More than $200 billion of President Biden’s proposed infrastructure plan would go toward preserving, building, and retrofitting more than 2 million homes and commercial buildings. Biden unveiled the $2 trillion transportation and infrastructure package yesterday, which the National Association of Home Builders calls “much-needed," even though it finds some of the proposal "troubling." The funds designated for construction would focus on creating, preserving, and retrofitting affordable, resilient, accessible, energy efficient, and electrified housing units. Biden plans to extend affordable housing rental options to underserved communities, such as rural and tribal areas through targeted tax credits, formula funding, grants, and project-based rental assistance.
“NAHB commends President Biden for proposing a much-needed transportation and infrastructure plan for our nation that notes the important role that housing contributes to building strong communities,” said NAHB Chairman Chuck Fowke. “With the nation facing a housing affordability crisis, the plan recognizes the urgent need to build more affordable housing and retrofit existing homes to increase energy efficiency. At the same time, the proposal includes troubling labor provisions and tax provisions to pay for the plan.”
The housing components of the plan include the following:
Produce, preserve, and retrofit more than 1 million affordable, resilient, accessible, energy efficient, and electrified housing units. Through targeted tax credits, formula funding, grants, and project-based rental assistance, President Biden’s plan would extend affordable housing rental opportunities to underserved communities nationwide, including rural and tribal areas.
Build and rehabilitate more than 500,000 homes for low- and middle-income home buyers. Biden is calling on Congress to take immediate steps to spur the construction and rehabilitation of homes for underserved communities.