The $1.75 trillion Build Back Better Act has been passed by the House Democrats on Friday. Various housing assistance provisions are included in the bill, such as investing in public housing and providing rental and down payment assistance. As a result, the bill now moves to the Senate, where it will probably be revised again.
Approximately $170 billion of the legislation is allocated to affordable housing provisions. As a result of this program, more than 1 million affordable homes will be built or preserved, according to the Biden administration.
The highlights of the bill are listed below.
BBB: Public housing
Approximately $65 billion will be allocated for public housing preservation and rebuilding, including “repair, replace, or construct properties.” Investments will also be made to improve energy efficiency, reduce health risks, and boost natural disaster resilience.
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BBB: Rental Assistance
The act dedicates around $25 billion to rental assistance. The funding will mostly go toward federal housing vouchers, which could help homeless people afford rent.
A new Center on Budget and Policy Priorities (CBPP) report estimates that about 300,000 low-income households, including about 274,000 children, would be helped by Housing Choice Vouchers, as it includes only $24 billion.
BBB: Affordable housing
About $15 billion will also be set aside for building or preserving more than 150,000 rental homes for lower-income households, plus funds for the national Housing Trust Fund.
Some worry that the housing aspect of the bill might be reduced if changes are made as it is up to the Senate now.