Congress returns this week from the Thanksgiving holiday and the votes are in from all but three races. Democrats will control the Senate (50-49) and Republicans will control the House (220 – 213). Georgia voters will elect their Senator in the December 6 runoff and two House seats remain uncalled in Colorado and California. Most year-end negotiations remain on hold while we await the outcome of the Georgia runoff.
Funding for FY 2023 expires on December 16, expect to see a short-term continuing resolution to fund the government through December 22 or 23, followed by a larger package that would fund the government through the end of the fiscal year in September.
NH&RA and our allies are working to include LIHTC provisions in year-end packages, including lowering the bond-financing test from 50 to 25 percent and restoring the lapsed 12.5 expansion of the nine percent LIHTC and expanding it further. Novogradac estimates that these two changes alone could finance more than 1.54 million additional affordable homes in the next ten years. Fifty-four House members signed a letter to House leadership urging the inclusion of these provisions in any year-end legislation and over 2,500 organizations and businesses signed another letter last week from the ACTION Campaign.