Congress

NH&RA hosted nearly 150 professionals at the 2013 Spring Developers Forum May 7-8 in Marina del Rey, CA. All conference materials, Power Point presentations, relevant articles, reports, memos, etc. are available for review.

The Senate Finance Committee has released a tax reform option paper about economic and community development provisions. The document is the sixth in a series of papers compiling tax reform options that Finance Committee members may wish to consider as they work towards reforming our nation’s tax system.

NH&RA member firm, Novogradac & Company, recently released a report entitled “Affordable Rental Housing after Tax Reform” which details the effect corporate tax reform could have on the equity raised from Low-Income Housing Tax Credits (LIHTC).

The House Ways & Means Committee recently held a hearing on federal tax provisions that affect residential real estate, including the low-income housing tax credit (LIHTC).

The staff of the Joint Committee on Taxation has released a report summarizing the various tax code breaks and incentives for residential real estate in advance of the upcoming House of Representatives Committee on Ways and Means public hearing entitled “Tax Reform and Residential Real Estate,” which is scheduled for Thursday, April 25, 2013 at 9:30 am.

Senators Charles Schumer (D-NY) and Robert Menendez (D-NJ) recently announced they are set to introduce the Hurricane Sandy and National Disaster Tax Relief Act of 2012. In addition, the Obama Administration recently sent a $60.4 billion supplemental spending request to Congress that details means for responding to Hurricane Sandy.

The US Senate recently confirmed Sally Jewell, the former CEO of Recreational Equipment, Inc. (REI), a sporting goods store, as Secretary of the Department of Interior (DOI) by a vote of 87-11.

The NH&RA Advocacy Archive was created to provide a one-stop-shop for NH&RA members who are interested in advocating to elected officials to support key affordable housing and tax credit programs. We have collected a variety of documents, reports, templates and best practices that should be helpful in this effort. Please note this is a work in progress–check back often as we add additional resources.

Conference materials are now available for the 2013 NCHMA Multifamily Housing Exchange and NH&RA’s New Markets Tax Credit Symposium, which took place in Washington, DC April 2-4.

NH&RA was thrilled to welcome over 250 participants to the Loews Miami Beach Hotel in South Beach for our 2013 Annual Meeting. All conference materials, Power Point presentations, relevant articles, reports, memos, etc. are available below under the relevant session titles.

The U.S. Senate on March 20 passed by a vote of 73 to 26 an amended version of the U.S. House of Representatives FY 2013 continuing resolution (CR), H.R. 933. The legislation provides funding for all federally funded agencies for the remainder of FY 2013, which ends on September 30, 2013.

U.S. Representative Keith Ellison (D-MN) recently re-introduced the Common Sense Housing Investment Act of 2013 (H.R. 1213) which would replace the federal mortgage interest deduction (MID) with a 15 percent non-refundable tax credit for all mortgages up to $500,000. Legislators expect that phasing out the MID would increase federal revenue by $196 billion over ten years.