House Passes $3 Trillion Covid-19 Relief Legislation

Last month, the House of Representatives passed a $3 trillion bill detailing House leadership’s priorities for the next coronavirus response package. The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act , H.R. 6800, would fund a wide range of programs, including critical investments in affordable housing and community development. The bill would deliver $100 billion for Emergency Rental Assistance, $11.5 billion for Homeless Assistance Grants, $5 billion for the Community Development Block Grant (CDBG) program, $4 billion for Tenant-Based Rental Assistance, $2 billion for the Public Housing Operating Fund, $1 billion for New Emergency Housing Vouchers, $750 million for Project-Based Rental Assistance, $309 million for USDA’s Rental Assistance program, and $1 billion for the Community Development Financial Institutions Fund Program Account. The bill would also set up a $75 billion Homeowner Assistance Fund at the Department of the Treasury to provide flexible aid through state housing finance agencies and would extend the CARES Act’s eviction and foreclosure moratoria for an additional year for all dwelling units, regardless of whether they are subsidized or backed by a federal mortgage program.

The HEROES Act  would also provide $1 trillion in aid to state and local governments, include another round of $1,200 economic impact payments, extend unemployment benefits, and strengthen the Payroll Protection and Economic Injury Disaster Loan programs. The bill did not include funding for a few vital programs, however, including HUD’s HOME Investment Partnerships and Section 4 Capacity Building programs. Also absent from the bill are the ACTION Campaign’s Housing Credit priorities. The Senate is not likely to take up the bill as passed by the House, and Senate Leadership has instead said they are monitoring the implementation of previous Covid-19 legislation. For more information, read a blog post from Enterprise’s VP of Policy Advocacy Liz Osborn and see a section-by-section summary of the bill.

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