NAHB outlines next relief package priorities
With Congress initiating work on the next coronavirus relief package, the National Association of Home Builders (NAHB) has put together a list of provisions it wants included in the legislation.
The NAHB said that its initiatives will provide relief to American homeowners and renters, along with small and medium-sized residential construction businesses and multifamily owners and developers.
Here’s a list of what the NAHB wants in the relief package:
- Expand eligibility to the Paycheck Protection Program (PPP) so that spec home builders, land developers, multifamily property owners and 501(c)(6) organizations that include state and local home builders associations are eligible to participate in this loan program and to have their loans forgiven.
- Include emergency rental assistance to families who have significant or full loss of income as a result of the pandemic. Rental assistance funding will not only help tenants affected by the pandemic but also small business multifamily property owners who must continue to pay their mortgage, property taxes, employees and cleaning/maintenance services as well as meet other financial obligations.
- Establish a permanent minimum 4% credit floor for acquisition and bond-financed projects through the Low-Income Housing Tax Credit.
- Invest in workforce training programs and career and educational training programs that will help job seekers gain the skills needed for well-paying, in-demand careers in residential construction.
- Increase aid for state and local governments impacted by the COVID-19 crisis. Without federal aid, critical government services — such as planning approvals, building permits and timely inspections — are at risk of being curtailed or eliminated, resulting in construction delays and increased costs to home buyers.
- Oppose changes to the Net Operating Loss (NOL) provisions established by the CARES Act.
The NAHB included its list of priorities in a recent letter to lawmakers.