Negotiators Advance Third Coronavirus Aid Package

Senate Majority Leader Mitch McConnell (R-KY), Senate Minority Leader Chuck Schumer (D-NY) and Treasury Secretary Steven Mnuchin have reportedly reached an agreement on nearly $2 trillion emergency relief package in response to the coronavirus pandemic, which contains:

  • $500 billion in loans for corporations impacted by coronavirus to be overseen by an inspector general and congressional panel;
  • $150 billion in loans for state and local governments;
  • $150 billion in loans for hospitals;
  • $367 billion in loans for small businesses;
  • Four months’ worth of income via unemployment insurance for workers that are furloughed or lose their job due to the coronavirus crisis;
  • Direct payments to individuals and families based on 2018 income;
  • $1.25 billion for Tenant-Based Rental Assistance;
  • $1 billion for Project-Based Rental Assistance;
  • $685 million for Public Housing Operating Fund;
  • $300 million for Native American Programs;
  • $65 million for Housing Opportunities for Persons with AIDS;
  • $5 billion for the Community Development Block Grant;
  • $4 billion for Emergency Solutions Grants;
  • $50 million for Section 202; and
  • $15 million for Section 811.

The Senate is still in session, while the House is in recess and most Representatives are in their districts. The Senate is poised to vote on the package in the next few days and the House hopes to pass the bill remotely via unanimous consent, a procedural tactic that could be upended by just one dissent. If they are unable to pass the bill via unanimous consent, lawmakers will need to travel to Washington to vote in person.

The additional HUD appropriations will go far to ensure stability for HUD-assisted households and properties in this time of crisis. While we are disappointed that LIHTC enhancement and deadline relief provisions advocated for by NH&RA were not included in the bill, we are optimistic that they will be included in the next aid package. This story outlines the legislative and regulatory asks from members of the housing industry.