NCSHA Blogs
House Passes Tax Reform Bill; Senate Committee Action Continues
The House of Representatives this afternoon passed its tax reform legislation, the Tax Cuts and Jobs Act, H.R. 1, which eliminates the tax exemption for private activity bonds, including Housing Bonds. The final vote was 227 to 205, with two Democrats absent. Thirteen Republicans voted against the bill along with all of the Democrats casting a vote.
FHA Report: Delaying Premium Increases Kept Mortgage Fund at Mandated Capital Levels
The Federal Housing Administration (FHA) released November 15 its 2017 Report to Congress on the financial status of its Mutual Mortgage Insurance Fund (MMIF). The report finds that the economic value of the MMIF, which finances FHA’s single-family loan programs, declined slightly in fiscal year (FY) 2017 but still remains above its statutorily mandated capital ratio of 2 percent.
HUD Announces VAWA Final Rule
On November 16, HUD published in the Federal Register the final rule implementing housing provisions under the Violence Against Women Reauthorization Act of 2013 (VAWA) as it applies to HUD programs. The rule codifies VAWA core protections across covered HUD programs to ensure individuals are not denied assistance, evicted, or have their assistance terminated because of their status as victims of domestic violence, dating violence, sexual assault and stalking, or for being affiliated with a victim.
Cordray to Leave CFPB by End of Month
Richard Cordray announced earlier today that he will step down as director of the Consumer Financial Protection Bureau (CFPB) by the end of this month. Cordray’s term was scheduled to end in mid-2018.
House Passes Legislation to Renew Flood Insurance Program
The U.S. House of Representatives yesterday passed legislation, the 21 Century Flood Reform Act, H.R. 2874, to reauthorize and reform the National Flood Insurance Program (NFIP). NFIP’s authorization is set to expire on December 9.
Senate Finance Committee Releases Modified Tax Reform Bill; House Prepares for Floor Tax Reform Action
Late last night, Senate Finance Committee Chairman Orrin Hatch (R-UT) released his Modified Chairman's Mark—the new version of the Senate tax reform legislation from which the Committee will work as it completes its mark-up this week. The Modified Chairman's Mark, like the previous version of the legislation, preserves the Low Income Housing Tax Credit and tax-exempt private activity bonds (PABs).
Ways and Means Committee Passes Tax Reform Bill; House Action Likely Later This Week
On November 9, the House Ways and Means Committee completed its mark-up of Chairman Brady's (R-TX) tax reform bill, the Tax Cuts and Jobs Act, H.R. 1, and reported the bill to the full House, which is expected to consider the bill this Thursday, November 16. The Committee did not adopt any amendments that would have changed the bill’s elimination of tax-exempt private activity bonds (PAB) or that would have modified the Low Income Housing Tax Credit statute, which the underlying bill also did not change.
Senate Finance Committee Begins Tax Reform Mark-Up
The Senate Finance Committee today began its mark-up of Chairman Orrin Hatch's (R-UT) tax reform legislation, called the Chairman’s Mark, this afternoon.
Senate Finance Committee Chairman’s Mark Preserves PABs, Housing Credit
The Senate Finance Committee just released its conceptual Chairman’s Mark, its version of tax reform legislation. In a major victory for NCSHA, it preserves both tax-exempt private activity bonds, including single-family and multifamily Housing Bonds, as well as the Low Income Housing Tax Credit.
