Housing is Infrastructure Act

Impact

The Housing is Infrastructure Act, which was drafted by House Financial Services Committee Chairwoman Maxine Waters (D-CA), would make significant investments into the nation’s housing infrastructure:

  1. $70 billion to fully address the public housing capital backlog;
  2. $2 billion for project-based rental assistance;
  3. $1 billion for rural multifamily preservation and revitalization demonstration program; 
  4. $1 billion to fully fund the backlog of capital needs for the Section 515 and 514 rural housing stock;
  5. $600 million for single family housing repair loans and grants; 
  6. $400 million in housing preservation grants; 
  7. $45 billion for the Housing Trust Fund to support the creation of hundreds of thousands of new units of housing that would be affordable to the lowest income households; 
  8. $100 million to help low income elderly households in rural areas age in place;
  9. $2 billion for the Native American Housing Block Grant Program to address substandard housing conditions on tribal lands;
  10. $10 billion for a Community Development Block Grant set-aside to incentivize states and cities to eliminate impact fees and responsibly streamline the process for development of affordable housing;
  11. $35 billion for the HOME Investment Partnership Program to fund affordable housing activities such as building, buying, and rehabilitating affordable homes for low-income people;
  12. $2.5 billion for the Supporting Housing for Elderly (Section 202 Program);
  13. $5 billion for lead hazard reduction and healthy homes initiative; 
  14. $5 billion in the flood mitigation assistance grant program; 
  15. $2.5 billion for Supportive Housing for persons with disabilities (811 Program); and
  16. $12 billion to the Capital Magnet Fund for competitive grants to Community Development Financial Institutions to finance affordable housing and community revitalization efforts.

The legislation, which was introduced in the previous Congress, was considered in a slightly revised version at a hearing of the House Financial Services Committee on April 14.  This new draft will serve as the foundation for housing investments included by the House Democrats in the upcoming American Jobs Plan Act infrastructure legislation.  

Summary

The Housing is Infrastructure bill would make numerous significant investments in the nation’s housing infrastructure.  It is intended to be the foundation for the House Democrats’ housing-related contributions to the next infrastructure bill.  Last year’s bill is being revised, but it has not yet been re-introduced. 

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