Congress

A coalition of twelve housing organizations has signed onto a letter sent by the National Council of State Housing Agencies (NCSHA) to Senate Majority Leader Harry Reid (D-NV) urging Congress to restore the Section 1602 LIHTC cash grant exchange program, which was excluded from the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, signed into law earlier this month.

Two pieces of legislation were passed by Congress last week and sent to President Obama for his signature.

On behalf of the entire staff at NH&RA, we wish you a happy and healthy Holiday season!

The U.S. House of Representatives has approved a full-year continuing resolution last week to fund the federal government through the remainder of FY 2011, which ends September 30, 2011.

Both houses of Congress and the White House are reportedly considering varying forms of legislation that could, among other things, extend expiring tax credits provisions.

The White House has announced that the framework agreement announced by President Obama on extending the “2001/2003 Bush Tax Cuts” for an additional two years will also secure a number of expiring business tax credits.

A recent post by the Center on Budget and Policy Priorities reports on the impact of proposed funding cuts to the Section 8 program.

Key Senate and House legislators are reported to be negotiating an omnibus spending measure.

Sen. Max Baucus (D-MT) has introduced the Middle Class Tax Cut Act of 2010. The legislation contains extensions of numerous affordable housing, new markets and renewable energy tax credit and bond programs.

U.S. Representative Keith Ellison (D-MN) on December 1 introduced the Rental Housing Revitalization Act (H.R. 6468), designed to support the restoration of the nation’s public housing infrastructure, simplify rental assistance programs and expand renters’ housing choices.

In yet another “wave” election, the Democratic Party has been swept out of the US House of Representatives as Congressional Republicans picked up approximately 60 seats (at time of press some final results are still in questions). The Democratic Party still maintains a majority in the US Senate. NH&RA will be providing additional coverage on the leadership and priorities of the next Congress in the upcoming weeks.

The National Housing & Rehabilitation Association is now accepting registrations for the 2011 Annual Meeting and Pre-Conference Symposium on New Markets Tax Credits, scheduled February 23-26, 2011 in Bonita Springs, Florida.