The U.S. Treasury Department plans to update rules to allow state and local governments to use unspent COVID-19 funds for eligible housing projects. The department has also expanded eligibility to support housing projects for families earning up to 120% of the area's median income. This move could unlock as much as $40 billion in unspent money from the State and Local Fiscal Recovery Fund.
To boost affordable housing projects, the U.S. Treasury Department plans to ease state and local government access to unspent COVID-19 funds. The Department said it will update rules to allow state and local governments with remaining resources to use those funds on eligible housing projects , according to a recent statement. It has also expanded eligibility to support housing projects serving families earning up to 120% of the area's median income, a revision from 65% previously.
State and local governments may also use unspent money to fund Fannie Mae and Freddie Mac-supported affordable housing projects for teachers, firefighters, nurses and other workers, which are increasingly priced out of specific markets. According to a Reuters calculation, this move could unlock as much as $40 billion in unspent money from the $350 billion State and Local Fiscal Recovery Fund. The funds are part of the American Rescue Plan Act (ARPA) — a $
U.S. Treasury Department COVID-19 Funds Affordable Housing State And Local Governments Eligibility Housing Projects American Rescue Plan Act Unspent Money
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