House Democrats Pass $3 Trillion Coronavirus Relief Bill
On May 15, House Democrats passed the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, 208-199, which would provide more than $3 trillion for coronavirus relief in programs across government agencies, including significant funding for affordable housing. The White House issued a formal veto threat against the legislation earlier in the process, and Senate Republicans rejected the bill, describing it as “dead on arrival.” House Democrats are hoping the bill will serve as a starting point for negotiations with Senate Republicans and the White House over the next round of coronavirus relief legislation.
The HEROES Act includes $100 billion for emergency rental assistance run through the Emergency Solutions Grant (ESG) program. The bill also directs the Secretary of the Treasury and the Federal Reserve System to provide liquidity to servicers of single-family and multifamily loans covered under the Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted on March 27. The HEROES Act eviction moratorium would apply to LIHTC renters and owners of multifamily properties would be eligible for forbearance for the same 12-month period.