"New Programs In The Biden Housing Plan
A new “Homeowner and Renter Bill of Rights.”
A new renter’s tax credit.
Creating the Public Credit Reporting Agency, a federal credit reporting agency that will accept rent and utility bill payment history when creating credit scores similar to FICO scores.
Legal Assistance to Prevent Evictions Act of 2020.
Identify existing federal grant programs that can be changed to require recipients to have to reform their zoning.
Legislation similar to the proposed HOME Act of 2019 to withhold some federal funds from states unless they develop “inclusionary zoning.”
Applying the Community Reinvestment Act to mortgage and insurance companies.
Expand the Low-Income Housing Tax Credit for real estate developers.
Apply the 10-20-30 plan to all federal programs – at least 10% of the money must go to areas that have had 20% or more poverty over the last 30 years.
Continue to require communities receiving certain federal funds to be subject to the Affirmatively Furthering Fair Housing Rule.
Expand the Good Neighbor Next Door program down-payment assistance for first responders and educators buying homes in areas with high rates of poverty.
Ensuring 100% of formerly incarcerated individuals – at the federal and state level – have housing upon release, and require entities in federal housing programs to participate.
Create a comprehensive housing grant program tailored to survivors of domestic and sexual violence.
Tackle racial bias that leads to homes in communities of color being assessed by appraisers below their fair value.
New Money For Old Programs In The Biden Housing Plan
According to the policy paper, “As President, Joe Biden will invest $640 billion over 10 years so every American has access to housing that is affordable, stable, safe and healthy, accessible, energy efficient and resilient, and located near good schools and with a reasonable commute to their jobs.”
Within the HOME program, establish a $100 billion Affordable Housing Fund to construct and upgrade affordable housing, including;
$65 billion in new incentives for state housing authorities,
$10 billion to make homes more energy efficient, and
$5 billion to increase the stock of affordable housing as part of larger community development efforts.
$20 billion increased funding for the Housing Trust Fund.
$13 billion over five years to enact the Ending Homelessness Act.
$10 billion over ten years to expand flexible funding for the Community Development Block Grant.
$5 billion every year to expand the New Markets Tax Credit program.
$300 million for Local Housing Policy Grants.
Increase resources for mental health services and substance use disorder treatment, including through the Projects for Assistance in Transition from Homelessness program.
Increase funding for the Multi-Family Direct Loans and the Single Family Direct Loans programs at USDA.
Expand funding for the Community Development Financial Institutions Fund.
Expand access to the Supportive Housing for the Elderly (“Section 202”) and Supportive Housing for Individuals with Disabilities (“Section 811”) programs.
“For all of these new housing investments, those receiving assistance will be required to abide by Davis-Bacon Act wage requirements” and the use of project labor agreements is encouraged."
There never really is enough money for all their ideas, I wonder where they will look for funding, any ideas?
