President Signs $1.9 Trillion COVID-19 Recovery Bill
On Thursday, President Biden signed into law the $1.9 trillion coronavirus relief package known as the American Rescue Plan Act. The COVID-19 relief bill was approved by the Senate last weekend and was sent back this week to the House this week, where it won final passage on a party-line vote on Wednesday.
Among the many provisions aimed at helping those who have been economically impacted by the pandemic, the recovery package includes billions in funding for housing and rental assistance, including:
- $21.5 billion for state and local governments to help low-income households pay missed rent, as well as funding for rent assistance and utility bill payments
- $10 billion to help homeowners pay their mortgages, utility bills and property taxes
- $5 billion to assist people at risk of homelessness
- $5 billion in emergency housing vouchers for those who are currently experiencing homelessness
Guidance on how you can apply for these forms of aid has not been released yet but is expected soon.
The relief bill also provides another round of economic impact payments ($1,400) to qualifying Americans. This is the third round of direct payments provided by the federal government in the past year—with this round of checks being more targeted than previous rounds. Qualified individuals will receive $1,400 in the coming days and weeks: This includes single tax filers making up to $75,000 per year, married couples filing jointly making up to $160,000, or head of households making up to $112,500. Individuals making $80,000 or more, married couples filing jointly making $160,000 or more, and heads of households making $120,000 or more will not receive an economic impact payment check.
The American Rescue Plan Act also extends a $300-per-week federal unemployment supplement through September 6. The first $10,200 of unemployment benefits received in 2020 will be tax-free for individuals with adjusted gross incomes below $150,000. In addition, the bill extends pandemic unemployment assistance for self-employed people and gig workers, and extend the length of time people can claim unemployment benefits. Individuals who have exhausted their state unemployment benefits will get an extension through September 6.
House Financial Service Committee Begins a Series of Hearings on Racial Equity on Access to Housing and Financial Services.
This week, the House Financial Services Committee (HFSC) will hosted a virtual hearing titled, “Justice for All: Achieving Racial Equity Through Fair Access to Housing and Financial Services”. In her opening remarks, Rep. Maxine Waters (D-CA), Chairwoman of the HFSC stated, “It is an unfortunate truth that such injustices persist today, including in the form of barriers that systematically exclude people and communities of color from fair access to housing and homeownership; from access to credit, capital and other financial services; and from opportunities to lead and direct economic policy at the highest levels of the United States government and major corporations,….All of these barriers have drastically curtailed opportunities for communities of color to build wealth and thrive in our society.”
A recording of the hearing is available HERE and Committee Memorandum HERE.
Next week, on Thursday, March 18, 2021 at 10:00 a.m. EST, the HFSC Subcommittee on Diversity and Inclusion, will host a hearing to take a deeper dive into leveling the playing field for all in terms of access to credit and affordable homeownership. The hearing, “By the Numbers: How Diversity Data Can Measure Commitment to Diversity, Equity, and Inclusion” will examine key initiatives and measures that can be taken to promote financial and economic inclusion for all. All hearings are livestreamed HERE .
Marcia Fudge Sworn in As HUD Secretary
This week, Congresswoman Marcia Fudge was sworn as the Secretary of HUD. In her recorded remarks to the agency, Secretary Fudges states:
“A good home shapes nearly every part of our lives. It’s where we start and end each day. It’s where we raise our families and come together in times of joy. It’s where we find shelter and comfort during times of hardship. The past year has reminded us just how important it is to have a safe and stable place to call home. But, right now-for millions of Americans-that sense of security and peace of mind is out of reach.
Our country has an immense responsibility-and profound opportunity-to address the housing crisis facing so many people. To provide relief for those struggling to pay their rent or mortgage as a result of the pandemic. To ensure every American experiencing homelessness has a roof over their head. To revitalize our communities-and help more Americans achieve their dream of homeownership. To break down the barriers of injustice that still limit the futures of far too many young people.
Every community faces unique challenges that require its own unique solutions. We all want and deserve the same basic things: a safe place to live and an opportunity to succeed with dignity, with grace, and with hope. I’m Marcia Fudge-and I’m honored to serve as the 18th Secretary of Housing and Urban Development. I am proud to join a group of public servants who work with compassion and determination to change the lives of those in need. And I can’t wait to get started.”
Secretary Fudge’s recorded remarks are available HERE and HUD’s press release HERE.