On July 27, the Senate Appropriations Committee unanimously approved its Fiscal Year (FY) 2018 Transportation and Housing and Urban Development (THUD) funding bill, providing $950 million for the HOME Investment Partnerships program (HOME) and fully funding Section 8 rental assistance—strong outcomes that NCSHA and other program stakeholders helped achieve in a difficult fiscal environment.
The House Financial Services Committee on July 25 unanimously voted to report the Municipal Finance Support Act of 2017, H.R. 1624, to the full House of Representatives for consideration. The legislation, introduced by Representative Luke Messer (R-IN), would allow large banks to count some of their municipal bond investments, including tax-exempt housing bonds, as high-quality liquid assets (HQLAs) under federal bank liquidity standards. NCSHA and several other state and local organizations supported the bill.
On July 25, the Senate Appropriations Subcommittee on Transportation and Housing and Urban Development (THUD) approved by voice vote its Fiscal Year (FY) 2018 funding bill.
The Senate Banking Committee held a hearing July 18 to consider three Trump Administration nominees for key positions at the Department of Housing and Urban Development (HUD): Paul Compton, to be General Counsel; Anna Farias, to be Assistant Secretary for Fair Housing and Equal Opportunity; and Neal Rackleff, to be Assistant Secretary for Community Planning and Development.
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.
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.”
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.
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.
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.
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.
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.