NCSHA Blogs
Revised Build Back Better Bill Maintains Strong Investments in Affordable Housing But Leaves Out Housing Tax Priorities
Congressional leaders on Thursday afternoon released the initial draft legislative text of the budget reconciliation legislation, formally called the Build Back Better Act (BBB). The bill is the product of months of negotiations among the Biden Administration, congressional leaders, and progressive and moderate Democratic Representatives and Senators. While subject to possible changes, the current bill includes $1.75 trillion in total government spending and tax expenditures, including $150 billion for affordable housing spending programs.
Senate Unveils Remaining FY 2022 Appropriations Bills Including THUD Appropriations
The Senate Appropriations Committee released nine FY 2022 appropriations bills on October 18, including the Transportation, Housing and Urban Development (THUD) appropriations bill, which provides funding for U.S. Department of Housing and Urban Development (HUD) programs.
Treasury Issues Guidance on Emergency Rental Assistance Reallocation
Today, the U.S. Treasury Department published the framework for reallocation of Emergency Rental Assistance (ERA) program funds authorized by the Consolidated Appropriations Act of 2021 (ERA 1). That legislation, which provided the first $25 billion in ERA resources, requires Treasury to identify “excess funds” from amounts grantees have not obligated beginning September 30, 2021, and reallocate those resources to grantees who have obligated at least 65 percent of their initial ERA 1 allocation.
HUD Extends COVID-Related HOME Waivers and Extensions
The U.S. Department of Housing and Urban Development (HUD) on Wednesday posted a memorandum that extends and revises several suspensions and waivers of HOME Investment Partnerships Program (HOME) regulations HUD previously issued in response to the COVID-19 pandemic. HUD originally published the waivers and program rule suspensions in April 2020 and updated the information in a memo issued in December 2020 that extended the waivers and exemptions through September 2021. NCSHA urged HUD to extend these exemptions and waivers in response to needs caused by the ongoing pandemic.
Treasury Issues Preliminary Information About Reallocation of Emergency Rental Assistance
On September 24, Treasury Department Deputy Secretary Adewale O. Adeyemo sent a letter to Emergency Rental Assistance (ERA) program grantees providing preliminary information on how the department will conduct the statutorily required reallocation of ERA funding provided under the Consolidated Appropriations Act of 2021 (ERA 1). Congress requires Treasury, beginning September 30, 2021, to reallocate grantees’ unobligated funds that it determines to be “excess” to other ERA 1 grantees who have obligated at least 65 percent of their funds.
NCSHA, Other Stakeholders Support House Efforts to Preserve Affordability of Housing Credit Properties
NCSHA and 28 other affordable housing stakeholder organizations this week wrote House Ways and Means Committee Chairman Richard Neal (D-MA) with thanks for his leadership to protect the long term affordability of Housing Credit properties in reconciliation tax legislation the committee is finalizing today. In addition to its historic expansion of Housing Credit authority, the bill would close the Housing Credit “qualified contract” loophole and strengthen the ability of mission-driven Housing Credit project sponsors to maintain control of properties when challenged by real estate firms whose interests may undermine their rent-restricted affordability in the future.
Financial Services Committee Advances Reconciliation Bill with Historic Housing Program Investments
The House Financial Services Committee today voted to favorably report legislation that would appropriate more than $300 billion in funding for affordable housing programs, including historic investments in HOME and the Housing Trust Fund. The bill also would create a new program, the First-Generation Downpayment Fund, through which states and nonprofits would provide first-time home buyers whose parents did not own homes with grants for down payment assistance and other expenses associated with purchasing a home.
HUD Issues HOME-ARP Guidance for Assisting Households Experiencing or at Risk of Homelessness
Today, the Department of Housing and Urban Development (HUD) published Notice CPD-21-10 establishing the requirements for the $5 billion provided under the American Rescue Plan Act through the HOME program (HOME-ARP) intended for use by HOME participating jurisdictions (PJs) to provide housing and services primarily for households experiencing or at risk of homelessness. HOME-ARP may be used to develop affordable housing, for tenant-based rental assistance (TBRA), to provide supportive services, and for the acquisition and development of non-congregate shelter units. The notice describes the requirements applicable to PJs’ use of HOME-ARP funds, including Consolidated Plan requirements and HOME program regulations. HUD also published an appendix describing the waivers and alternative requirements imposed on PJs for the use of HOME-ARP. The notice is effective immediately.
House Tax Writers to Consider Historic Legislation to Expand Housing Credit, Lower Bond-Financing Threshold, Enact Neighborhood Homes Credit
The House Ways and Means Committee over the weekend released the text of the infrastructure financing and community development sections of the reconciliation legislation it will mark up tomorrow and Wednesday, including major investments in the Low Income Housing Tax Credit (Housing Credit), lowering the bond-financing threshold for 4 percent Housing Credit developments, and establishing a Neighborhood Homes Investment Credit program — all major NCSHA priorities. The bill as currently drafted would provide the largest increase in Housing Credit resources since the program’s enactment in 1986. NCSHA urges all affordable housing stakeholders to reach out to their delegation members on the Ways and Means Committee to express support for the bill.
Financial Services Committee Releases Draft Reconciliation Bill; Proposes Historic Investments in Affordable Housing Programs
The House Financial Services Committee earlier today released the text of legislation that would appropriate more than $300 billion in funding for affordable housing programs, including historic investments in HOME and the Housing Trust Fund. The bill also would establish a new federal program through which states and nonprofits would provide first-generation home buyers with grants for down payment assistance and other expenses associated with purchasing a home. The committee intends to consider the legislation during a mark-up on Monday.
