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.
Enterprise Community Partners, Inc. recently published a paper, Preserving Housing Credit Investment: The State of Housing Credit Properties and Lessons Learned for the Extended Use Period, to address questions about the performance, capital improvement needs, and disposition of Housing Credit properties after the end of their initial 15-year compliance period. The report presents recent data
Earlier this month, the Obama Administration released the March Housing Scorecard, the latest installment in its monthly reviews of the nation's housing market. According to the report, the number of foreclosures has continued to decline, but the number of home sales has begun to stagnate as home prices stabilize.
On April 10, the House Transportation-HUD (T-HUD) Appropriations Subcommittee held a hearing to examine HUD’s FY 2015 budget request. HUD Secretary Shaun Donovan was the sole witness.
On April 10, the House passed by a vote of 219 to 205 its FY 2015 Budget Resolution, H. Con. Res. 96. House Budget Committee Chairman Paul Ryan (R-WI) released his FY 2015 budget plan, The Path to Prosperity: FY 2015 Budget Resolution, on April 1 and the House Budget Committee reported the budget resolution on April 2. Senate Budget Committee Chairman Patty Murray (D-WA) has stated she will not introduce a budget resolution in the Senate this year.