On March 1, Representatives Randy Hultgren (R-IL) and Dutch Ruppersberger (D-MD) announced the establishment of a new, bipartisan caucus, which will serve as an advocacy and discussion forum for House members who are supporters of municipal bonds.
On February 23, the Internal Revenue Service (IRS) issued regulations amending the Low Income Housing Tax Credit (Housing Credit) compliance monitoring requirements to revise and clarify physical inspection and certification review rules. In conjunction with the new regulations, IRS published Revenue Procedure 2016-15, which further explains the implementation of the new regulations. The compliance monitoring regulations will be effective upon formal publication in the Federal Register on February 25.
Earlier today, the U.S. Department of Treasury announced how it will award the additional $2 billion in Hardest Hit Fund (HHF) program funding Congress recently appropriated in the Consolidated Appropriations Act for FY 2016. As Congress directed, eligibility for the new funds is restricted to the 19 states Treasury previously selected for HHF. Treasury’s announcement includes a list of the HHF states receiving additional amounts and the amounts they will receive.
National Housing Conference Report Finds Housing Cost Burdens Remain Widespread among Working Households
The National Housing Conference’s (NHC) Center for Housing Policy released its Housing Landscape 2016 Report February 18. The report uses the latest American Community Survey data to evaluate severe housing cost burdens of low and moderate income working households, defined as households in which members work at least 20 hours a week on average and total household income does not exceed 120 percent of area median income. The report finds extensive housing cost burdens among working households, especially renter households.
In a keynote address delivered at the Bipartisan Policy Center yesterday, Federal Housing Finance Agency (FHFA) Director Mel Watt warned that Fannie Mae and Freddie Mac (the GSEs) will face increasing challenges and risks if they remain in conservatorship in the coming years. The only way to address these challenges, Watt suggested, is for Congress to advance a plan to reform the GSEs and the housing finance system.
Earlier this week, The Bollinger Foundation announced it is accepting nominations for scholarship grant awards for children of at least one deceased parent. The Foundation awards scholarship grants annually to families in which the deceased parent worked or surviving parent continues to work in the field of public housing, affordable housing, community development, or economic development.
Presidential candidate Secretary Hillary Clinton on February 12 released her “Economic Revitalization Initiative,” which includes a number of housing-related policy proposals she would support should she be elected president. The plan envisions an investment of $25 billion in various initiatives supporting community revitalization, connecting high-poverty neighborhoods to opportunity, removing barriers to homeownership, and increasing the supply of rental housing.
On February 11, HUD announced that it will hold an “Industry Day” on its Performance-Based Contract Administration (PBCA) program contracting process on Friday, February 26, from 9:30 a.m. to 4:00 p.m. Eastern Time in Washington, DC, with satellite locations in San Francisco, Fort Worth, Chicago, Atlanta, and New York. Interested parties must register by 12:00 p.m. Eastern Time on Friday, February 19.
The House Financial Services Subcommittee on Housing and Insurance held a hearing yesterday to examine the current and future status of the Federal Housing Administration (FHA) and its affordable housing programs. The hearing included testimony from Edward Golding, who currently oversees FHA as the Principal Deputy Assistant Secretary for the Office of Housing.
On February 9, 2016 the Administration sent Congress its Fiscal Year (FY) 2017 Budget, proposing funding for all federal programs, including HUD and the Department of Agriculture's (USDA) rural housing programs. The Budget proposes a total of $1.1 trillion in discretionary spending for FY 2017, abiding by the discretionary caps negotiated as part of the Bipartisan Budget Act of 2015.
On February 9, 2016 the Administration sent Congress its Fiscal Year (FY) 2017 Budget, proposing funding for all federal programs, including HUD and the Department of Agriculture's (USDA) rural housing programs.
Earlier today, the United States Department of Agriculture (USDA) released a final rule that implements several key changes to its Single Family Housing Loan Guarantee program (SFHGLP). The final rule is largely identical to an interim rule that USDA released in December 2013, with several minor modifications. NCSHA summarized the interim rule on our blog.