Omnibus Passes With Real Estate Provisions

On Friday, December 23, the U.S. House of Representatives passed the FY 2023 Omnibus spending package, narrowly avoiding a shutdown and funding the federal government through September 30, 2023. The $1.7 trillion spending package includes funding for agency programs and initatives important to real estate, including: 

• Reauthorizing the National Flood Insurance Program (NFIP) through September 30, 2023; 
• $86 million for HUD Fair Housing activities; 
• $1.5 billion for HUD's HOME Investment Partnership Program, which provides grants to fund housing-related activities; 
• $85 million for grants to states and localities that remove barriers to the creation and preservation of affordable housing; and
• $130 million in new funding for Section 8 Housing Choice Vouchers.

Download a full list of the top real estate-related provisions in the Omnibus bill.