$900B Stimulus Package Contains Multifamily Priorities

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The $900B bill that the President on signed on Monday includes several priorities for the apartment industry, as well as increased funding for housing programs at the Department of Housing and Urban Development (HUD). Funding for individual programs related to the multifamily industry include:

  • $25.8 billion for Tenant-based Rental Assistance, $1.9 billion above the 2020 enacted level
  • $3.5 billion for Community Development Block Grants, $50 million above the 2020 enacted level
  • $1.35 billion for the HOME Investment Partnership Program, equal to the 2020 enacted level
  • $13.5 billion for Project-Based Rental Assistance, $895 million above the 2020 enacted level
  • $20 million for a new eviction prevention demonstration program
  • $1.41 billion is provided for rental assistance for affordable rental housing for low-income families and the elderly in rural communities for renewal of all existing rental assistance contracts.
  • $43 million for new Section 8 vouchers for Homeless Individuals and Families, including veterans and survivors of domestic violence…Read more.