CARH’s BROADCAST EMAIL—Legislative Alert
Yesterday, the Senate passed by reconciliation, H.R. 5376, the Inflation Reduction Act (IRA) of 2022 (IRA), formerly referred to as the Build Back Better (BBB) Act. As has been reported over the last several months, the legislation that was likely to pass the Senate, would be a scaled down version of the proposed BBB, meaning the historic levels of funding for affordable housing, particularly rural housing would likely be deleted. The final bill which passed the Senate yesterday does not have funding for affordable housing programs nor enhancements to the housing credit and housing bond programs.
Holland and Knight, LLP, released a detailed summary of the IRA that should answer many questions regarding the final Senate bill. The House is scheduled to vote on, and expected to pass, the bill on Friday. It will then go to President Biden, where the White House has indicated he will sign the bill into law.
Please contact the CARH national office at carh@carh.org or 703-837-9001 should you have questions or concerns. For other news and information affecting the affordable rural housing industry, please visit the Newsroom on CARH’s website, www.carh.org.