Congress

Budget of the United States Government, Fiscal Year 2013 contains the Budget Message of the President, information on the President’s priorities, budget overviews organized by agency, and summary tables.

Senators John Rockefeller (D-WV), Olympia Snowe (R-ME), and Robert Menendez (D-NJ) released a proposed amendment to Senate Finance Committee Chairman Max Baucus’ (D-MT) proposed mark of the Highway Investment, Job Creation and Economic Growth Act of 2012. The amendment seeks to extend the New Markets Tax Credit (NMTC) for one year through December 31, 2012 at a level of $5,000,000,000.

In a preview of the Administration’s FY-2013 Budget (to be released on February 13), the Obama Administration has announced as part of its “Plan to Help Responsible Homeowners and Heal the Housing Market” that his budget will call for $1 billion to capitalize the federal rental housing trust fund.

House Ways and Means Committee Ranking Member Sander Levin (D-Mich) has indicated that he will reintroduce legislation to tax carried interest compensation at the same ordinary income tax rates.

On February 2, U.S. Senators Jim DeMint (R-SC) and Mike Lee (R-UT) introduced S. 2064, the Energy Freedom and Economic Prosperity Act (EFEPA), which would repeal all energy specific tax credits.

On Tuesday, February 7, the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity approved the Affordable Housing and Self-Sufficiency Improvement Act (AHISSA) (currently unnumbered) by a voice vote. AHISSA is the most recent iteration of the Section Eight Savings Act (SESA) and the Section Eight Voucher Reform Act (SEVRA).

For the last month, Congress has considered an appropriations minibus, H.R. 2112, to incorporate Fiscal Year 2012 spending bills for the U.S. Departments of Agriculture, Commerce, Justice, Transportation, and Housing and Urban Development, and related programs. On November 14, a House-Senate conference committee approved a compromise minibus measure in the form of a conference report.

For the past few weeks, the United States Senate has been considering an appropriations minibus, H.R. 2112, which includes the annual spending bills for Agriculture, Commerce-Justice-Science, Transportation, and Housing and Urban Development and multiple amendments therein. The Senate approved the legislation by a vote of 69 to 30 on Tuesday, November 1.

President Obama will release his administration’s FY-2013 budget proposal on Monday, February 13. In addition to proposing funding levels for critical affordable housing programs like Section 8 and HOME, the budget typically provides insight into administration policy proposals for the upcoming year.

The House Financial Services Committee has released an updated draft of voucher reform legislation, the Affordable Housing and Improved Self Sufficiency Act of 2011 (AHISSA) which is the new iteration of the Section Eight Savings Act (SESA) and the Section Eight Voucher Reform Act (SEVRA).

Representative Chris Gibson (R-NY) recently introduced the Irene and Lee Tax Relief Strom Recovery Act, H.R. 3769, which would increase the amount of Low-Income Housing Tax Credits (LIHTCs) to be allocated in states damaged by Hurricane Irene or Tropical Storm Lee in 2011.

The U.S. Green Building Council (USGBC) has released a report entitled “Better Buildings Through Executive Action” which is the second phase of a major effort by the organization and partners to encourage the Obama Administration to make full use of all available legal tools to improve the energy efficiency and sustainability of multifamily and commercial buildings.