INDIANAPOLIS – Prosperity Indiana applauds the U.S. House of Representatives for voting today to approve the Build Back Better Act, a $1.75 trillion economic recovery package that includes historic investments in community economic development.
With Friday’s vote, Congress is one step closer to enacting this legislation critical for an equitable recovery for Indiana’s communities. Of Indiana’s House Delegation, Representatives André D. Carson (D-IN-7) and Frank J. Mrvan (D-IN-1) joined the majority in voting for the bill, which next heads to the Senate for final approval.
“Prosperity Indiana thanks Rep. Mrvan and Rep. Carson for voting to approve the historic investments in affordable housing and community economic development in the Build Back Better Act,” said Executive Director Jessica Love. “These investments will help strengthen Indiana’s communities by making housing more stable, affordable, and available, and reinforcing an equitable recovery by increasing economic opportunities for low-income Hoosiers as well.”
The legislation includes robust funding for the Opportunity Starts at Home-Indiana campaign’s top priorities: $25 billion to expand rental assistance to over 300,000 households; $65 billion to preserve the nation’s deteriorating public housing infrastructure; and $15 billion for the national Housing Trust Fund to build and preserve over 150,000 affordable, accessible homes for households with the lowest incomes.
In addition, the Build Back Better Act passed by the House includes key investments to expand the stock of affordable housing, increase homeownership, and make housing more fair and affordable, including: $10 billion for the HOME Investment Partnership Program First-Generation Downpayment Assistance, $750 million in new funding for the Housing Investment Fund, part of the Community Development Financial Institutions Fund to provide competitive grants to CDFIs and nonprofit developers. The legislation also supports low income housing tax credits through $740 million in grants to nonprofits to develop, preserve, or rehabilitate housing; $1.2 billion for Section 24 grants to improve affordable housing units’ health, safety, climate, and disaster resilience; $1.7 billion to increase the energy efficiency of units; and $1.5 billion to keep at-risk projects viable. The bill also includes the provisions of the Neighborhood Homes Investment Act, originally co-authored by Senator Todd Young (R-IN).
The Build Back Better Act also advances community economic development for Indiana with investments that increase asset-building, shrink wealth gaps, and expand equitable economic opportunities. This includes expanding the Child Tax Credit to more than 35 million households nationwide, expanding the Earned Income Tax Credit for 17 million low-wage workers, and helping Hoosier families meet everyday challenges through increased childcare and universal pre-K, making college more affordable, and increasing paid leave.
Love said, “Prosperity Indiana urges Indiana’s Senators to do everything in their power to ensure these vital affordable housing and community economic development investments are promptly passed by the Senate, so that they can quickly help strengthen Indiana’s communities and improve Hoosiers’ lives.”
About Prosperity Indiana
Indiana Association for Community Economic Development d/b/a Prosperity Indiana builds a better future for our communities by providing advocacy, leveraging resources and engaging an empowered network of members to create inclusive opportunities that build assets and improve lives. Since its founding in 1986, Prosperity Indiana has grown to nearly 200 members from the public, private and nonprofit sectors.