Late yesterday, the House and Senate passed a $1.4 trillion spending deal for fiscal year 2021 (FY21) with $900 billion of coronavirus relief and a set of tax proposals attached to the package. The Senate also approved a seven-day extension of the short-term Continuing Resolution (CR) funding the federal government, which was set to expire at midnight. The President will need to sign the package into law before the new CR expires in order to avoid a government shutdown.
Between the dozen annual appropriations bills, the coronavirus aid, and the tax extenders, the package has many of Enterprise’s top policy priorities, including: $25 billion in rental assistance; an extension of the eviction moratorium; the strengthening of the Low-Income Housing Tax Credit, specifically a permanent, minimum 4 percent Housing Credit rate; an extension and expansion of the New Markets Tax Credit; and funding for critical affordable housing programs in FY21 such as the HOME Investment Partnership program, the Community Development Block Grant program, the Section 4 Capacity Building Program, and the Community Development Financial Institutions Fund, as well as for critical rural housing programs through USDA.
Enterprise applauds Congress for providing this much-needed assistance to the more than 30 million Americans who are currently at risk of losing their homes and the nearly eight million Americans that have fallen into poverty over the past five months. This year-end package will provide vital federal resources to families and businesses to help them weather the storm of this crisis. We also especially thank our bipartisan Congressional champions who have tirelessly advocated for our affordable housing priorities.
For more information, view a blog post by Enterprise’s Senior Director of Public Policy Sarah Brundage, and Policy Analysts Krista D’Alessandro and Alexander Williams.