APARTMENT ADVOCATE ensure the unique perspectives of rental housing providers are heard .
Noel Andres Poyo , Deputy Assistant Secretary in the office of Community and Economic Development , from the U . S . Department of Treasury also briefed the Committee . He is presently responsible for leading the effort to distribute critical assistance under the Emergency Rental Assistance Program ( ERAP ). Secretary Poyo updated the Committee on the program ’ s progress and efforts by Treasury to streamline the distribution of these critical funds to renters and housing providers . The Department is currently in the process of reallocating funds from ERAP grantees who have not successfully distributed enough of their funding to programs that have . While this is a timely move as some states begin to run out of ERAP funding but have millions in pending ERAP assistance requests , broader concerns still remain that housing providers and renters in underperforming programs may suffer through no fault of their own .
Finally , Mike Eriksen , Ph . D ., Associate Professor of Real Estate and Academic Director , UC Real Estate Center in the Lindner College of Business at the University of Cincinnati , addressed the Committee . Professor Eriksen discussed trends in income growth versus rent growth over the past decade and what they mean for housing policy going forward . He also presented his view of the implications for low- and moderate-income families and housing providers from certain programmatic changes within the Section 8 Housing Choice Voucher program . Of perhaps greatest import here is the widening application of Small Area Fair Market Rents ( SAFMRs ) to determine rents instead of the current system . This shift away from metropolitan statistical area data to determine allowable rents increases the ability of voucher holders to afford rents in higher income , higher opportunity areas and reduces the allowable rents in lower-income , higher poverty areas . Though this may have benefits for new recipients looking to move into areas with better schools and infrastructure , it could negatively impact existing residents of affordable housing communities when their vouchers are worth less .
Bipartisan Infrastructure Package Dedicates Billions to Housing Resiliency
What you need to know about Congress ’ hard infrastructure package and how it affects your industry .
The Infrastructure Investment and Jobs Act was passed on November 5 , 2021 , in a bipartisan vote of 228 to 206 in the U . S . House of Representatives . The Senate had previously passed the legislation and it has now been signed into law by President Biden . The more than $ 1 trillion deal includes new investments in the nation ’ s roads , bridges , rail and transit systems , waterways and broadband infrastructure , all to be made over the next five years .
Alongside the importance of upgrading our nation ’ s transportation infrastructure , the National Apartment Association ( NAA ) has been advocating for housing ’ s inclusion in the final infrastructure package . The Infrastructure Investment and Jobs Act directs substantial funding for programs aimed at increasing the resiliency and sustainability of the nation ’ s housing infrastructure :
• More than $ 65 billion for the rapid deployment of broadband across the country , ensuring internet accessibility for all communities , including low-income and rural Americans .
• $ 3.5 billion to assist low-income households reduce utility expenses through the Weatherization Assistance Program .
• An additional $ 3.5 billion to support the Federal Emergency Management Administration ’ s Flood Mitigation Assistance program , providing jurisdictions with the necessarily financial support and technical assistance to anticipate and prevent flood risk .
• $ 250 million in state energy grants for recipients to conduct energy audits , purchase energy upgrades or finance building retrofits .
• $ 225 million allocated for the creation of a grant program that will assist states seeking to implement new and updated building energy codes .
• $ 40 million dedicated to hiring and training individuals to conduct energy audits of buildings .
• $ 10 million in grants to higher education institutions to establish training centers to educate and train building technicians and engineers on new building technologies . An additional $ 10 million is authorized to cover a portion of the cost associated with obtain certification to install energy efficient buildings technologies .
These investments made in the Infrastructure Investment and Jobs Act aim to ensure that housing remains ready to withstand climate and financialbased risk . With the passage of this bill , Congress has recognized , as NAA has emphasized , that housing and infrastructure are inextricably linked .
For more information on the Infrastructure Investment and Jobs Act , please reach out to Jason Lynn , NAA ’ s Director of Federal Affairs . www . aamdhq . org JANUARY 2022 TRENDS | 43