May 18, 2024

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Congress’ Spending Bill Has Some Housing Wins

2 min read

Congress passed a monthly bill that retains government functioning via the fiscal 12 months. It also extends flood insurance policies to Sept. 30 and adds $85M to raise truthful housing.

WASHINGTON – Congress handed a prolonged-awaited bill late Thursday evening to fund the government by way of the remainder of the fiscal yr, sending it to President Joe Biden for his signature.

The $1.5 trillion bipartisan offer retains the federal government functioning by means of Sept. 30 and involves income for priorities the National Affiliation of Realtors® (NAR) supports, this sort of as housing programs, rural broadband and area transportation projects. The bill also reauthorizes the National Flood Insurance coverage Program (NFIP).

Because last Oct, the governing administration has relied on a collection of short-time period funding extensions though Congress labored toward a prolonged-phrase deal. Some highlights of NAR priorities in the bill include:

  • Flood insurance policies: Extends the NFIP by way of Sept. 30 and presents significant funding for communities to reply to and mitigate the impacts of upcoming disasters, with $276 million for flood mapping.
  • Broadband: Includes more than $550 million to grow rural broadband companies on best of broadband funding incorporated in the American Rescue Prepare and bipartisan infrastructure invoice last yr.
  • Honest housing: Has $85 million for reasonable housing functions, like the Division of Housing and Urban Development’s Truthful Housing Initiatives Software, Honest Housing Help Program, and Countrywide Truthful Housing Schooling Academy.
  • Violence In opposition to Females Act: Reauthorizes this laws and establishes the Violence Prevention Office at HUD. NAR was part of the original group of housing marketplace supporters that served craft the housing provisions of the invoice.
  • Transportation: Delivers the remaining funding to put into action systems and investing in the Bipartisan Infrastructure Framework, which handed in November.

NAR’s plan staff proceeds to review the 2,700-web page invoice and states it will offer further more perception in the coming days. | Newsphere by AF themes.