News

At press time the Economic Recovery Act was still in conference committee and specific text was not available; however, Congressional leadership has indicated that House a compromise has been agreed upon that will cost about $789 billion. Reports of housing provisions include…

The conference committee has released a summary of appropriations provisions in HR 1: The American Recovery and Reinvestment Act. The measure provides $311 billion in appropriations. Highlights include:

Please see the following summary of key provisions from the conference report of HR 1: The American Recovery and Reinvestment Act.

The California Tax Credit Allocation Committee (TCAC) has issued a memo in response to public comments received with regards to proposed regulation changes to the 2009 low-income housing tax credit program. Pursuant to comments received, TCAC will offer a set of revised recommendations to Committee for consideration and adoption on February 25, 2009.

The Alabama Housing Finance Authority’s application cycle for 2009 low-income housing tax credits will include a mandatory online portion.

The United State Senate has approved HR1: The American Recovery and Reinvestment Act of 2009 on a vote of 61-37. The Congressional Budget Office reports that the current version of the measure would cost $838 billion over ten years. Only three Republicans voted in favor of the measure. The package now heads to a House-Senate conference to resolve differences between the two versions. A compromise measure is expected towards the end of the week. A summary of the key housing and tax credit related provisions include…

House Financial Services Committee Chair Barney Frank (D-Mass.) laid out the committee’s policy priorities for 2009 in a wide ranging press conference today, February 3. The agenda includes a number of affordable housing related items.

NH&RA New Markets Tax Credit Council is pleased to report that our sources indicate that that House & Senate Conferees have agreed to New Markets Tax Credit provisions from the Senate version of HR1: The American Recovery and Reinvestment Act of 2009.

The North Dakota Housing Finance Agency has published its final 2009 qualified allocation plan for its low-income housing tax credit program.

The U.S. Department of Housing and Urban Development is requesting public comment on a proposed 60-day delay of the effective date of a final rule entitled, “˜”˜Refinement of Income and Rent Determination Requirements in Public and Assisted Housing Programs.”

Over the weekend Senate Democrats and several moderate Republicans negotiated a compromise version of HR1: The American Recovery and Reinvestment Act of 2009 that appears to be poised to pass the United States Senate on Tuesday. A key procedural vote to end debate on the measure passed the Senate on a 61-36 vote Monday evening (February 9).

Freddie Mac has announced it financed $24 billion in multifamily whole loan and bond guarantee business in 2008, a more than 10 percent increase over its 2007 volume.