On March 31, the Biden administration released the American Jobs Plan, the second part of its Build Back Better effort to create jobs and stimulate the economy following Covid-19. The $2.65 trillion plan directs investments primarily towards the nation’s transportation, utility, commercial, research, technological, employment, housing, education, childcare, and health care infrastructures. The cost of the plan would be partially offset by a suite of several corporate tax increases in the Made in America Tax Plan, which the Biden administration released shortly after the American Jobs Plan in April. The American Jobs Plan’s investments are expected to spur significant job creation across multiple sectors and aims to result in positive educational and economic outcomes and equities, improved health status, and increased international competitiveness.
The housing investments in the jobs plan total $186 billion and are distributed in the following manner:
-$126 billion to construct over one million energy efficient housing units and eliminate certain zoning and land use policies
-$40 billion to provide funding to improve the public housing system
-$20 billion to incentivize the building or rehabilitation of over 500,000 homes for low- and middle-income homebuyers with a Neighborhood Homes Investment Act (NHIA) tax credit
Enterprise applauds the Biden administration for its recognition of the vital role that housing plays in strengthening our country’s infrastructure. Jacqueline Waggoner, President of Enterprise Community Partners’ Solutions Division, will testify in front of the House Committee on Financial Services this week on Wednesday, April 14 on this topic. We look forward to continuing to partner with the White House and Congress on addressing the affordable housing crisis that has only worsened since the onset of the pandemic.