Coming in at over 2,700 pages, the group of 22 bipartisan senate negotiators released their $1 trillion infrastructure legislative text. While the bill does not include any items from the Affordable Housing Credit Improvement Act, it does contain several housing-related provisions, including:
- $21 billion in environmental remediation to clean up superfund and brownfield sites, reclaim abandoned mine land and cap orphaned gas wells;
- $1 billion for a first-ever program to reconnect communities divided by transportation infrastructure. The program will fund planning, design, demolition and reconstruction of street grids, parks or other infrastructure;
- $65 million for broadband;
- $55 billion for clean drinking water initiatives; and
- Extending the ten basis points guarantee fee (g-fee) through 2032 for Fannie Mae and Freddie Mac securitized mortgages as a $21 billion pay-for.
The Senate will likely take up the bill this week, but first Senators will have the opportunity to file amendments. The Senate will likely not hold any votes on Friday, August 6 since several senators will be in Wyoming for the funeral of former Senator Mike Enzi (R-WY).
Meanwhile in the House, Speaker Nancy Pelosi (D-CA) has said the lower chamber will not take up the infrastructure package until the Senate also passes a reconciliation package, which is likely to include more housing provisions. At the moment, the House is in recess until September 20, but committee work will continue, and Speaker Pelosi could call Representatives back early for a vote. On July 20, 106 Democratic representatives sent a letter to Speaker Pelosi and House Minority Leader Kevin McCarthy (R-CA) urging them to include housing in the bipartisan infrastructure plan.