On Tuesday, The United States Senate passed a $1 Trillion infrastructure bill that could transform the housing industry. The legislation now moves to the house where the future remains uncertain. However, the Senate’s bipartisan approval signals a win for the Biden Administration.
If the house approves, this would be the largest investment into America’s infrastructure in more than a decade. The Infrastructure and Jobs Act calls for billions in improvements nationwide. For example, bridges, roads, rails, transit, even broadband internet expansion are included in the legislation.
Infrastructure Bill Housing Industry Transformation?
The passage of the Infrastructure bill could also transform the housing industry. Among the priorities, the bill includes $55 billion worth of investments into America’s Water Supply. It also calls for $15 Billion in replacing lead pipes across the country. This on top of ongoing efforts to remove lead paint in existing public housing. Furthermore, the infrastructure bill calls for updates to existing public housing. Specifically, more than 500,000 homes will be built and renovated in low-income areas. The plan also calls for more than two million affordable homes and commercial buildings to be built and renovated over the next decade. These improvements will improve the lives of millions of Americans who live in public housing.
The U.S. Department of Housing and Urban Development Secretary praised the news. Earlier this year, Secretary Marcia L. Fudge tweeted examples saying “Housing is infrastructure.” Fudge will visit Birmingham on Wednesday.
During her visit, Fudge will highlight how the Biden Administration is working to improve the lives of Americans more affordable through the infrastructure bill. Fudge will highlight the improvements made to the housing industry. She will also address the lowered cost of childcare, prescription medication, and healthcare.
In addition to meeting with local and state leaders, Secretary Fudge will tour several public housing units in the magic city before returning to Washington, D.C.
You can learn more about the Infrastructure Bill and its expected impact on the housing industry here.