Federal Advocacy Update: Build Back Better Plan

Last week, the House voted to pass a rule that will begin the process of advancing consideration of the Build Back Better Act, a plan that contains a historic $150 billion in proposed housing investments along with a nearly $12 billion historic expansion of the tax credit program. The plan includes funding for affordable housing production and preservation as well as rental assistance.

A vote on the Build Back Better Act is expected during the week of November 14.

The plan includes NPH’s top priorities, including:

• $25 billion to expand rental assistance to an estimated 300,000 new households nationally
  
  California Impact: Would serve 42,500 Households (about 107,200 people) [Learn more via Center on Budget and Policy Priorities: BBB Includes Major Investments in Housing Affordability]
  
  For more details of the $150 billion in housing investments in the Build Back Better Act, see the National Low Income Housing Coalition’s (NLIHC) full analysis: House Fails to Vote on “Build Back Better Act,” Delays Action to Week of November 14
   
• Lowering the bond threshold test from 50% to 25% for five years, from 2022 to 2026, so that affordable housing developments can use half of the amount of tax-exempt private activity bonds and twice as many can access 4% Low-Income Housing Tax Credits.
  
  California Impact: Would double affordable housing production, unlocking financing for tens of thousands of affordable homes across the state.
   
• Increasing the 9% Low Income Housing Tax Credit program by extending the temporary 12.5% increase from 2018, and increasing the allocation by 10% plus inflation for 2022-2024, an over 40% increase over current levels in 2024.
  
  California Impact: Would produce 136,100 rental homes in California, as well as over  200,000 jobs. [Learn more via Novogradac, and see state-by-state breakdown.]

Our Advocacy Works: The tax credit and bond threshold provisions were originally stripped from the bill in negotiations, but were added back in last week. We’ve heard that the many emails, articles, calls, and texts on this topic from Bay Area local elected officials and housing leaders like you were key to securing these provisions in the updated draft of the bill! 

BIG thank you to Speaker Nancy Pelosi and key California lawmakers for championing our affordable housing priorities in the Build Back Better Plan!

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