Congress

At press time the Economic Recovery Act was still in conference committee and specific text was not available; however, Congressional leadership has indicated that House a compromise has been agreed upon that will cost about $789 billion. Reports of housing provisions include…

The conference committee has released a summary of appropriations provisions in HR 1: The American Recovery and Reinvestment Act. The measure provides $311 billion in appropriations. Highlights include:

Please see the following summary of key provisions from the conference report of HR 1: The American Recovery and Reinvestment Act.

The United State Senate has approved HR1: The American Recovery and Reinvestment Act of 2009 on a vote of 61-37. The Congressional Budget Office reports that the current version of the measure would cost $838 billion over ten years. Only three Republicans voted in favor of the measure. The package now heads to a House-Senate conference to resolve differences between the two versions. A compromise measure is expected towards the end of the week. A summary of the key housing and tax credit related provisions include…

NH&RA New Markets Tax Credit Council is pleased to report that our sources indicate that that House & Senate Conferees have agreed to New Markets Tax Credit provisions from the Senate version of HR1: The American Recovery and Reinvestment Act of 2009.

Over the weekend Senate Democrats and several moderate Republicans negotiated a compromise version of HR1: The American Recovery and Reinvestment Act of 2009 that appears to be poised to pass the United States Senate on Tuesday. A key procedural vote to end debate on the measure passed the Senate on a 61-36 vote Monday evening (February 9).

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.