House Budget Committee Build Back Better Text Updated

The House Rules Committee is met yesterday afternoon on President Biden’s social spending package. In advance, the panel released updated legislative text of H.R. 5376, the BUILD BACK BETTER ACT, although the final text will not come for some time.

Here are a few quick takeaways, relative to community development and CDFI eligible initiatives.  The plan would create several new competitive grants in which CDFIs would be eligible, including programs for land trusts, new affordable housing, first-time homebuyer down payment assistance, and the new Housing Investment Fund at the CDFI Fund. 

To read the White House overview and information regarding the Build Back Better legislation (H.R. 5376), please see here.