Sumary of Affordable housing becomes flashpoint in D.C. spending showdown:
- WASHINGTON — The fate of affordable housing funding and other homeowner assistance programs has become a key battleground as lawmakers debate the Biden administration’s $3.5 trillion social policy agenda.
- Lawmakers in the House and Senate are weighing a number of measures that, taken together, would amount to a historic expansion of affordable housing.
- They include billions of dollars for two federal housing funds, as much as $100 billion for down payment assistance, and even a proposal to enable mortgage borrowers to build equity faster.
- “I’m hoping for the best but we should assume the worst and we should organize and plan accordingly, because housing is a natural target for budget cutting,” said Rep. Ritchie Torres, D-N.
- , speaking Tuesday on a weekly call organized by the National Low Income Housing Coalition.
- The House version of the Build Back Better Act would provide more than $330 billion for affordable housing.
- That includes $37 billion for the national Housing Trust Fund — on top of what Fannie Mae and Freddie Mac contribute — to support low-income home-building, and $35 billion for the HOME Investment Partnerships Program, which provides grants for homebuyer assistance and affordable housing.
- “This is our once-in-a-generation opportunity to finally invest in our housing programs, our communities and our future — an investment that is long overdue,” said House Financial Services Committee Chair Maxine Waters at a press conference outside the U.S. Capitol.