Congress has approved spending bills that will keep the government running through Sept. 30, 2020, the next fiscal year.
Of note to the housing community, the legislation will keep the National Flood Insurance Program
(NFIP) funded through next September. NAHB continues to work with Congress to achieve a long-term reauthorization of the NFIP that will keep the program fiscally sound and let builders provide safe and affordable housing.
The legislation also includes approved funding levels for the following key HUD and USDA programs for fiscal 2020:
- The Section 8 Tenant Based Rental Assistance program received $23.87 billion.
- The Project-based Section 8 program received $12.6 billion, an increase of more than $800 million from previous funding levels.
- The Community Development Fund (CDBG) received $3.43 billion.
- The Home Investments Partnership (HOME) program received $1.35 billion.
- The Section 502 Direct Loan program will be funded at $1 billion.
- The Section 502 Guaranteed Rural Housing Loan program will be funded at $24 billion.
- The Section 521 Rural Rental Assistance program received funding of $1.375 billion.
The bill also repeals several tax provisions of the Affordable Care Act opposed by Democrats and Republicans alike, including the Health Insurance Tax (HIT) – a sales tax on health insurance on nearly all plans – as well as the “Cadillac tax” on certain employer-sponsored plans.
Additionally, programs like Job Corps and YouthBuild that provide career technical training and educational programming for at-risk youth will both see a funding boost: the former is funded at $1.7 billion, an increase of $25 million; the latter, at $94.5 million, an increase of $5 million.
The Home Builders Institute (HBI), NAHB’s workforce training affiliate, has relationships with both programs to help provide education, career development, training and placement for careers in residential construction.
For more information, contact Jessica Hall
at 800-368-5242 x8253.