House Financial Services Committee Approves $322 Billion for Housing, Community Development Resources

Tuesday, September 14, 2021 - 3:15pm

The U.S. House of Representatives Financial Services Committee today voted to approve legislation that drives $322 billion to housing and community development resources. The committee’s budget amendment includes $80 billion to build, preserve or retrofit more than 3 million affordable housing units, with $37 billion for the National Housing Trust Fund, $35 billion for the HOME program and $10 billion for the Capital Magnet Fund. The bill includes $90 billion in rental assistance to low-income renters, including $75 billion for hundreds of thousands of Housing Choice vouchers, with $25 billion of those funds aimed at helping those who have experienced or are at risk of experiencing homelessness. Eighty billion dollars is aimed at addressing public housing capital backlog. The legislation provides $8.5 billion for Community Development Block Grant (CDBG) funding, including targeted funding for colonias and manufactured housing communities. The bill includes $10 billion in first-time, first-generation homebuyer down payment assistance. The bill provides $2 billion for the Indian Housing Block Grant Program and $9.64 billion for a housing investment fund.

Learn more about affordable housing legislation at the Novogradac 2021 Affordable Housing Tax Credit and Bond Conference Sept. 30-Oct. 1 at the Hutton Hotel in Nashville, Tennessee.