S. Con. Res. 14, the Concurrent Resolution on the Budget for Fiscal Year 2022, instructed some committees of the House of Representatives to recommend legislative changes, which would increase deficits up to a specified amount over the 2022‑2031 period. As part of this reconciliation process, the House Committee on Financial Services approved legislation on September 14, 2021, with provisions that would increase deficits.
The legislation would provide funding to the Departments of Housing and Urban Development (HUD) and Agriculture (USDA) to expand affordable housing by investing in public housing and rental properties, providing rental assistance, and making grants to assist certain low-income home buyers to obtain mortgages. The bill also would provide funding to the Department of the Treasury to support affordable housing for low-income families, the Small Business Administration to support minority and small businesses, and the Federal Emergency Management Agency for the National Flood Insurance Program.