Summary of Housing Portion of Federal Recovery Package
February 12, 2009 – 2:45 pmThis is straight from the House Appropriations Committee’s press release of 2/12/09 about the American Recovery and Reinvestment Act of 2009:
Infrastructure
- $2.25 billion through HOME and the Low Income Housing Tax Credit program to fill financing gaps caused by the credit freeze and get stalled housing development projects moving
- $1 billion for the Community Development Block Grant program for community and economic development projects including housing and services for those hit hard by tough economic times
Public Housing
- $4 billion to the public housing capital fund to enable local public housing agencies to address a $32 billion backlog in capital needs — especially those improving energy efficiency in aging
buildings- $2 billion for full-year payments to owners receiving Section 8 project-based rental assistance
- $2 billion for the redevelopment of abandoned and foreclosed homes
- $1.5 billion for homeless prevention activities, which will be sent out to states, cities and local governments through the emergency shelter grant formula
- $250 million is included for energy retrofitting and green investments in HUD-assisted housing projects
Kudos to the Federal Policy Project, staffed by Matt Schwartz and Marilyn Wacks at California Housing Partnership Corporation, who led a collaborative, statewide effort to get housing including in any federal economic stimulus legislation. Their knowledge of the field and contacts within both housing and Congress resulted in many of the Project’s proposals being included in some fashion in the final compromise. Good work, Matt and Marilyn!
Finally, among other housing-related items in addition to the Federal Policy Project’s agenda, the bill includes a first-time homebuyer tax credit of $8,000 was created, for a projected cost of about $2 billion; and $555 million to expand the Department of Defense Homeowners Assistance Program during the national mortgage crisis.
