Congress

The U.S. Senate voted to adopt on SA 161 on February 4. Offered by Senator Kit Bond (R-MO) this amendment to the HR1: The American Recovery and Reinvestment Act of 2009 would provide $2,000,000,000 in gap funding for LIHTC projects to be available through September 30, 2011. There are several amendments still waiting to be considered that could impact the LIHTC Program.

The U.S. Senate Finance Committee on January 27 by 14-9 approved the tax component of the economic stimulus bill, after adopting a number of amendments to the original “Chairman’s mark.” The approved package proposes approximately $522 billion in tax cuts and tax incentives including many intended to save or create jobs and bolster the national economy.

The National Housing & Rehabilitation Association along with more than 30 other organizations have signed and sent to Congress a letter outlining four specific proposed changes to the low-income housing tax credit program and asking that they be included in the final economic stimulus bill that lawmakers are now crafting.

In an interview reported by the Boston Globe, U.S. Representative Barney Frank indicated he wants the government to spend $10 billion on stalled low-income housing tax credit projects unable to secure equity.

The U.S. Senate Banking Committee held a confirmation hearing for Shaun Donovan, President-elect Barack Obama’s choice for Secretary of the U.S. Department of Housing and Urban Development.

After adopting several amendments, the House Appropriations Committee approved HR 352 on a vote of 35-22. The measure is scheduled to be marked-up by two additional committees before being voted on by the full House of Representatives.

The US House of Representatives has released the text for its economic recovery bill. The measure has not yet been assigned a bill number. The measure contains many items advocated for by NH&RA and our Council for Energy Friendly Affordable Housing.

The NH&RA Affordable Housing Developers Conference and Annual Meeting is the premier event for affordable housing and tax credit professionals. This year we are meeting March 11-15 at the Ocean Reef Club in Key Largo, Florida. Drawing a regional and national audience””this year’s program promises to be one of the compelling yet…

New York Gov. David Paterson and several other governors recently sent a letter to President-elect Obama and Vice President-elect Biden that proposes an agenda for federal aid to states to be included in any future comprehensive economic recovery package.