This week, the House and Senate Appropriations Committees voted to approve their respective budget proposals. Below is a brief update regarding how these proposals impact the Sadowski Affordable Housing Trust Fund.
House Appropriations Committee Approves Budget Proposal
The House Appropriations Committee voted on March 27 to approve the House budget proposal. The budget approved by the committee is consistent with the draft proposal that was released last week, which allocates a mere $123.6 million for affordable housing. It is important to note that the limited funds appropriated in the House budget are earmarked exclusively for Hurricane Michael Recovery. The House budget includes:
- $74.2 million for the Rental Recovery Loan Program to support the development of additional rental housing in hurricane impacted counties- similar to the State Apartment Incentive Loan (SAIL) program.
- $49.4 million for the Hurricane Housing Recovery Program to produce and preserve affordable housing for very low, low, and moderate income families in hurricane-impacted counties- similar to the State Housing Initiatives Partnership (SHIP).
Senate Appropriations Committee Approves Budget Proposal and Increases Funding
The Senate budget proposal that was released last week included $323.8 million for affordable housing. The budget that was approved by the Senate Appropriations Committee on March 27 includes a slight increase in funding for a total of $331.8 million. FAA is pleased to report the additional funding was allocated to the line item that funds the State Apartment Incentive Loan (SAIL) program, which provides low-interest loans for developers that produce affordable apartment homes. The Senate budget includes:
- $61.7 million for various programs including the SAIL program.
- $170.1 million for the State Housing Initiatives Partnership (SHIP).
- $100 million for affordable housing initiatives associated with Hurricane Michael recovery ($90 million for a SHIP-like program and $10 million for a SAIL-like program).
NOTE: The budget negotiation process is ongoing. Please stay tuned for future updates.