Build Back Better includes $170 billion for affordable housing–here's where it would go
House Democrats passed the $1.75 trillion Build Back Better Act on Friday, which includes a number of provisions for housing aid, including investments in public housing, rental assistance and down payment assistance. It now goes to the Senate, where it is likely to be revised again.
In total, the legislation allocates about $170 billion to provisions for affordable housing. It's the largest investment in affordable housing in history, according to the Biden administration, and will build or preserve more than 1 million affordable homes.
Here are a few of the highlights.
BBB allocates about $65 billion to preserve and rebuild public housing, including to "repair, replace, or construct properties." The investment will also aim to reduce health hazards, increase energy efficiency and boost resilience to natural disasters.
The act allocates about $25 billion for rental assistance. Most of the funding will go to federal housing vouchers, which can help lower-income tenants afford rent and reduce homelessness.
It includes about $24 billion for Housing Choice Vouchers, which would help an estimated 300,000 low-income households, including about 274,000 children, according to a new Center on Budget and Policy Priorities (CBPP) report.
BBB also allocates about $15 billion to help build or preserve more than 150,000 rental homes for lower-income families, including funding for the national Housing Trust Fund.
With the bill now in the Senate, some worry that housing is one aspect vulnerable to being cut if changes are made.
Sign up now: Get smarter about your money and career with our weekly newsletter
Don't miss: Build Back Better extends the $3,000 enhanced child tax credit for a year
Source: Read Full Article