This morning the White House released a fact sheet on the American Jobs Plan, a $2.25 trillion infrastructure proposal with several investments in housing:
- Build, preserve or retrofit more than 2 million affordable, accessible, energy-efficient and resilient homes with an investment of $213 billion through “targeted tax credits, formula funding, grants and project-based rental assistance;”
- Enact the Neighborhood Homes Investment Act to build and rehabilitate more than 500,000 homes for low- and middle-income homebuyers;
- Eliminate exclusionary zoning and harmful land use policies, and provide competitive grants to “jurisdictions that take concrete steps to eliminate such needless barriers to producing affordable housing;”
- Provide $40 billion to revitalize public housing;
- Provide funding for energy efficient upgrades in homes through block grants programs, the Weatherization Assistance Program, and home and commercial efficiency tax credits, as well as a $27 billion clean energy fund; and
- Provide $100 billion for broadband infrastructure with the goal of bringing “affordable, reliable, high-speed broadband to every American.”
The proposed plan requires that goods and materials be made in America and shipped on U.S.-flag, U.S.-crewed vessels, and requires that jobs pay prevailing wages and ensures “workers have a free and fair choice to organize, join a union and bargain collectively with their employers.”
President Joe Biden (D) is expected to give a speech in Pittsburg today at 4:20 p.m. ET to officially unveil the plan. Proposed pay-fors include an increase in the corporate tax rate from 21 to 28 percent and a “global minimum tax” on U.S. corporations. Given the bill’s tax increases, it will like advance through the partisan reconciliation process. Although there is a possibility of advancing individual, bipartisan portions of the bill through regular order.
