Congress

The Transportation, Housing, Urban Development and Related Agencies section of the CR contains a total of $55.5 billion, a $12.3 billion, or 18%, reduction from fiscal year 2010 levels, and a reduction of $13.2 billion, or 20%, from the President’s fiscal year 2011 request.

As you are all no doubt aware, it seems very likely that the Congress will not meet its deadline to pass a continuing resolution to fund the Federal Government. Congress still has until midnight tonight (April 8, 2011) to pass appropriations legislation. In the event that the government does shutdown, HUD’s activities will be severely constrained….

NH&RA is pleased to announce our Winter, Spring & Summer Calendar. Events including our Winter New Markets Tax Credit Symposium, 2011 Annual Meeting, Spring Policy & Underwriting Forum, Spring Developers Forum, Summer Institute and Summer New Markets Tax Credit Symposium.

The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises has voted to approve a series of bills aimed at winding down operations at Fannie Mae and Freddie Mac.

AHTCC has prepared an educational brochure intended to inform elected officials about the benefits of the Housing Credit program:

National Low Income Housing Coalition has provided on its website new data to provide snapshots of housing needs in each congressional district and state.

Senators Mary Landrieu (D-La.), David Vitter (R-La.), William Thad Cochran (R-Miss.) and Richard Shelby (R-Ala.) have introduced an amendment (Sen. Amendment 258) to S. 493 that would extend the placed in service date for low-income housing tax credit properties in the GO Zone until January 1, 2013.

U.S. Senator Mary Landrieu (D-LA) introduced on March 29 an amendment to S. 493 that would extend the placed in service date for low-income housing tax credit (LIHTC) properties in the Gulf Opportunity (GO) Zones. S.Amdt. 258 would extend the placed in service date for LIHTC properties until January 1, 2013.

U.S. Senator Debbie Stabenow (D-MI) recently introduced an amendment to S. 493 that would extend the Section 48C Advanced Energy Manufacturing Tax Credit program.

Earlier this month, ten rental housing industry organizations sent a letter encouraging the Senate to include sufficient funding to meet project-based Section 8 rental assistance contractual obligations for both HUD and the Rural Housing Service and ensure that those living in this housing are not displaced.

Today the White House released its FY-2011 Budget Proposal.

The Department of the Treasury’s FY-2012 Budget Proposal included two major changes to the low-income housing tax credit. The changes if enacted with create a basis boost for certain bond transactions and encourage owners to create more mixed-income housing.