A $900 billion economic relief package approved by the House and Senate on Dec. 21 includes key provisions that NAHB championed. President Trump signed the measure into law six days later on Sunday, Dec. 27.
NAHB worked closely with Democratic and Republican congressional leaders to ensure the recovery legislation addresses three major builder concerns:
- Provides relief for small businesses from burdensome loan forgiveness requirements.
- Helps struggling renters and landlords with dedicated rental assistance.
- Assists HBAs that have largely been excluded from previous relief measures.
The final package covers these three areas and contains several other policy objectives that NAHB has championed, including a permanent minimum 4% credit floor on low-income housing tax credits that will allow multifamily developers to finance thousands of additional affordable rental units and an extension of temporary tax provisions for newly-built energy-efficient homes and for home owners who engage in remodeling activities.
The legislation also includes other important provisions that:
- Extend all pandemic unemployment benefits expiring at the end of December through March 14, 2021.
- Extend weekly enhanced federal unemployment payments (paid out on top of regular UI benefits) of $300 per week through March 14, 2021.
- Provide a direct payment of $600 to most Americans.
View further analysis on the following areas of the $900 billion rescue package:
You can also access NAHB’s complete listing of Coronavirus Response and Recovery resources on nahb.org.