Billions in Unspent COVID Funds Now Available to Tackle Affordable Housing Crisis

Nearly $40 billion in unspent COVID relief funds can now be used to address the housing crisis by building affordable housing.

Funds can now help people earning up to 120% of an area's median income, increased from 65% previously.

Money can also be used for other federal housing programs like purchasing land and rehabilitating properties.

A HUD program to build 42,000 affordable units will get financial backing from the Federal Home Loan Banks.

Agencies must commit funds to projects by end of 2024 and spend by 2026, otherwise money reverts back to the federal government.