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$3 Trillion COVID-19 Relief Legislation Introduced, Includes Affordable Housing and Community Development Expenditures

Tuesday, May 12, 2020 - 11:45AM

House Democrats today unveiled a $3 trillion COVID-19 relief bill, their proposal for “Phase 4” of pandemic relief legislation. The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act would provide nearly $1 trillion to state and local governments to avert layoffs and $200 billion in hazard pay for essential workers. It also includes $1,200 direct payments to individuals. The legislation includes $100 billion in emergency rental assistance and more than $24 billion in other U.S. Department of Housing and Urban Development (HUD) funding, including $4 billion for tenant-based rental assistance, $2 billion for the public housing operating fund, $5 billion in Community Development Block Grant funding and $750 million for project-based rental assistance. The bill also provides $1 billion for the Community Development Financial Institutions (CDFI) Fund and $700 million in rural rental assistance, among other affordable housing and community development expenditures. The legislation also extends and expands the CARES Act eviction moratorium for 12 months. Speaker Nancy Pelosi said the House will vote on the legislation Friday.

For community development, affordable housing and renewable energy updates related to COVID-19, see Novogradac’s dedicated page.

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