Congress

Joe Hagan, president and CEO of the National Equity Fund, Inc., is the new president of the Affordable Housing Tax Credit Coalition (AHTCC).

Representative Linda Sanchez (D-Calif.) has introduced legislation (HR 4687) to extend the 1602 exchange program to 4 percent credits. Representative Sanchez noted in a floor statement that “I am introducing this bill because our country cannot afford to let this valuable 4 percent tax credit program fall into disuse due to the economy’s downturn at a time when our country is in desperate need of more jobs and more affordable places for low-income families to live.

Senate Majority Leader Harry Reid has announced that he will push jobs legislation that will not include several tax credit extenders included in a draft bill previously circulated by Senators Max Baucus (D-Mont.) and Charles Grassley (R-Neb.), Chairman and Ranking Member of the Senate Finance Committee have released a draft Jobs Bill.

The United States Senate voted, 70-28, today (Wednesday, 2/24)to pass Senator Harry Reid’s (D-Nev.) Jobs Bill. The $85 billion bipartisan jobs proposal was negotiated by the Finance Committee chairman, Max Baucus, D-Mont., and the committee’s top Republican, Charles E. Grassley of Iowa.

The U.S. Government Accountability Office (GAO) released a new report in late January on the New Markets Tax Credit Program entitled, “Credit Helps Fund a Variety of Projects in Low-Income Communities, but Could Be Simplified.” In the report, GAO describes where and how community development entities (CDE) are using NMTCs to finance development in low-income communities and describes options for simplifying the NMTC program.

Senators Max Baucus (D-Mont.) and Charles Grassley (R-Neb.), Chairman and Ranking Member of the Senate Finance Committee have released a draft Jobs Bill. The $85 billion “˜”˜Hiring Incentives to Restore Employment Act” has not been assigned a bill number yet.

U.S. Representative Barney Frank (D-MA), chairman of the House Financial Services Committee, recently announced that the government-backed mortgage finance giants, Fannie Mae and Freddie Mac are likely to be abolished and replaced with a new system for housing finance.

You can now purchase individual audio recordings of select panel sessions offered throughout 2009. Mix and match sessions from any 2009 event on one convenient CD-ROM!

U.S. Representative Earl Blumenauer (D-OR) recently introduced the Renewable Energy Expansion Act (H.R. 4599), a bill that would allow taxpayers to receive a tax credit that functions as a direct payment for investing in or producing renewable energy.

Federal Housing Finance Agency (FHFA) Director Edward DeMarco recently sent a letter to ranking members of the House Financial Services Committee and Senate Banking, Housing and Urban Affairs Committee regarding the federal conservatorship of mortgage finance giants Fannie Mae and Freddie Mac

Snowed in? Washington, DC got over two feet of snow last weekend and we are looking at as much as another 10 inches of snow tomorrow – so much for living in the South! But just because we can’t dig our cars out doesn’t mean you can’t plan your trip for an upcoming NH&RA event in a much WARMER climate!

Financial Services Committee Chairman Barney Frank (D-MA) announced today the committee will hold a hearing on March 2 to begin the process of considering the future of housing finance. The hearing will focus on all the private and public entities that support the mortgage market, which include the Federal Housing Administration, Ginnie Mae, Fannie Mae, Freddie Mac, Federal Home Loan Banks, and private lenders and securitizers.