February 05, 2010

On February 4, Senate Majority Leader Harry Reid (D-NV) announced that he expects the Senate to work February 8-12 on the first of several jobs bills he hopes the Senate will consider this year. Reid said he hopes the Senate will complete action on the jobs bill by February 12, when lawmakers are scheduled to start the Presidents Day recess.

While details of the bill are not yet available and may still be in flux, congressional staff say it will include an extension of the Housing Credit Exchange program, an extension of the Build America Bonds program, and tax credits for single-family and multifamily housing owners that make renovations to reduce their energy bills.

While Senate staff say it is not likely that other Housing Bond and Credit provisions will be included in the jobs bill the Senate is likely to consider next week, staff say they are considering NCSHA's other Housing Bond and Credit priorities for possible inclusion in future jobs bills leaders hope to advance later this year. The changes they are considering include expanding the Exchange program to include 4 percent and Disaster Credits, allowing investors to "carry back" Credit investments for five years, increasing investment incentives for community banks and closely held corporations paying tax under the individual income tax rules, extending the availability of the $11 billion in Housing Bond authority enacted in the Housing and Economic Recovery Act (HERA), and maintaining HERA's two-year 10 percent Housing Credit volume cap increase for an additional year in 2010.

The House Ways and Means Committee is also drafting legislation to promote employment and economic recovery for possible consideration in the next few weeks. Staff say they are considering NCSHA's Housing Bond and Credit priorities for possible inclusion in such legislation. Last year, the House passed an extenders bill containing a one-year Exchange program extension.