Earlier this week, Representative Luke Messer (R-IN) introduced the Municipal Finance Support Act of 2017 (H.R. 1624). The legislation would allow large banks to count some of their municipal bond investments, including tax-exempt housing bonds, as high-quality liquid assets under federal bank liquidity standards.
The Federal Housing Finance Agency (FHFA) earlier today released a report providing an update on its efforts to develop a common structure and Common Securitization Platform (CSP) for mortgage-backed securities (MBS) guaranteed and sold by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. FHFA is developing the common security and trading infrastructure to facilitate more efficient trading of GSE MBSs and to eliminate pricing disparities between Fannie Mae and Freddie Mac MBSs.
Late yesterday, senior Ways and Means Committee member Pat Tiberi (R-OH) and Committee Ranking Member Richard Neal (D-MA) introduced the Affordable Housing Credit Improvement Act of 2017, H.R. 1661. The bill is companion legislation to the bill Senator Maria Cantwell (D-WA) and Senate Finance Committee Chairman Orrin Hatch (R-UT) introduced earlier this month.
The Internal Revenue Service (IRS) last week released Revenue Procedure 2017-27, which establishes the nationwide average purchase price limits and average area purchase price safe harbors for the Mortgage Revenue Bond (MRB) and Mortgage Credit Certificate (MCC) programs.
Trump Administration Releases FY 2018 Budget Blueprint with Deep Cuts to HUD and Elimination of HOME
The Administration sent Congress this morning its Fiscal Year (FY) 2018 budget blueprint, “America First: A Budget Blueprint to Make America Great Again,” proposing deep cuts to the U.S. Department of Housing and Urban Development (HUD) and other federal agencies, with the exception of the Departments of Defense, Homeland Security, and Veterans Affairs, which would see funding increases.
Earlier today, various news sources, including the Washington Post and The Hill, published troubling reports about leaked documents indicating that the Trump Administration is considering more than $6 billion in cuts to HUD programs in Fiscal Year (FY) 2018. According to these reports, the Administration may propose the elimination of several HUD programs, including HOME.
On March 7, Senate Finance Committee member Maria Cantwell (D-WA) and Committee Chairman Orrin Hatch (R-UT) introduced the Affordable Housing Credit Improvement Act of 2017, S. 548.
NCSHA congratulates Senator Maria Cantwell (D-WA) and Senate Finance Committee Chairman Orrin Hatch (R-UT) on the introduction of the Affordable Housing Credit Improvement Act of 2017, S. 548.
Yesterday, the U.S. Government Accountability Office (GAO) released the third in a series of four reports on the Low Income Housing Tax Credit, Low Income Housing Tax Credit: The Role of Syndicators. The report is descriptive in nature, providing information on the characteristics of syndicators, their activity in the market between 2005 and 2014, the role they play in the industry, and factors that influence their use. The report does not include any recommendations for action.
Earlier this morning, the U.S. Senate confirmed Dr. Ben Carson’s nomination to be Secretary of HUD by a vote of 58 to 41. The Senate Banking Committee on January 24 voted unanimously to favorably report Carson’s nomination to the Senate.
NCSHA congratulates Dr. Ben Carson on his confirmation as Secretary of the United States Department of Housing and Urban Development (HUD).
NCSHA commends the Public Broadcasting Service’s (PBS) Frontline for attempting in its May 9 broadcast to shine light on the affordable rental housing crisis and our country’s response.