Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, applauds the House passage of H.R. 5376, the Build Back Better Act, a historic piece of legislation that will provide unprecedented and long overdue investments in our nation’s housing infrastructure.
“After decades of disinvestment in our nation’s affordable housing programs, years of insisting that housing is infrastructure, and months of tough negotiations, the House has persevered today. I am immensely proud that the House has voted to pass the Build Back Better Act, and that this bill is now with the Senate for what I hope to be an imminent and easy vote in favor of the American people. We have worked tirelessly to secure more than $150 billion in housing investments in this bill, which will create or preserve more than one million homes that are affordable and accessible to families in need. These funds include:
$65 billion to address long overdue repairs and rebuild our nation’s public housing to be more climate resilient and energy efficient;
$24 billion for new Housing Choice Vouchers to support families struggling to afford their rent and help people escape homelessness and domestic violence;
$26 billion to create and preserve affordable and accessible housing to address the nation’s housing shortage; and
$10 billion in downpayment assistance to make the dream of homeownership possible for the millions of mortgage-ready first-generation homebuyers.
“I also have made sure that the bill includes $1.6 billion to grow minority-owned businesses.
“Rest assured that I will continue to fight tooth and nail, as I always have, until this historic, hard-fought piece of legislation lands on President Biden’s desk and is signed into law.”