The U.S. Department of the Treasury released updated FAQs and a How-to Guide for Affordable Housing to increase the ability of state, local and tribal governments to use American Rescue Plan (ARP) funds to boost the supply of affordable housing in their communities.y is updating guidance to permit State and Local Fiscal Recovery Funds (SLFRF) to fully finance long-term affordable housing loans, including the principal of any such loans, subject to certain conditions. The guidance also expands presumptively eligible uses to include the development, repair, or operation any affordable rental housing unit that provides long-term affordability of 20 years or more to households at or below 65 percent  of the local area median income.