Congress
Shutdown Countdown
Funding for the federal government was scheduled to run out on Friday, Dec. 7. On Thursday, Dec. 6 Congress passed a short term continuing resolution that funds the remaining seven appropriations subcommittee bills through Dec. 21. President Trump signed the bill on Friday, Dec. 7.
Lame Duck Session Update: Tax Bill and Appropriations
Congress returns this week after its Thanksgiving break with a full agenda. Priorities include extending funding for most federal agencies for FY 2019, which expires on Dec. 7, and a potential tax package. Chairman of the House Ways and Means Committee Kevin Brady (R-TX) released a tax bill that Congressional Republicans hope to pass during the lame-duck. The bill makes corrections to the Tax Cuts and Jobs Act of 2017, extends several expiring tax measures, includes disaster tax relief and makes changes to retirement and savings tax provisions.
Rep. Brady Announces Draft Tax Measure; Text to be Circulated Soon
House Ways & Means Chairman Kevin Brady (R-TX) has announced he has completed a draft tax measure to fix the “retail glitch” in the new tax law and address many tax extenders. The draft measure is expected to be circulated in the next few days. It is unclear at time of press whether any affordable […]
UPDATE: Mid-Term Elections & Its Impact on Affordable Housing
Like many of you, I was up late watching the returns from yesterday’s mid-term elections. As I write this we are still waiting for final results on several races, but a few things are becoming clear. The following are some of my first impressions on what the elections could mean for affordable housing and tax credit […]
Representatives Circulate NMTC Dear Colleague Letter
Representative Steve Stivers (R-OH) and Representative Jose Serrano (D-NY) are circulating a “Dear Colleague Letter” request support for a permanent NMTC extension before the end of 2018. The letter is addressed to Ways and Means Chair Kevin Brady (R-TX) and is intended for members who are not on the Ways and Means Committee. The deadline to sign […]
Senator Heller Introduces Senior Affordable Housing Tax Credit Act
On October 12, U.S. Senator Dean Heller (R-NV) introduced the Seniors Affordable Housing Tax Credit Act (S. 3580), legislation he authored to incentivize housing owners and developers to rent to low-income seniors. Heller’s proposed legislation would create a tax credit program that allocates credits to states, which, in turn, would be awarded to owners and developers […]
NH&RA Executive Director Recognized with NHP Foundation Advocacy Award
On October 16, NH&RA Executive Director Thom Amdur was recognized at the NHP Foundation 2018 Symposium & Dinner in Washington DC with their Advocacy Award. Additional honorees included, Senator Susan Collins, Representative Carlos Curbelo, Representative Suzan DelBene, Representative Jim Himes, former HUD Secretary Henry Cisneros, Michael Bodaken, President, National Housing Trust (1993–2018), Monica Mitchell, VP […]
Senate Committee To Hold Oversight Hearing on GSE Pilot Programs
The Senate Committee On Banking, Housing and Urban Affairs will meet in on October 18 to conduct a hearing entitled “Oversight of Pilot Programs at Fannie Mae and Freddie Mac.” The witnesses will be: Ms. Sandra Thompson, Deputy Director, Division of Housing Mission and Goals, Federal Housing Finance Agency; Mr. Timothy J. Mayopoulos, Chief Executive Officer, […]
IRS Publishes Early Release Draft of HTC Form; Clarifies Credit to Be Claimed at 4 Percent Per Year for Five Years
The Internal Revenue Services (IRS) has issued an updated Draft Form 3468 and Draft Instructions for the 2018 tax year. This is the form that taxpayers must submit in order to claim the federal historic tax credit, as well as several other investment and energy credits. Notably, the form answers a significant question coming out of tax-reform — […]
Rep. Mark Meadows Introduce Bill to Renew Opportunity Zone Incentive
Representative Mark Meadows (R-NC) has introduced H.R. 6890, the Creating Advancement and Personal Improvement in Targeted American Localities (CAPITAL) Act of 2018.
Senator Warren Introduces Expansive Affordable Housing Legislation
On September 25, 2018 Sen. Elizabeth Warren (D-Mass.), introduced the American Housing and Economic Mobility Act of 2018 which would dramatically expand funding for the for affordable housing. The measure aims to use federal funding as leverage to build up to 3.2 million new housing units for lower-income and middle-class families – bringing down rents […]
House Financial Services Committee Schedules GSE Reform Hearing on Sept. 27
The Committee on Financial Services will hold a hearing entitled “Oversight of the Federal Housing Finance Agency’s role as conservator and regulator of the Government Sponsored Enterprises” on Thursday, September 27, 2018, at 10:30 a.m. in room 2128 of the Rayburn House Office Building. This will be a two-panel hearing with the following witnesses: Panel […]