Congress approved a bill that will cover the government through fiscal 2023 for $1.72 trillion which will end on September 30, 2023. Out of this, $58.2 billion will go to the US Department of Housing and Urban Development (HUD) which is an increase of $4.5 billion above the fiscal year 2022.
HUD will use $85 million for a new “Yes In My Backyard” (YIMBY) grant program. This program is spearheaded by the National Association of Home Builders and will incentivize affordable housing production. Any state, local and regional jurisdictions that have improved inclusionary zoning practices, land use policies and housing infrastructure that has upped the supply of affordable housing will be rewarded by YIMBY.
Another $30.3 billion will go to Tenant-based Rental Assistance which will help over 2.3 million very low and extremely low-income households throughout the country. Fifty million of this will be used to broaden housing assistance for almost 12,000 low-income families. Project-based Rental Assistance will also receive $14.9 million for very low and extremely low-income households around the country as well. The HOME Investment Partnerships Program received $1.5 billion and the Community Planning and Development received $5.6 billion.
As for the Department of Labor funds, there were funds allocated to different programs. Workforce Innovation and Opportunity Act State Grants will be given $2.9 billion which is a $50 million increase from 2022. The Registered Apprenticeships will now receive $285 million, YouthBuild will get $105 million and Job Corps $1.76 billion.
