- July 24, 2015
Senate leaders have removed a provision that would have rescinded unobligated Hardest Hit Fund (HHF) program funds from a transportation reauthorization bill (the DRIVE Act) that it is currently considering. NCSHA summarized the now-deleted provision in a blog post published yesterday.
- July 24, 2015
The U.S. Government Accountability Office (GAO) yesterday released its report on federal oversight of the Low Income Housing Tax Credit program, which concludes that there are deficiencies in the Internal Revenue Service’s (IRS) oversight of the program and recommends that Congress consider designating HUD as a joint administrator of the program.
- July 23, 2015
Last night, the Senate voted 62-36 to begin consideration of the DRIVE Act (H.R. 22), which would reauthorize the federal Highway Trust Fund and other surface transportation programs for six years. To pay for the reauthorization, the bill includes several provisions that impact HFAs and the housing market.
- July 22, 2015Senate Finance Committee Extends 9 Percent Housing Credit Minimum Rate and Establishes 4 Percent Minimum Rate for Aquisition
On July 21, the Senate Finance Committee approved legislation extending for two years various tax provisions that expired at the end of 2014, including the minimum 9 percent Housing Credit rate. The legislation also would establish for the first time a minimum 4 percent Credit rate for acquisition. The minimum rates would apply retroactively to the start of 2015 and prospectively for allocations made before January 1, 2017. The minimum 4 percent rate would not apply to bond-financed developments.
- July 16, 2015
On July 16, HUD published the Affirmatively Furthering Fair Housing (AFFH) final rule in the Federal Register. HUD published the AFFH final rule on its website on July 8, but the rule’s official publication is the date on which it appears in the Federal Register. The rule replaces the current Analysis of Impediments requirement with a new Assessment of Fair Housing requirement for HUD participating jurisdictions.
- July 15, 2015
July 14, the House of Representatives passed The Private Investment in Housing Act of 2015, H.R. 2997, by a vote of 395-28. The bill would authorize a pay-for-success demonstration program that leverages private funding to improve the water and energy efficiency of HUD multifamily developments.
- July 9, 2015
On July 8, Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) released reports from the five bipartisan working groups the Committee established earlier this year to develop policy options and recommendations for it to consider as part of comprehensive tax reform. The reports focused on individual income, business income, savings and investment, international taxes, and community development and infrastructure.
- July 9, 2015
On July 8, HUD published its much-anticipated Affirmatively Furthering Fair Housing (AFFH) final rule, which replaces the current Analysis of Impediments (AI) requirement with a new Assessment of Fair Housing (AFH) requirement for HUD program participants. HUD originally issued the AFFH proposed rule in July, 2013 in response to criticism by the Government Accountability Office (GAO), program participants, and fair housing advocates who felt that the AI process was ineffective.
- June 26, 2015
On June 22, HUD published new background resources for the Housing Trust Fund (HTF) program, including a Frequently Asked Questions (FAQ) document, a summary of the interim rule, and a video on HUD’s YouTube channel providing an overview presentation of HTF.
- June 25, 2015
Earlier today, the Senate Appropriations Committee voted 20 to 10 to pass the Fiscal Year (FY) 2016 Transportation, Housing and Urban Development, and Related Agencies funding bill. Appropriations Committee Ranking Member Barbara Mikulski (D-MD), and Senators Dianne Feinstein (D-CA), Brian Schatz (D-HI), and Tammy Baldwin (D-WI) joined the Republican members of the Committee to report the bill for consideration by the full Senate. Full Committee consideration of the measure followed the Subcommittee mark-up on June 23.