Treasury is relaxing access to COVID-19 aid to build affordable housing and expand eligibility for homes.
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.
stipulates that all state and local fiscal recovery funds must be invested in housing supply before the obligation deadline at the end of 2024, and funds must be fully expended by the end of 2026."Allowing state and local governments to spend unused COVID funding on affordable housing will have a remarkable impact on America's low-income workers," Justin Lundy, CEO of the audible real estate listing service Lundy said.
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