Congress recently passed the Infrastructure Investment and Jobs Act and continues to debate the Build Back Better Act. We have analyzed both with information on how they will impact New York.
The price tag on the latest version of the Build Back Better Act has decreased to meet the demands of Housing and Senate moderate Democrats. The latest version is a framework for $1.75 trillion in spending and still includes housing funding, totaling $150 billion, including:
- $65 billion for public housing
- $25 billion for rental assistance
- $15 billion for the federal Housing Trust Fund
- $10 billion for first generation down payment assistance
- LIHTC expansion
While they are debating Build Back Better, Congress has passed, and President Joe Biden signed into the law, the bipartisan Infrastructure Investment and Jobs Act (IIJA). It does not include HUD or LIHTC funding, but there are several programs on our radar that will impact housing in New York including:
- $55B for Drinking and Wastewater Infrastructure
- $42.45B for Broadband Equity, Access, and Deployment Program
- $3.5B for Weatherization Assistance Program
You can see a detailed analysis of both IIJA and the latest Build Back Better and how they will impact New York here.