Congress Passes Massive COVID-19 Relief Omnibus Package

Article originally posted on Multifamily Executive on December 28, 2020

Congress has passed a last-minute deal with $900 billion in COVID-19 pandemic relief and $1.4 trillion in government funding for the rest of fiscal 2021. The pandemic relief and the omnibus package, which heads to President Trump for his signature, also contains big wins for Americans in need, including assistance for struggling renters, an extension on the eviction moratorium, and low-income housing tax credit (LIHTC) improvements.

One of the highlights of the bipartisan bill is the permanent minimum 4% LIHTC rate for housing bonds issued after Dec. 31. Affordable housing stakeholders have been advocating for this fixed rate for the past several years to help provide predictability to the marketplace and increase production by making more developments financially feasible.

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