The U.S. Department of the Treasury announced new guidance Wednesday to increase the ability of state, local, and tribal governments to use American Rescue Plan (ARP) funds to boost the supply of affordable housing in their communities.
- Treasury has released updated FAQs, which include new guidance (2.14 and 4.9) on affordable housing development. Additionally, see page 2 for a guide to what's new in our broad set of FAQs for the program. As the press release (link below) notes, the guidance released takes two additional steps: (1) increasing flexibility to use SLFRF to fully finance long-term affordable housing loans and (2) expanding presumptively eligible affordable housing uses to further maximize the availability of SLFRF funds for affordable housing.
- Treasury has worked with the Department of Housing and Urban Development to publish a How-to Guide for Affordable Housing. The purpose of the guide is to assist recipients in implementing their funds for affordable housing. It provides a summary of relevant SLFRF guidance and provides information on ways recipients can combine different sources of federal funds.
Click here to view the full release.