NAHB Pushes Housing Priorities in Next Coronavirus Relief Package
As Congress begins work on its next coronavirus relief package, NAHB is urging lawmakers to include several provisions in the legislation that will provide relief to American home owners and renters, along with small and medium-sized residential construction businesses and multifamily owners and developers.
NAHB recently sent a letter to House and Senate leaders urging lawmakers to:
– Expand eligibility to the Paycheck Protection Program (“PPP”) so that spec home builders, land developers, multifamily property owners and 501(c)(6) organizations that include state and local home builders associations are eligible to participate in this loan program and to have their loans forgiven.
– Include emergency rental assistance to families who have significant or full loss of income as a result of the pandemic. Rental assistance funding will not only help tenants affected by the pandemic but also small business multifamily property owners who must continue to pay their mortgage, property taxes, employees and cleaning/maintenance services as well as meet other financial obligations.
– Establish a permanent minimum 4% credit floor for acquisition and bond-financed projects through the Low-Income Housing Tax Credit.
– Invest in workforce training programs and career and educational training programs that will help job seekers gain the skills needed for well-paying, in-demand careers in residential construction.
– Increase aid for state and local governments impacted by the COVID-19 crisis. Without federal aid, critical government services — such as planning approvals, building permits and timely inspections — are at risk of being curtailed or eliminated, resulting in construction delays and increased costs to home buyers.
– Oppose changes to the Net Operating Loss (“NOL”) provisions established by the CARES Act.
View the letter to lawmakers.
Source: National Association of Home Builders