Congress

Congress has less than 10 days to pass legislation and avoid a government shutdown – a task which could prove difficult.

The bipartisan bill aims to improve the Low Income Housing Tax Credit through a number of changes.

The “skinny” budget would cut HUD funding from $46.9 billion in FY-2017 to $40.7 billion – a 13.2 percent reduction.

The National Low Income Housing Coalition has composed a sign-on letter urging Congress to maintain funding for the National Housing Trust Fund, the only Federal Program designed to preserve and build housing for the lowest income bracket. NH&RA is proud to be a signatory on the letter and urges its members to sign on as well by the March 22 deadline. See below for a message from NLIHC:

Obtained preliminary budget documents from the Trump Administration reportedly outline a 14% cut for HUD – over $6B. Whether the obtained documents go into OMB’s final budget or not, plans for boosting defense spending by $54 billion, along with some Members of Congress proposing an even higher increase, will create budget consequences for programs like HUD.

President Trump has predicted tax reform to be in place by the end of the year, but there’s potential for it going into 2018.

The $1 trillion plan aims to create over 15 million jobs, and addresses issues including broadband internet, downtown revitalization, water and sewer, schools, roads and bridges, and also includes investments for public and affordable housing.

Treasury Secretary Nominee Steve Mnuchin was tepid towards both tax credit programs.

Dr. Ben Carson, the nominee for HUD Secretary, underwent a confirmation hearing before the Senate Committee on Banking, Housing, & Urban Affairs on January 12, 2017.

The New Markets Tax Credit Coalition is circulating a sign-on letter urging Congress to preserve the New Markets Tax Credit (NMTC) if tax reform moves forward. NH&RA has signed on and urges its members to do the same.

The position would mark Dr. Carson’s first time holding political office.

Look for Rep. Hensarling to continue efforts to replace Dodd-Frank with an alternative bill and make GSE reform a priority as well.