Congress

Last week, the Senate passed the Frank-Dodd Wall Street Reform and Consumer Protection Act (H.R. 4173) by a 60-30 vote. The bill is expected to be signed by President Obama this week.

On July 15, the Senate Appropriations Committee approved a USDA appropriations bill for FY 2011 that would increase funds for Section 502 direct and guaranteed loans.

Senator Mary Landrieu (D-La.) recently proposed a package of tax incentives designed to create jobs and provide much needed relief to small businesses and communities along the Gulf Coast in the wake of the oil spill.

NH&RA’s new Legislative Leadership Council, which met and organized on May 20, has defined its mission and strategy for making NH&RA and its councils more effective policy advocacy bodies. The Council, comprised of a small group of NH&RA members, will make recommendations to the full Association for specific legislative changes.

Last week the US House of Representatives passed the H.R. 4173, Wall Street Reform and Consumer Protection Act of 2009. Historic Tax Credit advocates achieved a major victory in last minute amendment that removed provision that would have seriously compromised a bank’s ability to invest in historic tax credits.

The U.S. House of Representatives amended and passed HR 4899 (The Supplemental Appropriations Act of 2010). Although previously passed by the Senate, due to House amendments, the Senate will need to reconsider the measure.

The House of Representatives Appropriations Subcommittee on Transportation, Housing & Urban Development has released the Chairman’s mark-up for its FY-2011 the HUD Funding Bill.

U.S. Senator Maria Cantwell (D-Wash) last week proposed an amendment to the pending tax extenders bill (H.R. 4213) that would extend Section 1603 renewable energy tax credit cash grant program through the end of 2012.

Alaska Governor Sean Parnell signed two bills last week that establish a statewide energy policy (S.B. 220) to stimulate the state’s economy by attracting renewable energy investment.

The U.S. House of Representatives has passed The FHA Reform Act of 2010 (H.R. 5072) on a vote of 406-4.

HUD has released its proposal to Congress for its Transformation of Rental Assistance (TRA) Program. The proposed legislation would authorize major changes to HUD’s rental assistance programs, aimed at rethinking the entire nature of rental assistance, making it more user-friendly, enabling more tenant mobility, facilitating more preservation and development.

The $350 million proposal would provide owners of public and HUD-assisted housing the opportunity to convert to Section 8 like property-based rental assistance contracts. This would provide owners an important new tool to sustain operations and leverage private financing to address long-term capital needs and implement energy-efficiency improvements. View the complete story for a section-by-section summary.

U.S. Senator Maria Cantwell (D-Wash.) recently introduced legislation (S. 3326, bill text not available at press time) that would extend for one-year the Section 1602 low-income housing tax credit (LIHTC) cash grant exchange program and expand the program to include 4 percent LITHCs. The “Job Creation and Affordable Housing Act” would also allow a 5-year carryback of the LIHTC.