Senate Passes COVID-19 Package; House Expected to Vote by Friday

Thursday, March 26, 2020 - 9:00am

The House of Representatives will take up discussion of the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), after the Senate passed the COVID-19 relief legislation by a 96-0 vote last night. The House is expected to vote by Friday and President Donald Trump has said he would sign the legislation. The nearly $2 trillion bill includes financial aid to individuals, businesses, nonprofits and state and local governments. The legislation includes $1.25 billion for tenant-based rental assistance, $5 billion for Community Development Block Grant funding and $4 billion for homeless assistant grants among its affordable housing provisions. A fourth COVID-19 relief legislative package is being developed and may include more community development and affordable housing provisions.

Novogradac will soon host a COVID-19 webinar and a Notes from Novogradac blog post examines the legislation. For more COVID-19 information, go to Novogradac’s dedicated page.