The details of the Senate compromise bill for the economic stimulus package have come out. Here are the portions that effect low income housing.
$2,000,000,000 of additional HOME funds to state housing finance agencies for investment in LIHTC projects needing additional financing to proceed.
$5,000,000,000 Public Housing Capital fund.
$250,000,000 HOME increased for other than LIHTC.
$1,500,000,000 homelessness prevention including rental assistance, utility assistance, relocation etc.
$2,132,000,000 assisted housing project based rental assistance.
$118,000,000 for assisted housing energy retrofits.
$100,000,000 for lead based paint removal.
$5,000,000,000 New Markets Tax Credit for 2008.
$5,000,000,000 New Markets Tax Credit for 2009.
Home purchase credit. 10% of cost up to $15,000. Available to anyone. No income limit. No repayment of credit. Recapture if dispose of house in 2 years. Basis reduction by amount of the credit.
The national housing advocacy community is pushing hard to get an initial capitalization of the National Housing Trust Fund. So far that is not included in the bill pattern. They note that the amount of money available to low income people is dwarfed by the $15,000 home purchase tax credit.
