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White House Fact Sheet on American Jobs Plan Details $318 Billion for Housing and Community Development Incentives, Includes $55 Billion for LIHTC Proposals
A fact sheet released by the White House today provides details on the $318 billion for housing and community development-related provisions, including $213 billion of direct spending and $105 billion for tax proposals of the American Jobs Plan, President Joe Biden’s multi-trillion-dollar infrastructure proposal. The fact sheet specifies $55 billion for low-income housing tax credit (LIHTC) proposals and $45 billion for the national Housing Trust Fund (HTF). Other proposals include $40 billion for the public housing capital fund, $35 billion for the HOME Investments Partnership program, $17.5 billion for weatherization assistance, $12 billion for the Capital Magnet Fund and $2 billion for new project-based Section 8 assistance. The fact sheet also indicates spending $20 billion for the Neighborhood Homes Investment Act, which would create a tax credit for revitalizing single-family homes in distressed neighborhoods.
A Notes from Novogradac blog post will provide details on the developments.