On September 1, the White House unveiled new measures aimed at addressing the country’s supply shortage of rental properties and homes. The Biden Administration will leverage the authority of the Federal Housing Finance Agency (FHFA) which oversees GSEs Fannie Mae and Freddie Mac in implementing its new policy agenda. One policy proposal would allow the GSEs to invest more of their resources into rental housing by boosting an existing regulatory cap on their investments in apartment projects. A second proposal would expand an existing grant program for Community Development Financial Institutions (CDFIs) with the goal of promoting the construction of affordable housing. These latest policy changes, among others, will likely be executed without congressional action.