Detailed Infrastructure Plan:
President Biden released details on the American Jobs Plan last week. The plan proposes $213 billion in direct funding to produce, preserve and retrofit more than 2 million affordable housing units and more than $100 billion in new and expanded tax credits. This includes a $35 billion investment in the HOME Investment Partnerships program, $45 billion for the Housing Trust Fund, and $12 billion for the Capital Magnet Fund, all of which aligns with Rep. Water’s Housing Is Infrastructure legislation. The plan also proposes $2 billion in new project-based rental assistance agreements. Public housing capital funding remains at $40 billion.
The proposal includes a $55 billion expansion of the Low-Income Housing Tax Credit, which we will continue to analyze to determine its potential impact.
Full FY 2022 Budget Request:
President Biden and HUD Secretary Marcia Fudge released the full FY 2022 budget request. It proposes a $9 billion or 15% increase to HUD’s budget and calls for:
- An expansion of tenant based rental assistance to an additional 200,000 households
- $500 million increase in funding for Homeless Assistance Grants
- $500 million increase for HOME Investment Partnerships program
- $295 million increase for Community Development Block Grants
- $12 million increase for fair housing activities
- $180 million for 2,000 new homes for seniors and people with disabilities
- $800 million across HUD programs for rehab and energy upgrades to public and affordable housing
- $3.5 billion for public housing capital repairs and climate-resilient upgrades
For more details, see National Low-Income Housing Coalition’s (NLIHC) analysis here.