Today, the Governor released his proposal for allocating the $5.7 billion in American Rescue Plan funds that includes $575 million in affordable housing funding. You can read more about the plan in detail here.
The housing funding includes:
- $460m for New Housing Development and Housing Rehabilitation;
- Gap financing to produce new housing (rental and single-family), convert existing housing to affordable housing, and provide direct financial assistance to housing projects adversely impacted by increased construction costs;
- Fund urgent repair and comprehensive rehab of vacant or substandard rental and owner-occupied housing; and
- These funds would require a match (80/20 for Tier 1 and 2 counties and 60/40 for Tier 2 counties).
- $40m for the Workforce Housing Loan Program; and
- $75m for down payment assistance
- $8,000 for eligible first-time homebuyers; and
- $15,000 for eligible first-time homebuyers who are public school teachers.
To learn about other pieces of the Governor’s proposal, you can look here. The General Assembly is also working this week on its proposal, and we will inform you as we learn more.
