Congress

President Obama is slated to release his FY-2012 Budget on February 14; however, news of budget priorities is beginning to be released. Last week the White House announced that the budget would fully fund the New Markets Tax Credit program at $5 billion.

On January 25, Senator Mary Landrieu (D-La.) introduced a bill (S. 30) to extend by one year the placed-in-service date for low-income housing tax credit rules applicable to Gulf Opportunity (GO) Zone properties.

The House Financial Services Committee Subcommittee on Capital Markets Chairman Scott Garrett announced today the Subcommittee will convene a hearing on reforming Fannie Mae and Freddie Mac.

The House Financial Services Committee Subcommittee on Capital Markets Chairman Scott Garrett announced today the Subcommittee will convene a hearing on reforming Fannie Mae and Freddie Mac. The hearing will be held on Wednesday, February 9th at 2:00 p.m.

Joseph Smith, President Obama’s nominee to run the Federal Housing Finance Agency (FHFA), has withdrawn his nomination after strong opposition from Republican Senators.

The U.S. Treasury Department’s report to Congress on the future of Fannie Mae and Freddie Mac will be delivered in mid-February, rather than by January 31, as mandated by the Frank-Dodd law enacted in July of last year.

The U.S. Senate today passed the $858 billion legislative tax package by a 81 to 19 vote. Senate Majority Leader Harry Reid (D-Nev.) this week introduced the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, a bill to extend the “Bush Tax Cuts,” as well as a number of tax credit programs that were modified by the American Recovery and Reinvestment Act (ARRA).

The 2011 CDFI Institute will take place on March 1-2 at the Embassy Suites Hotel ““ Convention Center in Washington, DC.

On January 4 the President signed Public Law the Section 202 Supportive Housing for the Elderly Act of 2010 (P.L. 111-372).

The U.S. House of Representatives’ Ways and Means Committee Chairman, Rep. Dave Camp (R-MI) recently announced that the committee will hold the first of several hearings on fundamental tax reform this Thursday,

The National Commission on Fiscal Responsibility and Reform has released a draft proposal to reduce the federal debt and overhaul the tax code.

The Senate and House of Representatives have adjourned sine die and will convene for the 112th Congress on Jan. 5, 2011.