APARTMENT ADVOCATE
NATIONAL APARTMENT ASSOCIATION
President Biden Signs 2022 Spending Package
Here ’ s What The Package Means For The Rental Housing Industry .
On March 15 , President Biden signed the fiscal year ( FY ) 2022 spending package totaling $ 1.5 trillion . The bill , which will fund the government through the end of the fiscal year , includes funding to aid Ukraine and unlocks federal funds supporting the bipartisan infrastructure law , which seeks to improve roads , bridges , water , broadband and housing infrastructure .
Highlights of the Bipartisan Infrastructure Funding for Housing
The omnibus bill includes investments in infrastructure that can spur development of critical housing stock , increasing the resiliency and sustainability of the nation ' s housing infrastructure . Some of these investments include , but are not limited to :
• More than $ 65 billion for the rapid deployment of broadband across the country ;
• $ 3.5 billion to support the Flood Mitigation Assistance program ;
• $ 250 million in state energy grants for recipients to conduct energy audits , purchase energy upgrades or finance building retrofits ;
• $ 225 million to assist states seeking to implement new and updated building energy codes .
Transportation , and Housing and Urban Development , FY 2022 Funding
Congress also increased FY 2022 funding for the U . S . Department of
Housing and Urban Development ( HUD ) totaling over $ 53.7 billion , a more than $ 4 billion increase over the last fiscal year . The spending bill added an additional 25,000 housing choice vouchers for lowincome individuals and families . HUD will also provide $ 11 billion in funding for new affordable housing , critical health , safety and maintenance improvements to ensure the safety and quality of public and low-income housing , and community development activities , including $ 360 million to construct over 4,000 new affordable housing units for seniors and persons with disabilities . Additional HUD funding includes :
• $ 10 billion for Community Planning and Development , including $ 3.3 billion for Community Development Block Grants . This also includes $ 1.5 billion for the HOME Investment Partnerships Program which has helped preserve approximately 1.33 million affordable homes .
• $ 350 million for investments to revitalize low-income housing and distressed communities through the Choice Neighborhoods Initiative .
• $ 13.9 billion for Project- ¬ based Rental Assistance to continue to house more than 1.2 million very
low- and low-income households nationwide , an increase of $ 475 million above the fiscal year 2021 .
• $ 415 million for the Office of Lead Hazard Control and Healthy Homes for lead paint mitigation and radon testing , including $ 25 million to conduct lead inspections in housing choice voucher units .
Reauthorization of VAWA , Extension of the NFIP
Finally , Congress reauthorized the Violence Against Women Act ( VAWA ) until 2027 . The National Apartment Association ( NAA ) previously supported the housing provisions in the legislation , which balances victim and provider needs and continues to fund transitional housing . In addition , Congress extended the National Flood Insurance Program ( NFIP ) through the end of the fiscal year . Unfortunately , Congress has again missed the opportunity to provide much-needed reforms to the NFIP to create long-term stability for policyholders . NAA continues to advocate Congress to enact long-overdue reforms to the program , including those designed to improve the accuracy of flood maps , increase the mitigation and address affordability . www . aamdhq . org APRIL 2022 TRENDS | 43