NCSHA Blogs
Senator Wyden Formally Introduces Middle-Income Housing Tax Credit Legislation
On September 22, Senate Finance Committee Ranking Member Ron Wyden (D-OR) introduced S. 3384, the Middle Income Housing Tax Credit Act of 2016 after circulating a discussion draft of the legislation earlier that day. The bill as introduced is identical to the discussion draft, which NCSHA described in our September 22 blog post. NCSHA has not taken a position on the legislation.
Senators Introduce Bill to Classify Municipal Bonds as High-Quality Liquid Assets
Earlier this week, a bipartisan group of Senators introduced legislation (S. 3404) that would allow large banks to count some of their municipal bond investments as high-quality liquid assets under federal bank liquidity standards. The bill is sponsored by Senator Mike Rounds (R-SD), who introduced it with Senators Mark Warner (D-VA) and Chuck Schumer (D-NY). All three are members of the Senate Banking Committee. Other cosponsors include Jon Tester (D-MT), Mark Kirk (R-IL), Heidi Heitkamp (D-ND), Tim Scott (R-SC), Joe Donnelly (D-IN), Jerry Moran (R-KS), and David Vitter (R-LA). NCSHA joined several organizations, including the National Governors Association, Government Finance Officers Association, and National Association of State Auditors, Comptrollers and Treasurers, to co-sponsor this bill.
HUD Issues Proposed State Fair Housing Assessment Tool; Announces Fair Housing Pilot Program in Collaboration with NCSHA
NCSHA is currently evaluating the state assessment tool and will submit comments by HUD’s October 28 deadline. HFAs should provide feedback to NCSHA’s Jennifer Schwartz by Friday, October 14 to inform NCSHA’s comments.
FHA Proposes New Condominium Loan Requirements
Earlier this week, the Federal Housing Administration (FHA) released a proposed rule that would revise the requirements that condominium projects must meet for their single-family units to be eligible for FHA mortgage insurance. The proposal contains several provisions that could allow FHA to insure more condominium mortgages.
Senate Banking Committee Examines HUD Monitoring of PBRA Properties
On September 22, the Senate Banking Subcommittee on Housing, Transportation, and Community Development held a hearing titled "Oversight of the HUD Inspection Process" to highlight concerns with HUD's monitoring of project-based rental assistance (PBRA) properties in the wake of federal and local investigation of three properties in Florida managed by Global Ministries Foundation.
Senator Wyden Releases Draft Legislation to Enact Middle-Income Housing Tax Credit Program
On September 22, Senate Finance Committee Ranking Member Ron Wyden (D-OR) released a discussion draft of legislation that would create a new tax credit program to stimulate the development of rental housing for middle-income households earning up to 100 percent of area median income (AMI).
House Financial Services Committee Considers Efficiency and Upward Mobility in the Voucher Program
On September 21, the House Financial Services Subcommittee on Housing and Insurance held a hearing titled “The Future of Housing in America: A Better Way to Increase Efficiencies for Housing Vouchers and Create Upward Economic Mobility” to discuss changes to federal housing assistance that would improve upward mobility and good stewardship of federal funds.
Report on HUD’s RAD Program Shows It has Generated Significant Investment in Public Housing
On September 21, HUD released an independently conducted report evaluating its Rental Assistance Demonstration (RAD) program, which finds that by October 2015, Public Housing Authorities (PHA) participating in the program had generated $2.5 billion in investment to preserve and rehabilitate public housing properties.
Senate Appropriations Subcommittee Hearing Explores Efficacy of Place-Based Rental Assistance
Earlier today, the Senate Appropriations Subcommittee on Transportation, Housing and Urban Development (THUD) held a hearing titled “Housing Vulnerable Families and Individuals: Is There A Better Way?” to explore the efficacy of place-based rental assistance, including public housing and project-based rental assistance (PBRA), and whether Congress should replace these programs with tenant-based Section 8 Housing Choice Vouchers (vouchers).
HUD’s August Housing Scorecard Indicates Continued Housing Recovery
HUD’s recently released monthly Housing Scorecard points to new home sales, homeowner participation in loss mitigation programs, and declining foreclosure starts and completions as evidence that the housing market is steadily continuing to recover from the housing crisis.
