President Joe Biden promised during his campaign to establish a $100 billion fund to construct and upgrade affordable housing. The Inflation Reduction Act doesn't address housing. We found his promise has been Stalled.
Although the Democrats have long sought to increase investment in affordable housing, that goal fell by the wayside as they negotiated provisions to earn the support of all 50 members in the Senate in a sweeping bill that includes tax, environment and health care provisions.for affordable housing. This would have put President Joe Biden on a path toward achieving his campaign promises on housing, including establishing a $100 billion fund to construct and upgrade affordable housing.
But those provisions do not appear in the Inflation Reduction Act, which passed the Senate on Aug. 7 with Vice President Kamala Harris' vote breaking a 50-50 tie. Will Fischer, senior director of housing and research at the Center for Budget and Policy Priorities, said the current legislation includes about $1 billion for affordable housing energy efficiency "but the large housing fund amounts in Build Back Better got left out of the final bill."
The funding is for energy and water efficiency and climate resilience in federally subsidized housing, all or almost all for renters. It can be used for projects that improve energy or water efficiency or enhance indoor air quality or zero-emission electricity generation or low-emission building materials.
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