House Democrats Propose $3 Trillion Coronavirus Bill: $75 Billion For Housing

May 12, 2020

On Tuesday, House Democrats introduced the Health and Economic Recovery Omnibus Emergency Solutions Act or ‘‘HEROES Act." It's a 1,815-page piece of legislation geared toward additional COVID-19 relief with an estimated $3 trillion total price tag.

Key to the housing industry is $75 billion marked for housing assistance. According to the bill, this assistance will “address the ongoing needs of homeowners struggling to afford their housing due directly or indirectly to the impacts of the pandemic by providing direct assistance with mortgage payments, property taxes, property insurance, utilities, and other housing related costs.”

CNN reports that Republican U.S. Sen. Lindsey Graham (R-South Carolina) said the HEROES Act has no shot at Senate passage. “It’s got so much unrelated to coronavirus, it’s dead on arrival here,” said Graham.

In late April, President Trump signed the latest $484 billion stimulus package into law, aimed at boosting the nation’s small business sector that was impacted by the coronavirus pandemic.

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May 12, 2020

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