It may not be the Build Back Better Bill, but the housing market could be in for some legislative assistance thanks to a recent deal hashed out by top lawmakers.
Congressional leaders unveiled a $1.5 trillion omnibus spending package on March 8th that would keep the cash flowing in the government until late September 2022 and allocate billions of dollars to several initiatives, including affordable housing and aid for Ukraine amid the Russian invasion.
It includes provisions that hearken back to some of the proposed allocations that would have appeared in the now-defunct Build Back Better legislation.
The bill is expected to take several days to work its way through Congress, and current funding runs out at 12:01 a.m. Saturday. According to reports by The Hill, lawmakers are expected to pass the package before the deadline.
Affordable Housing Provisions:
- $280 million for 32,800 new housing vouchers
- $3.2 billion, a 16% increase for public housing capital formula funds
- $350 million, a 75% increase for Choice Neighborhoods
- $1.5 billion, an 11% increase and the highest level of funding provided in the past decade for new affordable housing production through the HOME program
- $4.8 billion for community and economic development
- More than $1 billion, a 21% increase, for Housing for the elderly
- $352 million, a 55% increase, for housing for the disabled
- More than $1 billion, a 24% increase for Native community housing programs
- $415 million, a 15% increase for the Office of Lead Hazard Control and Healthy Homes to address lead-based paint and other environmental hazards in low-income and HUD-assisted housing
- $489 million, a $24 million increase for the Legal Services Corporation, which provides civil legal assistance to low-income persons, including those involved in housing and foreclosure case
This is a developing story.
Jordan Grice is RISMedia’s associate online editor. Email him your real estate news to jgrice@rismedia.com.
