Bloomberg Philanthropies Funds Housing Permitting Reforms Across 30 Cities

Bloomberg Philanthropies is providing funding to 30 cities to help accelerate homebuilding reforms, Realtor.com reported. According to Crain's Cleveland Business, Cleveland is among the municipalities receiving funds. Realtor.com reported that Bloomberg Philanthropies is partnering with the non-profit think tank Accelerator for America on the project. The initiative will distribute hundreds of thousands of dollars to participating municipal governments. [1][2]

The project aims to assist cities in updating and streamlining their approval and permitting processes for new residential construction, according to Realtor.com. The philanthropic push comes as municipal leaders across the country navigate widespread housing affordability challenges. [1]

Data from the Realtor.com housing supply gap report shows that the nationwide shortage of homes reached 4.03 million units this year, Realtor.com reported. The report noted that other organizations, including the National Low Income Housing Coalition, calculate a deficit of 7.2 million affordable rental homes available for very-low-income renters. [1]