Here Are the Housing Provisions in the $900-Billion Relief Package
The Covid-19 relief legislation recently signed into law by President Donald Trump has more than 5,600 pages, but the National Association of Home Builders (NAHB) highlights key elements pertaining to the housing market in its Eye on Housing blog.
NAHB worked closely with Democratic and Republican congressional leaders to ensure the recovery legislation addresses three major builder concerns:
1. Provides relief for small businesses from burdensome loan forgiveness requirements.
2. Helps struggling renters and landlords with dedicated rental assistance.
3. Assists HBAs that have largely been excluded from previous relief measures.
The final package covers these three areas and contains several other policy objectives that NAHB has championed, including a permanent minimum 4% credit floor on low-income housing tax credits that will allow multifamily developers to finance thousands of additional affordable rental units and an extension of temporary tax provisions for newly-built energy-efficient homes and for home owners who engage in remodeling activities.
The article also has links that provide more details advocated by the Association regarding tax-related provisions for the Paycheck Protection Program, Low-Income Housing Tax Credits, and the Employee Retention Tax Credit. Other links also provide more information about the $25 billion set aside for rental assistance and about improvements to the Payment Protection Program, such as access to those funds for home builder associations (HBAs).