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What’s in Joe Biden’s Build Back Better Act for affordable housing?
- Build Back Better Act, President Joe Biden's $1.75 trillion social spending plan, was passed by House Democrats on Friday
- The act will build or preserve more than 1 million affordable homes
- Build Back Better Act will now go to the Senate for a likely revision
The $1.75 trillion Build Back Better Act (BBB) allocates about $170 billion to provisions for affordable housing, making it the largest investment of its kind, according to President Joe Biden‘s administration. The act, which was passed by House Democrats on Friday and is expected to undergo a likely revision in the Senate, will build or preserve more than 1 million affordable homes.
BBB allocates about $65 billion to preserve and rebuild public housing, including to “repair, replace, or construct properties.” The investment will also aim to reduce health hazards, increase energy efficiency and boost resilience to natural disasters.
The act allocates about $25 billion for rental assistance, with most of the funding set to go to federal housing vouchers, aimed to help lower-income tenants afford rent and reduce homelessness.
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It includes about $24 billion for Housing Choice Vouchers, which would help an estimated 300,000 low-income households, including about 274,000 children, according to a new Center on Budget and Policy Priorities (CBPP) report.
BBB also allocates about $15 billion to help build or preserve more than 150,000 rental homes for lower-income families, including funding for the national Housing Trust Fund.
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BBC includes $380 billion for child care and education besides $555 billion for climate change and clean energy investments, including up to $12,500 in tax incentives for people looking to purchase electric vehicles. People looking to install solar panels on their homes will also get incentives.
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The bill includes $100 billion to give roughly 7 million undocumented immigrants temporarily protection from deportation and sets aside $205 billion to provide all workers with four weeks of paid family and medical leave.
The House bill provides $200 billion to extend the child tax credits first outlined in this year’s American Rescue Planthrough 2022.
The bill also includes a provision for effecting Medicare changes.
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