NCSHA Blogs
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.
Waters Introduces Bill to Reform Emergency Rental Assistance Program; Salazar to Testify
On September 7, House Financial Services Committee Chairwoman Maxine Waters (D-CA) introduced the Expediting Assistance to Renters and Landlords Act of 2021 (H.R. 5196), which would make important modifications to the Emergency Rental Assistance (ERA) program, including numerous changes NCSHA strongly supports. The bill’s goal is to remove barriers and expedite the processing of applications so ERA grantees can improve the delivery of this emergency assistance.
NCSHA Urges Chairwoman Waters to Consider Modifications to Emergency Rental Assistance Law in Forthcoming Bill
NCSHA, in partnership with other national organizations representing Emergency Rental Assistance (ERA) grantees at the state, county, city, and tribal levels, today sent House Financial Services Committee Chairwoman Maxine Waters (D-CA) a letter encouraging her to incorporate changes to the ERA 1 and ERA 2 authorizing statutes in legislation the chairwoman is planning to introduce next week. The goal of her forthcoming legislation is to make changes to the ERA program to remove statutory barriers and accelerate the use of resources, allowing more eligible households to receive funding faster.
White House Reinstates FFB Risk-Sharing Program, Ups GSE Housing Credit Investment Cap, Announces Other Actions to Increase Affordable Housing Supply
Earlier today, the White House announced HUD, Treasury, Fannie Mae, Freddie Mac, and FHFA will take a series of actions designed to help increase the supply of affordable housing. One of the key changes the administration announced is the reinstatement of the Federal Financing Bank (FFB) initiative to support FHA-HFA multifamily Risk-Sharing Program loans. NCSHA has sought this reinstatement energetically for the last three years since the previous administration terminated the very successful initiative.
Treasury Adopts NCSHA’s Recommendations Clarifying and Providing Greater Flexibility in Emergency Rental Assistance Program Guidance
Today, the U.S. Treasury Department issued updated Frequently Asked Questions (FAQs) for the Emergency Rental Assistance (ERA) program, adopting many of the recommendations NCSHA has been pursuing since last Spring. NCSHA, working in partnership with other organizations representing grantees at the state, county, city, and tribal government levels, has been pressing Treasury to make many of these changes to reduce administrative burdens so that grantees could accelerate the processing of ERA applications, expediting payments of rent and utilities on behalf of qualified households.
House Passes Budget Resolution Setting the Stage for Reconciliation and Bipartisan Infrastructure Legislation
The House of Representatives today advanced the FY 2022 Budget Resolution after intense negotiations between Democratic leaders and moderate members of the Democratic caucus who had been seeking to decouple the Budget Resolution from the bipartisan infrastructure legislation and a more immediate vote on the bipartisan bill, which progressive members of the caucus opposed. In the end, leadership agreed to include language in the rule — which includes a deeming resolution essentially passing the Budget Resolution — stating that the House would vote on the bipartisan infrastructure bill by September 27. This appeased the moderate representatives and paved the way for passage. The Senate passed the Budget Resolution earlier this month.
NCSHA Writes to Congressional Leadership, Tax and Housing Authorizing Committees on Reconciliation Bill Priorities
Today, NCSHA sent a letter to Senate Majority Leader Charles Schumer (D-NY), House Speaker Nancy Pelosi (D-CA), Senate Minority Leader Mitch McConnell (R-KY), and House Minority Leader Kevin McCarthy (R-CA) laying out NCSHA’s affordable housing priorities, which we urge Congress to include in the reconciliation legislation Democrats will work to pass this Fall. NCSHA sent similar letters to the leadership of the Senate Banking Committee and House Financial Services Committee on our housing spending priorities and to the leadership of the Senate Finance Committee and House Ways and Means Committee on our housing tax priorities. While NCSHA’s priorities also include modifications to existing law that would not impact the deficit, these letters focus on those that have a budgetary impact and thus would not run afoul of congressional rules for a reconciliation bill.
