NCSHA Blogs
Treasury Department Boosts Affordable Housing with Fiscal Recovery Funds
The Treasury Department today announced new guidance that will significantly increase the ability of state, local, and tribal governments to use Coronavirus State and Local Fiscal Recovery Funds to directly support the development of affordable housing and help lower housing costs.
House Appropriations Committee Passes FY 2023 Spending Bill
Last week, the House Appropriations Committee passed the Transportation, Housing and Urban Development, and Related Agencies fiscal year 2023 appropriations bill, which would increase annual funding levels for U.S. Department of Housing and Urban Development (HUD) programs in FY 2023. The bill would provide $62.7 billion for HUD programs and activities, $9 billion more than the FY 2022 enacted level and $1.1 billion above President Biden’s FY 2023 budget request.
State of the Nation’s Housing 2022 Report Highlights Housing Affordability Challenges
Last week, the Joint Center for Housing Studies of Harvard University released its annual report “The State of the Nation’s Housing 2022.” The report finds that, after record-breaking increases in home prices and rents in 2021, the housing market is likely to cool in 2022 as higher interest rates settle the home buyer market and the increase in construction of new apartments brings some relief to renters. However, the report indicates that the combination of higher interest rates, insufficient housing supply, and price surges for gas, food, and other necessities is expected to have a greater impact on lower-income households and households of color, especially as funding from emergency government support during the pandemic winds down.
Financial Services Committee Advances Bill to Establish Down Payment Assistance Program
The House Financial Services Committee voted Thursday afternoon to favorably report legislation, the Downpayment Toward Equity Act (H.R. 4495), that would establish a grant program to provide down payment and other home purchase assistance to underserved home buyers. NCSHA supported the legislation, which was introduced by Committee Chair Maxine Waters (D-CA), and worked with Committee staff to strengthen it.
Cortez Masto and Moore Introduce Legislation to Strengthen MRBs and MCCs
Senator Catherine Cortez Masto (D-NV) and Representative Gwen Moore (D-WI) earlier today introduced the Affordable Housing Bond Enhancement Act. This legislation, which NCSHA has worked on closely with the senator’s and congresswoman’s offices, will expand the HFAs’ ability to provide affordable homeownership by strengthening the Mortgage Revenue Bond (MRB) and Mortgage Credit Certificate (MCC) programs.
Treasury Awards $336.4 Million for Affordable Housing Through Capital Magnet Fund
On June 22, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced the recipients of the FY 2021 Capital Magnet Fund awards. 27 nonprofit housing organizations and 32 CDFIs – including five HFAs – will receive a total of $336.4 million for the development and preservation of affordable housing targeted to low-, very low-, and extremely low-income families.
White House Releases Comprehensive Housing Supply Action Plan
TheWhite House issued a Housing Supply Action Plan (the Plan) that includes both legislative and administrative actions to address the imbalance between supply of and demand for housing, with a goal of closing America’s housing supply shortfall in five years.
Federal Banking Regulators Propose CRA Overhaul
Last week, the three major federal banking regulators — the Federal Deposit Insurance Corporation, the Federal Reserve, and the Office of the Comptroller of the Currency — released a proposed...
Senators Leahy, Collins Introduce Legislation to Facilitate Use of Fiscal Recovery Funds with Housing Credit
On May 11, 2022, Senators Patrick Leahy (D-VT) and Susan Collins (R-ME) introduced the LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, which would allow state, local, territorial, and tribal governments to use Coronavirus State and Local Fiscal Recovery Funds to make long-term loans to Housing Credit developments. The bill is companion legislation to the House version of the LIFELINE Act (H.R. 7078), introduced by Representatives Alma Adams (D-NC) and David Rouzer (R-NC) in March.
White House Announces Federal Agency Equity Action Plans
U.S. Department of Housing and Urban Development (HUD) Secretary Marcia Fudge joined White House officials and other Cabinet Secretaries to announce Equity Action Plans created by more than 90...
