Congress
Public Overwhelmingly Believes Housing Affordability Should Be A Top National Priority; Expects Congress and President To Take Major Action
The Opportunity Starts at Home campaign released the results of a national public opinion poll showing that the vast majority of the public (85 percent) believes that ensuring everyone has a safe, decent and affordable place to live should be a “top national priority.”
Senate Banking Committee Holds Two Hearings on Housing Finance Reform
On March 26 and 27 the full Senate Committee on Banking, Housing and Urban Affairs held hearing on Chairman Mike Crapo’s (R-ID) Housing Finance Reform Outline. At the March 26 hearing Chairman Crapo said he wants to “bring to a close the conservatorship era.” Former Acting FHFA Director Edward DeMarco stated that “the outline captures the consensus elements of prior reform proposals and serves as a solid workable foundation from which to develop legislation.” At the March 27 hearing Chairman Crapo said he “considers Housing Finance Reform to be a top priority for the Banking Committee this Congress” and that “the status quo is simply not a valid viable option.”
Upcoming Housing Related HFSC Hearings
The House Financial Services Committee will hold several upcoming hearings related to housing. Witnesses for the committee hearings are required to be published three days prior to event, excluding holidays and weekends. All hearings and markups will take place in 2128 Rayburn House Office Building and will be broadcast live.
President Trump Signs Memo on Housing Finance Reform
President Trump signed a memorandum that directs HUD and Treasury to draft administrative and legislative options for housing finance reform to be submitted to the President for approval as soon as practicable. HUD will prepare a reform plan for the housing finance agencies it oversees, and Treasury will prepare a reform plan for Fannie Mae […]
Senators Ask IRS for Clarification on PABs Use for Affordable Housing for Veteran
Six Senators sent a letter to Internal Revenue Service (IRS) Commissioner Charles Rettig requesting he issue a notice clarifying that affordable housing projects for veterans that comply with the LIHTC General Public Use criteria are also eligible for Private Activity Bonds (PABs). Sens. John Cornyn (R-TX), Catherine Cortez Masto (D-NV), Diane Feinstein (D-CA), Kamala Harris (D-CA) Mazie Hirono (D-HI) and Jacky Rosen (D-NV) argue that, “given that LIHTCs and PABs are designed to be used in tandem, the General Public Use criteria explicitly laid out in the LIHTC statue should apply to PABs as well.”
Sen. Warren Reintroduces Affordable Housing Legislation
Senator Elizabeth Warren (D-MA) and 17 other Members of Congress reintroduced the American Housing and Economic Mobility Act. The bill would invest about $475 billion in federal programs over a 10-year period to preserve or create more than 3 million housing units for low- and middle-income families. An independent analysis from Moody’s Analytics estimates that the investment would bring down rents by 10 percent and create 1.5 million new jobs. The bill would also change existing laws that protect discriminatory housing practices and lead to segregation.
Permanent Extension of NMTC Introduced in Senate, House
The New Markets Tax Credit (NMTC) Extension Act of 2019 was introduced in both the Senate (S.750) and House (H.R. 1680). The bill would permanently extend the NMTC and provide an annual inflation adjustment.
President’s FY 2020 Budget Released; Deep Cuts Proposed for HUD
President Trump released his proposed FY 2020 ‘skinny’ budget, “A Budget for a Better America: Promises Kept. Taxpayers First.” Overall, the budget proposes to cut HUD by $9.6 billion or 18% below 2019 enacted levels. These cuts are similar in magnitude to the proposed cuts in the President’s FY-2019 budget request.
Appleton, Calabria and Kurtz Nominations Advance in Senate
On Feb. 26, the Senate Committee on Banking, Housing and Urban Affairs approved the nominations of Seth Appleton to be Assistant Secretary of HUD’s Office of Policy Development and Research, Dr. Mark Calabria to be Director of the Federal Housing Finance Agency and Robert Kurtz to be Assistant Secretary of HUD’s Office of Public and […]
Senate Banking Votes on Calabria’s FHFA Nomination – Feb. 26
On February 26, the Senate Committee on Banking, Housing and Urban Affairs will vote on the nomination of Mark Calabria to lead the Federal Housing Finance Agency. The Committee will also consider the nominations of Seth Appleton to lead HUD’s Office of Policy Development and Research and Robert Hunter Kurtz to be the Assistant Secretary […]
FY 2020 T-HUD Appropriations, Spending Caps Letter
The Campaign for Housing and Community Development Funding is leading a sign-on letter urging Congress to lift FY 2020 spending caps and fund affordable housing and transportation programs at the highest levels possible. NH&RA signed the letter and encourages our members to consider signing-on as well. The deadline to sign-on is March 1, 2019.
Two House Committee on Appropriations Subcommittee Hearings
This week House Committee on Appropriations Subcommittees will hold two housing-related hearings. On Tuesday, Feb. 26 at 10 am the Financial Services and General Government Subcommittee will hold a hearing on “Leveraging Private Capital For Underserved Communities and Individuals: A Look Into Community Development Financial Institutions” in the Rayburn House Office Building, room 2362-A. On […]