House Financial Services Committee Marks Up Covid-19 Relief Legislation

House Financial Services Chairwoman Maxine Waters (D-CA-43) released a plan for $75 billion in Covid-19 relief, which was marked up by the Committee on February 10. The plan provides further details on the amount of funding certain programs under the Financial Services Committee’s jurisdiction will receive in Congress’s next Covid-19 package. The draft bill contains a number of housing and community development provisions, including over $19 billion for the Emergency Rental Assistance (ERA) Program which will flow through Treasury as the previous one did; nearly $10 billion to establish a Homeowner Assistance Fund that would be administered by the Treasury; $5 billion to provide emergency HUD Housing Choice Vouchers; $5 billion for Homelessness Funding through the HOME program formula; $100 million to assist tenants living in USDA-subsidized developments; and $750 million in HUD Indian Housing Block and Indian Community Development Block grants. 

The full House could consider the larger $1.9 trillion package as early as next week. Congressional leadership hopes to finalize the legislation before March 14, when the current unemployment insurance extension expires. Due to the recently passed FY 2021 Budget Resolution’s reconciliation instructions, Democrats could pass the final package in the Senate with a simple majority.

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