Government plans to spend $3.5 trillion on infrastructure and to improve housing affordability in the U.S.A.
Posted on September 27, 2021 |
- The aim is to spend $300 billion on affordable housing of which $34.77 billion for the Home Investment Partnership Program, $75 billion for Housing Choice Vouchers, and $15 billion for new Project-Based Section 8 contracts.
- $4.8 billion, $8.5 billion, and $4.5 billion for rural multifamily housing, Community Development Block Grant (CDBG) program, and NAHB supported CDBG competitive grants respectively
- $200 million for the low-income homeowners in rural areas and the Department of Agriculture.
- $770 million for fair housing actions and $50 million on low-income households to support sweat equity ( a non-monetary contribution of the founder and an employee to the company) and volunteer-based homeownership programs
- The Chairwoman's Law would release the debt of the National Flood Insurance Program (NFIP) and add $3 billion for flood mapping and risk analysis with a subsidiary program of $ 1 billion for low-moderate income households to buy flood insurance
- The package also gives $20,000 or 10% of the purchase price of an available home to the first generation home buyers