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ARRA Appropriations for HUD

The American Recovery and Reinvestment Act (ARRA) allocates substantial funding for housing-related initiatives through HUD. Key components include $4.2 billion for the Neighborhood Stabilization Program, $5 billion for the Public Housing Capital Fund, and $1.5 billion for Homelessness Prevention. Other vital programs involve support for energy efficiency in public housing, increased tax credits for homebuyers, and additional funding for Native American Housing Block Grants. These measures aim to stabilize the housing market, improve energy efficiency, and provide essential support for vulnerable populations.

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ARRA Appropriations for HUD

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  1. ARRA Appropriations for HUD • Neighborhood Stabilization Program - $4.2 billion in House, cut in the Senate compromise • Public Housing Capital Fund - $5 billion in both chambers • Public/Assisted Housing Stability and Energy Efficiency - $2.24 billion in both chambers • HOME Investment Partnerships Program - $1.5 billion in House, $2.25 billion (specified for LIHTC) in Senate • Native American Housing Block Grants - $500 million in both chambers • Homelessness Prevention Fund - $1.5 billion in both chambers • Assisted Housing Stability and Energy and Green Retrofit Investments - $3.5 billion in Senate • Lead Hazard Control in private low-income housing - $100 million in both chambers

  2. ARRA Housing-related Tax Provisions in the Senate Bill • Increases the homebuyer’s tax credit – what was previously a $7,500 credit for first-time homebuyers is expanded to a $15,000 tax credit for all homebuyers, so long as it is used to purchase a principal residence within the next year. This is intended to help reduce the large accumulation of homes on the market. • Low-Income Housing Tax Credit – accelerates use of tax credits for private investors. Intended to bring new private investors into the program.

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