning and other practices that have discouraged efforts to boost the supply of聽housing, the official said.

The Federal聽Housing聽Finance Agency 鈥渨ill begin to study the interaction between exclusionary zoning and our regulated entities,鈥� said acting Director Sandra L.聽Thompson.

This story was reported by Reuters.