This afternoon, the Senate failed to achieve cloture on tax extender legislation, H.R. 3474. This means the Senate will not consider the bill further for the foreseeable future, which could be until after the fall midterm elections in November. While the bill enjoys strong bipartisan support, virtually all Republicans voted against cloture because of a disagreement with the Senate Democratic leadership on what and how many amendments the Republicans would be allowed to offer on the bill.
Earlier today, the Senate Banking Committee voted 13-9 to favorably report to the full Senate the Housing Finance Reform and Taxpayer Protection Act of 2014. The bill, which was drafted by Committee Chair Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID), would gradually wind down Fannie Mae and Freddie Mac and replace them with the Federal Mortgage Insurance Corporation (FMIC), a government agency that would provide catastrophic reinsurance for mortgage-backed securities (MBS). NCSHA previously summarized the bill in this update.
Earlier today, the Federal Housing Finance Agency (FHFA) released its 2014 Strategic Plan for the Conservatorship of Fannie Mae and Freddie Mac. This plan, as well as the Scorecard that the agency will use to evaluate both firms’ performance in meeting the plan’s objectives, outlines the goals and responsibilities FHFA has established for the firms this year. FHFA Director Mel Watt discussed the Strategic Plan in remarks he delivered this morning at the Brookings Institution.
NCSHA’s Housing Credit Connect offers dozens of educational sessions, multiple networking events, and the largest exhibition of affordable housing products and services in the country. This year, attendees who are new to the Housing Credit program or want a good refresher will have an additional opportunity to attend a special "Housing Credit 101" track.
House Subcommittee Reports HUD FY 2015 Funding Bill with Significant Cuts to HOME and Other Housing Programs
Earlier today, the House Transportation-HUD (T-HUD) Appropriations Subcommittee reported by voice vote its FY 2015 appropriations bill. The full Appropriations Committee will likely consider the bill the week of May 19. The bill includes $40.3 billion for HUD programs, $769 million less than the FY 2014 enacted level and $2 billion less than requested in the President’s FY 2015 Budget.
On April 30, the Consumer Financial Protection Bureau (CFPB) proposed three minor changes to its mortgage rules that would help certain nonprofits provide loan servicing and allow lenders slightly more flexibility for a loan to be considered a Qualified Mortgage (QM).
Earlier this month, Senate Finance Committee member Charles Schumer (D-NY), along with seven Democratic cosponsors, introduced the National Disaster Tax Relief Act of 2014. The Act is designed to provide financial relief to areas formally declared federal disaster areas in 2012 and 2013.
Earlier today, Senate Banking Committee Chair Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) announced a delay in the Committee’s scheduled markup of the Housing Finance Reform and Taxpayer Protection Act of 2014, which Johnson and Crapo drafted and released last month. Johnson and Crapo said the Committee would recess the markup indefinitely to allow Committee members to work out additional issues. NCSHA previously summarized the Johnson-Crapo bill in this update.
NCSHA recently submitted testimony on HUD’s housing and USDA’s Rural Housing Service (RHS) programs in response to the House and Senate Appropriations Subcommittees’ invitation to submit outside witness testimony on FY 2015 appropriations.
A report released last week by Moody’s Investors Service finds that state HFAs’ multifamily bond programs continued to perform strongly in 2013. The report, which analyzed 41 multifamily bond programs administered by 20 state HFAs (and the local HFA for Montgomery County in Maryland), credits HFAs for running bond programs with low delinquencies and increasing profitability.