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House Appropriations Committee Advances FY 2018 Housing Bill Despite Funding Level Opposition
On July 17, the House Appropriations Committee voted on party lines to pass the Fiscal Year (FY) 2018 Transportation, Housing, and Urban Development (THUD) funding bill.
Nominee for Assistant Secretary for Tax Policy Commits to Working to Strengthen Housing Credit
During a hearing held today by the Senate Finance Committee to consider the nomination of David Kautter to become Assistant Secretary of the Treasury for Tax Policy, Kautter told Senator Maria Cantwell (D-WA) that “[I]t may be possible to make the Low Income Housing Tax Credit even more effective and efficient than it is today, and if confirmed, I look forward to working with you and your staff to accomplish this.”
House THUD Appropriations Subcommittee Blunts Many Administration-Proposed Funding Cuts
The House Appropriations Subcommittee on Transportation, Housing, and Urban Development (THUD) on July 11 approved its Fiscal Year (FY) 2018 funding bill.
CFPB Final Rule Expands RESPA Disclosure Exemption and Allows for Increased Use of TRID Disclosures with HFA Loans
The Consumer Financial Protection Bureau (CFPB) late last week released a final rule that implements several NCSHA-requested changes to its TILA-RESPA Integrated Disclosure Rule (TRID), including two provisions that will make it easier for lenders to participate in HFA down payment assistance programs by exempting more such programs from onerous and complicated disclosure requirements.
Senate Committee Hearing Examines Housing Finance Reform Goals
The Senate Banking Committee held a hearing June 29 titled “Principles of Housing Finance Reform” to examine goals for housing finance reform legislation and priorities for any new or revised housing finance system. The hearing included testimony from leading industry experts representing the Mortgage Bankers Association, the Financial Services Roundtable, and the Center for Responsible Lending.
19 HFAs Awarded HUD Housing Counseling Grants for FY 2017
HUD announced today the recipients of just over $47 million in Housing Counseling program grants for fiscal year (FY) 2017. The funding will go to 255 different housing counseling agencies, including 29 state HFAs, who combined will receive just over $7.8 million in grants. HUD also released a list of counseling agencies that were awarded funding and a comprehensive summary of each grant award.
House Appropriations Subcommittee Approves FY 2018 Rural Housing Funding Bill
On June 28, the House Appropriations Agriculture and Rural Development Subcommittee approved by voice vote its Fiscal Year (FY) 2018 funding bill, which provides funding for the Department of Agriculture’s (USDA) rural housing programs.
FHFA Proposes Fannie and Freddie Affordable Housing Goals for 2018-2020
The Federal Housing Finance Agency (FHFA) yesterday proposed a rule establishing affordable housing goals for the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac for years 2018 through 2020. FHFA proposes to maintain most of the affordable housing goals and subgoals at their current level.
JCHS’ Latest Report Shows Housing Recovery Not Reaching Everyone
Harvard University's Joint Center for Housing Studies (JCHS) released today its annual report, The State of the Nation’s Housing 2017. This year's report highlights an uneven housing recovery one decade after the onset of the Great Recession -- with prices, housing demand, and construction activity up, but tight supply and increasing costs adding to affordability pressures. The report also demonstrates that the extent of the recovery differs significantly by metropolitan area (see figure below) and by neighborhoods, which are becoming more economically segregated.
2017 Out of Reach Report Details Rental Affordability Challenges
The National Low Income Housing Coalition (NLIHC) released last week its annual Out of Reach report which documents the gap between renters’ wages and the cost of rental housing across the nation. According to the report, there is no state, metropolitan area, or county in the country where a full-time minimum wage worker can afford a modest two-bedroom rental home.
Treasury Report Proposes Comprehensive Changes to Federal Financial Regulations
The U.S. Department of Treasury earlier this week released a comprehensive review of federal financial regulations. The review also proposes a number of regulatory changes impacting the financial sector, including housing lending and public finance. Treasury also released a fact sheet summarizing the review’s findings.
Anne Hazlett to Head Rural Development at Department of Agriculture
U.S. Secretary of Agriculture Sonny Perdue on Monday announced Anne Hazlett will lead the Rural Development agencies at the U.S. Department of Agriculture (USDA). Hazlett’s title will be assistant to the secretary for Rural Development, a new position created in keeping with Secretary Perdue’s announcement to reorganize USDA and elevate Rural Development.
