Newsroom
NCSHA Suggests Targeted Improvements to HUD Programs in Statement to House Financial Services Committee
NCSHA on November 1 submitted a statement to the House Financial Services Committee in response to Chairman Jeb Hensarling’s (R-TX) request for recommendations to reform HUD and modernize the delivery of housing assistance. Hensarling issued the call for public comments as HUD marks its 50th anniversary this year, maintaining that HUD has fallen short of the expectations Congress and President Lyndon Johnson set for the agency upon its establishment, and said that “we must reform and innovate how we provide assistance for housing in the 21st century or we will continue to fail the very people who are in most need of our help.”
House Committee Approves Legislation to Classify Muni Bonds as High-Quality Liquid Assets
Earlier today, the House Financial Services Committee voted overwhelmingly to favorably report legislation (H.R. 2209) that would allow large banks to count some of their municipal bond investments as high-quality liquid assets under federal bank liquidity standards. The legislation, which was introduced by Representative Luke Messer (R-IN), was approved by a vote of 56-1, with Democrat Stephen Lynch of Massachusetts casting the lone opposition vote.
SIGTARP Releases Reports on Hardest Hit Fund
The Special Inspector General for the Troubled Asset Relief Program (SIGTARP) released on October 28 its latest quarterly report, which includes a section on the Hardest Hit Fund (HHF) and incorporates an audit focusing on how many applicants who filed for Hardest Hit Fund (HHF) assistance were granted benefits and how long it took before applicants received assistance. SIGTARP concurrently released a stand-alone version of this audit.
House Financial Services Committee Examines HUD Outcomes Over the Department’s 50 Year History
On October 22, the House Financial Services Committee held a hearing entitled, "The Future of Housing in America: 50 Years of HUD and its Impact on Federal Housing Policy" to review the effectiveness of HUD programs since the Department was established half a century ago.
Ryan Wins House Speakership, Leaving Open Ways and Means Chairmanship
The House of Representatives today elected Representative Paul Ryan (R-WI) as Speaker of the House. Ryan received 236 votes, while Minority Leader Nancy Pelosi (D-CA) received 184 votes. Nine House members voted for Representative Daniel Webster (R-FL), and Representatives Jim Cooper (D-TN) and John Lewis (D-SC) and retired General Colin Powell each received one vote.
House Passes Budget Deal Allowing Increased Discretionary Spending and Lifting Debt Limit
Last night, the House passed HR 1314, the Bipartisan Budget Act of 2015, by a vote of 266 to 167. The yay votes included all 187 Democrats and 79 Republicans. The nay votes were all Republicans.
HOME Coalition Report and Briefing Raises HOME’s Profile in Congress
Earlier today, the HOME Coalition, which NCSHA chairs, unveiled its just-released report, Building HOME: The HOME Investment Partnerships Program’s Impact on America’s Families and Communities, at a briefing on the Hill for members of Congress and their staff. The first-of-its kind report analyzes HOME’s housing and economic impact at the national and state levels.
House Housing Subcommittee Considers Chairman’s Housing Reform Bill
The House Financial Services Subcommittee on Housing and Insurance on October 21 held a hearing entitled “The Future of Housing in America: Federal Reforms that Create Housing Opportunity,” focused on the Housing Opportunity Through Modernization Act, H.R. 3700, which Subcommittee Chairman Blaine Luetkemeyer (R-MO) introduced earlier in October.
Rural Development Hearing Highlights Rental Assistance Contract Challenges
The Senate Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration and Related Agencies held a hearing titled “Review of Rural Development in 21st Century America” on October 21. Witnesses in the two-panel hearing included US Department of Agriculture (USDA) Rural Development (RD) officials and industry stakeholders. The hearing focused on RD programs including Rural Utilities Service and Rural Housing Services (RHS).
Presidential Candidates Address Affordable Housing at New Hampshire Housing Summit
Seven presidential candidates—Former Maryland Governor Martin O’Malley, Senator Lindsey Graham of South Carolina, former Arkansas Governor Mike Huckabee, New Jersey Governor Chris Christie, former New York Governor George Pataki, former Virginia Governor Jim Gilmore, and Senator Rand Paul of Kentucky—each individually addressed the Summit to discuss how they would address the affordable housing crisis if elected president.
IRS Releases 2016 Inflation Adjustments for Housing Credits and Bonds
Earlier today, the Internal Revenue Service released Revenue Procedure 2015-53, which outlines the inflation adjustments for nearly 50 federal tax provisions, including the amount of Low Income Housing Tax Credit (Housing Credit) authority and Private Activity Bond (PAB) authority each state will receive.
HUD Report Shows Continued Success of Single Family Loan Sale Program
Earlier this week, HUD released its most recent Report to the Commissioner on Post-Sale Reporting on the FHA Single Family Loan Sale (SFLS) program. The report, using data through August 3, 2015, found that the SFLS program continues to meet its intended goals of contributing to the Mutual Mortgage Insurance (MMI) fund, providing homeowners who have exhausted FHA’s loss mitigation options a second chance to stay in their homes, and reducing taxpayer risk.
