Although a final vote to reconcile the House and Senate versions is still ahead, the Biden administration’s $1.9-trillion American Rescue Plan is expected to contain numerous provisions important to commercial real estate generally and multifamily in particular. The Senate voted along party lines to narrowly pass its version of the bill late Friday night.
On its website, the National Multifamily Housing Council provides an analysis of key provisions pertaining to the industry, ranging from rental assistance to stimulus checks. The Senate version of the COVID-19 relief package would send stimulus checks to about 17 million fewer Americans than the House version.
While the Rescue Plan contains a provision that federal assistance be used for “necessary investments" in water, sewer, or broadband infrastructure, the Real Estate Roundtable continues to call for a standalone infrastructure plan. It’s part of a coalition calling for passage of such a plan by Independence Day 2021.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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