Categories: New York State
On November 19th the House approved President Biden’s $1.75 trillion Build Back Better Act, which would amount to the largest single investment in affordable housing in 75 years, $150 billion. The Network has been a state partner of the National Low Income Housing Coalition’s HoUSed Campaign, a national campaign advocating for significant federal investments in affordable and supportive housing. The legislation now goes to the Senate for consideration. The BBB Act currently includes:
- $15 Billion for the National Housing Trust Fund. The trust fund builds housing that is affordable to extremely low income people, 0% -30% AMI. NYS is expected to receive a $1.66B infusion creating about 16,600 extremely affordable homes in NYS.
- $25 Billion for Rental Assistance. This funding will help over 45,000 additional families in NYS afford their homes; 70% of whom are BIPOC according to a recent CBPP analysis. $7B in rental assistance will target homeless and extremely low income families. $1B will be project-based, producing 1,800 homes.
- $65 Billion for Capital Repairs for Public Housing Authorities, $6.5 billion of which is expected to come to NYS.
- $10 Billion for the HOME Program – a traditional capital funding stream for supportive housing that can be used in mixed development projects, up to 80% AMI and will go to both state and local jurisdictions.
- Improvements to the Low Income Housing Tax Credit program, including the lowering of the 50% test to 25%; the inclusion of the Right of First Refusal language protecting nonprofits’ rights to own upon investors’ exit; an ELI set aside and a basis boost for ELI housing.
Thanks to the members of the New York delegation who voted to approve this historic bill. We are hopeful that both of our New York Senators, Majority Leader Schumer and Sen. Gillibrand, will continue to fight for affordable housing in final Senate version of the bill. We would also like to thank our members, who were relentless in their advocacy to see this through to the finish line.