On December 27th President Trump signed the relief omnibus package, which includes $900 billion in COVID-19 relief and $1.4 trillion in government funding. Specifically, the bill includes the following affordable housing-related provisions:
- Permanent minimum 4% LIHTC rate for housing bonds issued after Dec. 31,
- additional allocation of $1.1 billion in housing tax credits for states impacted by disasters,
- $25 billion in rental assistance,
- $600 in direct stimulus checks for those who qualify,
- $300 per week in enhanced unemployment benefits through March, and
- $284 billion for a second forgivable Paycheck Protection Program (PPP) loan.
Rental assistance will be administered by the Treasury Department, with each state received at least $200 million. In addition, $800 million will be set aside for Native Americans, Alaska Natives, and Native Hawaiians, and another $400 million for U.S. territories.
Those renter households seeking assistance must have 2020 incomes at or less than 80% of the area median income (AMI), and states and localities must prioritize households earning at or less than 50% of the AMI or those who have been unemployed for 90 days.
The bill also extends the Centers for Disease Control and Prevention’s (CDC’s) eviction moratorium, which was set to expire on Dec. 31, through Jan. 31.