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THE 2022 FEDERAL
PSPENDING PACKAGE WHAT IT MEANS FOR THE MULTIFAMILY INDUSTRY
resident Biden signed the federal • omnibus legislation into law on March
15 that will allocate funding to various parts of the government. Each time a government spending bill is brought
up, NMHC remains highly engaged
because its passage – or lack thereof – determines the funding for several key Departments,
Agencies and programs critical to our industry.
This year’s spending package includes 12 different bills that set forth $1.5 trillion in discretionary resources. Key highlights for our industry include:
• $53.7 billion in HUD funding – an increase of $4 billion above fiscal year 2021—which includes an expansion of housing choice vouchers and increased funding for key programs to develop and maintain affordable housing.
Industry-important extensions and modifications of both the EB5 and H-2B programs.
A reauthorization of the NMHC-supported Violence Against Women Act (VAWA) that includes key housing provisions.
The legislation also provides for funding related to infrastructure, broadband, and housing access and opportunity that could prove impactful to our industry. Use the drop-down feature below for a deep dive into key inclusions and NMHC’s viewpoint.
AFFORDABLE HOUSING
Included HUD funds allocate $10 billion for Community Planning and Development, which includes $3.3 billion for Community Development Block Grants (CDBG) and $1.5 billion for the HOME Investment Partnerships Program.
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APARTMENT MANAGEMENT MAGAZINE - APRIL 2022 CS-7