Committee Poised to Vote on $322B Housing Investments
Legislation | September 09, 2021 | by Linda Couch
The measure includes $2.5 billlion for new Section 202 homes, $15 billion for new Project-Based Rental Assistance, and myriad other critical housing investments.
On September 13, the House Committee on Financial Services will vote on its affordable housing bill to be included in the House’s $3.5 trillion reconciliation package. The Committee’s $322 billion for affordable housing includes $2.5 billion for HUD’s Section 202 Supportive Housing for the Elderly program as well as multiple other market-shifting investments. The investments are over a 10-year period.
The bill is in line with LeadingAge’s policy goals for affordable housing: to expand the supply of affordable housing, for more Service Coordinators, and to better link housing and services so residents may age in community.
LeadingAge enthusiastically supports the Committee bill. The House could take up the overall $3.5 trillion package, which will include the Committee's bill, the last week of September.
Support the bill’s $322 billion for affordable housing, including:
- $2.5 billion for HUD’s Section 202 Supportive Housing for the Elderly program to:
o Build and operate, with Project-Based Rental Assistance contracts, 37,500 new Section 202 homes.
o Expand the number of Service Coordinators
o Support state efforts to improve voluntary supportive services for residents of Section 202 or other affordable housing for older adults.
- $15 billion for new Project-Based Rental Assistance contracts.
o New contracts will assist over 260,000 homes.
o In addition, the bill includes $4 billion to preserve and improve safety conditions in PBRA properties.
o In addition, the bill includes $7 billion to make energy efficiency upgrades for federally assisted housing.
o 51% of the nation’s PBRA housing is headed by someone 62 or older.
o PBRA contracts undergird two-thirds of the nation’s Section 202 communities.
- $35 billion for the HOME Investment Partnerships Program to:
o Create or rehabilitate over 250,000 homes.
o Provide rental assistance to over 134,000 low income families.
o Enable over 73,000 low income families to repair their homes.
- $37 billion for activities under the national Housing Trust Fund.
o This funding will preserve and create over 330,000 new rental homes affordable to the lowest income households.
- $75 billion to fund incremental Housing Choice Vouchers.
o The bill expands the number of vouchers that can be project-based in certain circumstances, including for supportive housing to older adults.
o 29% of the nation’s vouchers are used by someone 62 or older.
o Project-based vouchers can be key to providing deeply affordable homes.
- $90 billion to fully address the capital needs backlog of public housing.
- 35% f the nation’s public housing is headed by someone 62 or older.