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Americans got some long-awaited good news when the U. S. Treasury recently announced that billions of dollars in monetary assistance that had in the past been set aside to help deal with the COVID crisis could be repurposed to help alleviate the ongoing housing affordability crisis in the United States. The Unidos. La truth is that even before the pandemic, housing costs and rents in many major U. S. markets were rising. The U. S. economy was out of reach for millions of Americans.
The disparity only widened after the COVID crisis eased and the Federal Reserve began raising interest rates to combat inflation. According to Reuters, only about $40 billion of the $350 billion set aside for the state and local fiscal stimulus budget remains unused, and the U. S. Treasury Department will now allow states to use that cash to build homes for others who make up to 120% of the region’s average revenue source.
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This represents a significant improvement over the previous limit, which reserved the budget for others representing up to 65 per cent of the median source of income in the area where the budget would be spent. It also underscores the fact that the housing affordability crisis in the U. S. It no longer affects only other people whose revenue streams are below the median revenue stream in their domain.
The Treasury Department’s announcement also means the budget can be used for entire projects that meet the needs of more than a dozen federal housing systems. An example would be to use the unspent budget of the Emergency Rental Assistance Program for other systems designed to build housing. stock, such as the purchase of land for new structures and the rehabilitation of existing properties.
According to recent estimates, only about $7 billion of the $49 billion initially earmarked for this program remains unused. Funds would also be set aside for Fannie Mae and Freddie Mac credit assistance to workers who provide important public services, such as nurses, teachers and firefighters.
Another vital provision of the Treasury Department’s updated policy will make the Federal Fair Housing Bank’s monetary increase a joint effort between the U. S. Department of Housing and Urban Development. U. S. Department of Housing and Urban Development (HUD) and municipal housing authorities. This program was relaunched in 2021 with the goal of making a $5 billion investment in the structure of 42,000 affordable apartments across the country over the next 10 years.
In a blog post detailing the revised policy, Deputy Treasury Secretary Wally Adeyemo said, “The lack of aid is contributing to driving up housing prices for American families. “
He said the new measures would have a “modest but significant effect on the U. S. housing sector. “The biggest task left for the agencies that will benefit from the Treasury Department’s revised policy will be to spend the money before it’s too late.
Most of the initial investment was set aside in 2021 as part of the American Rescue Plan Act and time is running out. By law, the entire budget will need to be committed to contracts or other binding completion plans through the end of 2024 and any cash money not spent through 2026 will go back to the federal government to be used on other projects.
Considering 2024 is an election year, it’s a gamble that Biden’s leadership will try to spend every penny. It is also very likely that the president and his supporters will go to great lengths to show the American people. exactly how and where your money has been spent. Why wouldn’t they? It’s a matter of use or lose the money, and each and every vote will count in what is expected to be a very close election.
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The post U. S. May Use Billions in Unspent COVID Aid to Help Alleviate Housing Crisis, published in Benzinga. com
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