Key Housing Provisions in $900 Billion Relief Bill Passed by Congress

Filed in Advocacy, Disaster Response, Tax Reform by on December 21, 2020 5 Comments

Post updated on Dec. 27.

A $900 billion economic relief package approved by the House and Senate on Dec. 21 includes key provisions that NAHB championed. President Trump signed the measure into law six days later on Sunday, Dec. 27.

NAHB worked closely with Democratic and Republican congressional leaders to ensure the recovery legislation addresses three major builder concerns:

  1. Provides relief for small businesses from burdensome loan forgiveness requirements.
  2. Helps struggling renters and landlords with dedicated rental assistance.
  3. Assists HBAs that have largely been excluded from previous relief measures.

The final package covers these three areas and contains several other policy objectives that NAHB has championed, including a permanent minimum 4% credit floor on low-income housing tax credits that will allow multifamily developers to finance thousands of additional affordable rental units and an extension of temporary tax provisions for newly-built energy-efficient homes and for home owners who engage in remodeling activities.

The legislation also includes other important provisions that:

  • Extend all pandemic unemployment benefits expiring at the end of December through March 14, 2021.
  • Extend weekly enhanced federal unemployment payments (paid out on top of regular UI benefits) of $300 per week through March 14, 2021.
  • Provide a direct payment of $600 to most Americans.

View further analysis on the following areas of the $900 billion rescue package:

You can also access NAHB’s complete listing of Coronavirus Response and Recovery resources on nahb.org.

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  1. N. W. says:

    That bill may have “key housing provisions”, but the amount of pork contained within it, especially the millions of dollars foreign nations will be receiving in handouts that have nothing to do with “Covid relief” for the American people is egregious. While housing and a few other domestic areas benefit from this profligate spending of money we don’t have, it hardly seems worth the effort for a pittance of $600 and the short sighted benefits the housing industry needs. We will someday question the sanity of those who stuffed this bill with pearls for their “friends” and those who voted for this as we kick the can down the road yet again, vowing to endure short term gain for long term pain. We call this governance? Congress has obviously forgotten that they are spending our money, making their actions in this legislation seem more akin to theft of those funds than the actual “relief” they could have provided. Wasteful spending is an understatement for what we are witnessing.

  2. Excellent NAHB advocacy and direction to help humanity and the industry!
    Thank you NAHB!
    ONwards and UPwards with Health, Happy New Year, and Cheers!

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