A Brighter Future for Affordable Housing

The future of the affordable housing industry has been uncertain for quite some time. Particularly after the effects of COVID-19 on the market. However, after the past few months, a light is now in sight at the end of the tunnel. In case you missed it, here are some important recent developments to know about.

On March 31, the Biden Administration proposed the American Jobs Plan. The infrastructure proposal is worth $2.25 trillion and includes provisions to build, preserve, or retrofit over 2 million affordable and energy efficient homes. A large portion of the funding would go towards:

• $213 billion toward tax credits, grants, rental assistance and formula funding
• Enactment of the Neighborhoods Home Investment Act, which would build and rehab over 500,000 homes for low-to-middle class homebuyers
• $40 billion toward improving public housing
• $20 billion to build regional innovation hubs to spark economic action

On April 15, A bipartisan group of legislators introduced the Affordable Housing Credit Improvement Act of 2021 (AHCIA) to both chambers of congress. If this bill is passed, we could see up to 2 million affordable homes financed over the next 10 years.

These trends as well as the continued support of affordable housing in both the Senate and House of Representatives bodes well for the growth and need of experienced talent in the industry. 

When you’re in the market for Affordable Housing Talent, reach out, and let’s talk. mbe@icebreakresources.com