Legislation & Legislation Proposals
This summary describes the House Democrats’ new $1.5 trillion infrastructure bill, the Moving Forward Act, H.R. 2, which would provide funding for roads, bridges, schools, broadband access, and affordable housing. The bill would increase the amount of Housing Credit and Private Activity Bond authority provided to states annually, make a number of changes to the Housing Credit and Bond programs, establish a new state-administered single-family housing tax credit, and make a number of other changes summarized below.
This document tracks the members of Congress who have cosponsored the Affordable Housing Credit Improvement Act (S. 1703/H.R. 3077) to amend the Internal Revenue Code of 1986 to reform the Low Income Housing Tax Credit.
This factsheet provides an overview of The Moving Forward Act, H.R. 2, which House Democrats will soon release to address America’s infrastructure needs. The bill will include significant investments in affordable housing, along with investments in surface transportation, broadband, water infrastructure, clean energy, and other initiatives.
On May 14, 2020, a group of Senators wrote Treasury Secretary Mnuchin and Federal Reserve System Board Chair Powell to encourage them to take further action to stabilize the municipal bond market to ensure state and local governments have access to needed medium- and long-term financing.
On May 6, 2020, 32 House members, led by Representative David Scott (D-GA), sent this letter to House Speaker Nancy Pelosi (D-CA) and Minority Leader Kevin McCarthy (R-CA) in support of $75 billion for assistance to help homeowners to prevent foreclosures, defaults, and loss of utilities.
Representatives Stivers, Ruppersberger, Others Encourage Treasury and Federal Reserve to Support Municipal Bonds
On May 1, Representatives Steve Stivers (R-OH), C.A. “Dutch” Ruppersberger (D-MD), and 41 colleagues from both parties sent Treasury Secretary Steven Mnuchin and Federal Reserve Board Chairman Jerome Powell this letter calling on them to use authority and funding provided in the Coronavirus Aid, Relief, and Economic Security (CARES) Act to support the municipal secondary market and fully re-open the primary municipal market.
Representative David Scott (D-GA) has circulated this Dear Colleague letter to House members urging them to join him on a letter to House Speaker Nancy Pelosi (D-CA) and Minority Leader Kevin McCarthy (R-CA) asking for the establishment of a $75 billion Housing Assistance Fund in the next coronavirus relief legislation. The deadline to sign is close of business on Tuesday, May 5.
On April 16, Representatives Suzan DelBene (D-WA), Kenny Marchant (R-TX), Donald Beyer (D-VA), and Jackie Walorski (R-IN), the four lead sponsors of the Affordable Housing Credit Improvement Act (H.R. 3077) sent House Speaker Nancy Pelosi (D-CA) and Minority Leader Kevin McCarthy (R-CA) this letter urging them to enact a minimum 4 percent Housing Credit rate and consider lowering the “50 percent test” for multifamily Housing Bond-financed properties in the next COVID-19 response package.
Letter from Ways and Means Chairman Neal and Representative DelBene to Treasury Secretary Mnuchin on Housing Credit Regulatory Flexibility During COVID-19 Crisis
House Ways and Means Chairman Richard Neal (D-MA) and Representative Suzan DelBene (D-WA) sent Treasury Secretary Steven Mnuchin this letter in support of regulatory relief for the Housing Credit program needed during the COVID-19 crisis.