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This legislation also sets aside a 75 percent increase via the HUD budget to the Choice Neighborhoods Initiative, which aims to revitalize low-income housing and distressed communities.
NMHC Viewpoint: Our nation needs to build an average of 328,000 new apartment homes each year through 2030 just to keep up with current demand— and in doing so, help ease the housing affordability crisis felt nationwide. We must deploy a holistic, exhaustive approach to address this challenge. But NMHC sees great value in both the CDBG and HOME programs to help us move the needle.
RENT ASSISTANCE
As part of HUD’s budget, $27.4 billion has been set aside for tenant-based rental assistance and $13.9 billion for project-based rental assistance.
NMHC Viewpoint: The public-private Section 8 housing choice voucher program could be the nation’s most effective affordable housing and community development tool. However, it is plagued with inefficiencies, onerous regulatory requirements and a flawed funding system. NMHC is pleased to see an increase in funding for this critical program, but lawmakers must also programmatic inefficiencies to ensure the program’s success by attracting private housing providers’ participation.
BROADBAND
Within the rural funding, the legislation invests over $550 million in the expansion of broadband service to provide among other provision, “economic development opportunities.” This is in addition to the $2 billion previously provided in Infrastructure Investment and Jobs Act.
As part of the Federal Communications Commission (FCC)budget,the legislation also includes an $8
million increase from the FY 2021 budget, bringing the Commission’s budget for this year to $382 million. The stated goal of these funds is “to support efforts to expand broadband access, improve the security of U.S. telecommunications networks, and administer billions in COVID relief programs.”
NMHC Viewpoint: NMHC has worked diligently over the past several years to advocate for funding and policies that will help breakdown the digital divide— particularly in our most underserved communities. As these funds are deployed, NMHC will continue to work with the policymakers to ensure multifamily properties receive the resources needed to ensure our residents maintain access to critical broadband resources.
HOUSING ACCESS AND OPPORTUNITY
Through this legislation, more than 300 Members of Congress identified specific projects to fund that support a variety of targeted housing, economic and community development investments.
HUD funds also increase supportive services for HUD-assisted households “to improve their connections to jobs, healthcare, and educational opportunities.”
NMHC VIEWPOINT
For decades, NMHC has advocated on a wide range of issues that impact housing affordability, supply, stability, quality and ultimately housing equity. By focusing on policies that strive to address housing affordability, equity and opportunity, policymakers and housing stakeholders have the ability to improve the appeal of housing as an asset class and drive much-needed investment and resources into our communities from the private sector.
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CS-8 APRIL 2022 - APARTMENT MANAGEMENT MAGAZINE