Throughout 2021, the home building industry spent over $3 million on lobbying, but despite its efforts, a $3.5 trillion reconciliation bill supporting federal housing may soon suffer some major cuts as it works its way through Congress, as reported by OpenSecrets.
Democratic party leaders have considered cutting $300 billion in federal housing aid in response to budget concerns from Senators Joe Manchin (D-W.V.) and Krysten Sinema (D-Ariz.), whose votes are needed to pass a domestic spending agenda.
Democratic party leaders are considering slashing $300 billion in federal housing aid that would go toward building new affordable housing, repairing public housing and creating new housing-based tax credits, POLITICO first reported.
The home building lobby, housing advocacy groups and some members of the Democratic Party are already railing against the potential funds change. They argue that the country’s affordable housing crisis should be a top priority in any social spending bill.
The U.S. housing deficit has jumped to an estimated 5.5 million units, according to a report by the National Association of Realtors, and housing prices continue to rise at record levels.