Affordable housing becomes flashpoint in D.C. spending showdown

affordable housing becomes flashpoint in d c spending showdown

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.

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