Following a process laid out by Senate Majority Leader Chuck Schumer (D-NY), the Senate Committee on Banking, Housing and Urban Affairs released its portion of the Senate’s Build Back Better Act on December 9th. Also on December 9th, the Congressional Budget Office released its score (or cost estimate) of the Banking Committee’s portion of the bill. The bill mirrors the House Committee on Financial Services portion of the House-passed Build Back Better Act. These bills would provide $157 billion to various HUD housing and community development programs, including funds for new project-based rental assistance, new Section 202 housing, new housing through the Housing Trust Fund and HOME programs, and preservation funding for both public housing and privately-owned multifamily housing. Other Senate committees, which have jurisdiction over other portions of the large bill, are still finalizing their pieces to ensure they comply with the arcane reconciliation process being used to enact the package without any Republican support. Majority Leader Schumer said he’s hopeful for a Senate floor vote on the entire package before Christmas. Read the CBO score of the Banking Committee’s portion of Build Back Better here.
