Wendy DiVecchio Chief Executive Officer | Las Vegas Realtors Website
Wendy DiVecchio Chief Executive Officer | Las Vegas Realtors Website
On March 15, 2022, President Joe Biden signed the Consolidated Appropriations Act of 2022. This $1.5 trillion omnibus spending package is set to fund the government through September 30 and includes several priorities advocated by the National Association of Realtors (NAR). These priorities encompass fair and affordable housing, flood insurance, and support for small businesses.
Shannon McGahn, NAR's chief advocacy officer, emphasized the importance of annual spending bills for their advocacy work: “Annual spending bills are the bread and butter of our advocacy operation. This measure contains all 12 appropriations bills that fund the government rolled into one package. We work throughout the year to ensure provisions important to the housing sector get the attention they deserve during this process.”
The NAR policy team has analyzed the extensive 2,700-page bill to highlight provisions critical to real estate. The real estate sector is significant as it supports nearly 20% of the economy.
Key components in this bipartisan package include:
- Affordable Housing: The bill allocates $398 million for related agencies such as NeighborWorks with $166 million earmarked to expand affordable housing options and bolster economic development.
- Rural Housing Loans and Rental Assistance: A provision of $30 billion in loan authority is included for rural single-family housing programs. An additional $1.495 billion is designated for rental assistance in rural areas.
- HUD and Rental Assistance: For fiscal year 2022, a total of $53.7 billion will be provided for HUD with an increase from last year’s budget, including significant funding for tenant-based rental assistance.
- Flood Insurance: The NFIP extension through September 30 includes $276 million dedicated to flood mapping efforts.
- Broadband Expansion: Over $550 million will be allocated to enhance rural broadband services.
- Fair Housing Initiatives: Funding of $85 million is designated for various fair housing activities.
Additional measures include reauthorization of the Violence Against Women Act with new initiatives at HUD and allocations exceeding $10 billion aimed at upgrading water infrastructure under transportation and infrastructure provisions.
The legislation also addresses other areas like reviving the EB-5 Visa Regional Center Program and increasing resources against money laundering while supporting underserved entrepreneurs through Small Business Administration efforts.
Further details on these provisions can be found in NAR's comprehensive report on real estate-related aspects of this legislative package.
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