The $1.7T spending bill that funds the federal government through Sept. covers a number of RE priorities, such as buyer assistance, fair housing and flood insurance.
WASHINGTON – The National Association of Realtors® (NAR) waded through the massive
$1.7 trillion spending bill passed late in 2022 by Congress and created a PDF list of the initiatives that focus on real estate, many of which received increased funding.
The omnibus bill funds the federal government through September 30, 2023, and builds upon the FY 2022 budget to ensure federal continuity of services.
NAR’s list of funded priorities important to real estate
- Anti-money laundering: Money to develop the beneficial ownership database, which includes information on real estate ownership to support anti-money laundering efforts.
- Broadband: The USDA’s ReConnect Broadband program gets $364 million for loans and grants to fund construction, improvement or acquisition of facilities and equipment that provide broadband service in eligible rural areas.
- Community Development Block Grants: Nearly $6.4 billion goes to the Community Development Block Grant (CDBG) program and other local economic and community development projects that benefit low- and moderate-income areas and people – a $1.6 billion increase in funding.
- Community Development Financial Institutions Fund: $324 million for the Treasury Department’s Community Development Financial Institutions (CDFI) Fund, which promotes economic and community development in low-income communities, including investments in low- income housing.
- COVID assistance programs: Among other things, increased funding goes to programs that include housing and rental assistance.
- Disaster assistance: $27 billion will help communities recover from recent natural disasters, rebuild infrastructure and prepare for future events.
- Elderly housing assistance: $1.435 was appropriated for the Housing for the Elderly and Housing for Persons with Disabilities program under HUD.
- Emergency disaster assistance: $38 billion for emergency funding will help Americans impacted by recent disasters in the West and Southeast, including tornadoes, hurricanes, flooding and wildfires, as well as funding for FEMA’s Disaster Relief Fund.
- Energy assistance: $5 billion goes to the Low Income Home Energy Assistance Program (LIHEAP), which helps low-income families pay their energy costs, including home energy bills, weatherization and certain energy-related home repairs.
- Fair housing: $86 million goes to HUD’s fair housing grants and activities, including the Fair Housing Initiatives Program (FHIP), the Fair Housing Assistance Program (FHAP), and the National Fair Housing Training Academy.
- Federal Housing Administration (FHA): The bill sets a limit of $400 billion in FHA commitments to guarantee single-family loans, plus $150 million for administrative costs through Sept. 30, 2024.
- Flood insurance: The National Flood Insurance Program (NFIP) is now extended through Sept. 30, 2023. Before bill passage, NFIP expired on Dec. 23, 2022. The bill also increases flood map funding from $275 million to $313 million.
- Ginnie Mae: Up to $900 billion can now be spent on new loan-guarantee commitments, and $40.4 million goes to salaries and expenses for the Government National Mortgage Association (Ginnie Mae).
- HOME Investment Partnerships Program: $1.5 billion is provided for HUD’s HOME Investments Partnerships Program, which provides grants to states and localities to fund housing-related activities, including building, buying and rehabilitating affordable housing for rent or homeownership, as well as rental assistance.
- Homelessness assistance: $3.6 billion for homeless assistance grants, which will help an estimated 1 million people. It expands assistance to special populations, including survivors of domestic violence, homeless youth, and new permanent supportive housing for people experiencing homelessness.
- Housing Choice Vouchers: $130 million in new incremental funding for Section 8 Housing Choice Vouchers – enough to support an additional 11,700 low-income households.
- Housing supply: $85 million for grants to reward state and local jurisdictions that reform land-use policies and remove barriers to affordable housing production and preservation. The program’s goal: To encourage state, local and regional jurisdictions to promote zoning practices and land-use specific policies that increase density, reduce minimum lot sizes, create transit-oriented development zones, streamline permitting processes, and permit a mix of housing types.
- Infrastructure: $62.9 billion for the Federal Highway Administration, which includes funding for federal highway programs from the 2021 Bipartisan Infrastructure Framework and money to address structurally deficient bridges.
- Manufactured housing: $225 million for the preservation and revitalization of manufactured housing and manufactured housing communities.
- Native community housing: Over $1 billion for Native communities to purchase, construct, or rehabilitate housing and related infrastructure to address production demand and a need for higher quality housing stock.
- Retirement savings: The bill updates rules relating to employer 401(k) and 403(b) plans by requiring them to automatically enroll all new, eligible employees.
- Rural housing: $2 billion for the USDA’s Rural Housing Service – a $183 million increase in 2023. The money includes $40 million in rental assistance funds.
- Small business programs: More than $1.2 billion for the Small Business Administration (SBA), including funds for SBA disaster loans, Entrepreneurial Development grants, and Small Business Development Centers.
- Veteran housing: $2.7 billion for critical services and housing assistance for veterans.
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