June 25 (UPI) -- President Donald Trump signed an executive order Tuesday creating a council the White House said will work to remove barriers to developing affordable housing.
The council will consist of members from eight federal agencies that will work with state, local and tribal leaders to reduce regulations related to developing new forms of affordable housing.
"We're lifting up forgotten communities, creating exciting new opportunities and helping every American find their path to the American Dream," Trump said of the order.
The White House stated that more than 25 percent of the cost of a new home is directly related to federal, state and local regulations and up to 42 percent for some new multifamily constrictions.
Further, it cited Census Bureau data showing that seven homes were built for every 10 households formed between 2010 and 2016 and that high housing prices are often linked to increased homelessness.
Secretary of Housing and Urban Development Ben Carson will oversee the committee that will seek to "remove obstacles that impede the production of more affordable homes," including added cost due to regulations.
"Today's announcement recognizes the need for federal policies to serve Americans of all income levels," Carson said.