Sen. Chuck Schumer, President Joe Biden, Speaker Nancy Pelosi and House Ways and Means Chairman Richard Neal (Getty/Illustration by Kevin Rebong for The Real Deal)

Federal lawmakers are hashing out a $3.5 trillion spending plan that could include billions of dollars for new affordable housing and incentives for cities to combat exclusionary zoning.

The House Ways and Means Committee on Monday outlined a series of tax reforms to help pay for the plan, including increases to the corporate tax rate, capital gains taxes and a 3-percentage-point surtax on individuals making more than $5 million a year.

Lawmakers are still drafting the spending plan, with congressional committees submitting recommendations through the reconciliation process — a faster path to approval that avoids a Republican filibuster in the Senate.

Nothing is final, but several proposals on the table could affect real estate. Here are five to watch as the debate…

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