NAHREP Applauds the Passage of the Build Back Better Act in the House of Representatives
The act promotes homeownership, entrepreneurship, eases the housing inventory crisis and takes steps toward fixing our broken immigration system
WASHINGTON, D.C.—November 19, 2021— The National Association of Hispanic Real Estate Professionals® (NAHREP®) applauds the U.S. House of Representatives for taking the important step of passing the Build Back Better Act earlier today.
The Build Back Better Act is a massive piece of legislation that addresses a number of key issues that are critically important to NAHREP’s mission of advancing sustainable Hispanic homeownership, including a historic $140 billion investment in housing and community development.
Highlights from the bill include:
Tackling housing inventory shortages: The bill would allocate $1.75 billion towards the Housing Supply and Affordability Act. The Act includes the groundbreaking Unlocking Possibilities program, an initiative geared toward dismantling exclusionary zoning and enhancing community development strategies—ultimately boosting our nation’s housing inventory.
Down payment assistance: The bill provides $10 billion in a first of its kind down payment assistance program for first generation homebuyers, opening the door for more Latino families to build generational wealth through homeownership.
Support for small businesses: The Build Back Better package includes a $1 billion financial assistance program that creates a network of incubators to support startups and small businesses in underrepresented communities.
Addressing supply chain disruptions: The bill provides $5 billion to address our supply chain disruptions, including mapping and monitoring supply chains, establishing best practices and providing grants to boost supply chain resilience.
Immigration reform: The inclusion of immigration reform in the Build Back Better Act is another historic achievement. While there is no pathway to citizenship, the bill provides deportation protections, recognizing that immigrants are vital to the U.S. labor force. In addition, the bill would provide $2.8 billion to the U.S. Citizenship and Immigration Services (USCIS) to address the visa processing backlog.
“We applaud the House of Representatives on passing the Build Back Better Act. We strongly urge the Senate to act swiftly on passing this vital piece of legislation,” said Sara Rodriguez, NAHREP President.
The National Association of Hispanic Real Estate Professionals® (NAHREP®), a nonprofit 501(c)6 trade association, is dedicated to advancing sustainable homeownership for the Hispanic community in America. NAHREP has a network of over 40,000 real estate professionals and 100 local chapters nationwide, hosting several national events per year and publishing multiple industry cornerstone reports annually. Join us in advocating for policies that grow sustainable Latino homeownership, read our 2021 policy priorities here. Also, see the NAHREP Hispanic Homeownership by Congressional District Tool which measures Hispanic homeownership by U.S. congressional district, allowing constituents, advocates, policy makers, and lending and housing professionals to evaluate district performance at a glance. Watch the Hispanic homeownership short film!
Katherine Wood, PR & Communications Specialist