As Congress continues to work on the details of the next coronavirus (COVID-19) relief package, the National Association of Home Builders (NAHB) has outlined its priorities for the legislation. In a letter submitted to lawmakers, the NAHB said its initiatives will provide relief to American homeowners and renters, and small- and medium-sized residential construction businesses.
“The housing industry stands ready to lead this economy out of the COVID-19 related downturn, just as it has previously in countless other down periods,” James Tobin, executive vice president and chief lobbyist at the NAHB, wrote in the letter. “NAHB supports provisions that alleviate various financial and tax burdens on struggling American businesses and taxpayers; increase aid for state and local governments; and better invest in workforce development and career and technical education programs.”
In the letter, the NAHB requests expanded eligibility to the Paycheck Protection Program (PPP) so that spec home builders, land developers, multifamily property owners, and 501(c)(6) organizations are eligible to participate. The letter also asks for lawmakers to establish a permanent minimum 4% credit floor for acquisition and bond-financed projects through the Low-Income Housing Tax Credit.
The letter also requests lawmakers invest in workforce training and education training programs.
“The economic recovery legislation must prioritize workforce investment to rebuild the economy and get Americans back to work in the home building industry,” Tobin wrote. “Additional investments in federal workforce training programs - especially those benefiting our most vulnerable populations - will help job seekers gain the skills needed for well-paying, in-demand careers in residential construction.”