Congress passed measures strengthening the creation of affordable housing. Highlights of the bill are as follows:
Permanent 4% Housing Credit rate: This is a big victory for housing credit advocates, who have made setting a minimum 4% rate a top priority. The 4% rate will apply to allocations of 4% credits made after December 31st 2020.
Disaster Housing Credit Allocation: This is the first time Congress has allocated disaster housing credits since the GO Zone allocation after Hurricane Katrina. Dozens of Gulf Coast counties have been subjected to disaster declarations in 2020, so they will receive additional credits.
$25 Billion in Rental Assistance: States long the Gulf Coast are expected to receive another $1B for rental assistance. Renters and tenants will be eligible to apply for funding.
Extended Eviction Moratorium: The current eviction moratorium has been extended through January 31, 2021.
We applaud Congress for passing Housing Credit provisions that will lead to the development of hundreds of thousands of additional affordable homes and the members and advocates who have worked to communicate the need for these provisions to Congress.
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