Legislation & Legislation Proposals
NCSHA Summary of the Moving Forward Act (H.R. 2)
This summary describes the House Democratsโ 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.
FHA’S Office of Single Family Housing “Drafting Table”
On this HUD.gov page, the Federal Housing Administration's (FHA) Office of Single Family Housing Drafting Table periodically posts policy drafts or other supplemental documents for industry and stakeholder feedback.
The Moving Forward Act, H.R. 2, Fact Sheet
This factsheet provides an overview of The Moving Forward Act, H.R. 2, which House Democrats will soon release to address Americaโs 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.
Wyden Press Release on Affordable Housing Priorities for Next COVID-19 Relief Package
Senate Finance Committee Ranking Member Ron Wyden (D-OR) today announced that he will press to include Housing Credit enhancements in the next coronavirus relief bill, including many of NCSHAโs priorities. Senator Wydenโs priorities for the next bill include suspending Housing Credit compliance requirements and deadlines for 12 months, as NCSHA has requested of IRS; setting a minimum 4 percent rate for bond-financed properties and other changes to augment equity in those deals; closing the Qualified Contract loophole; providing resources to help Housing Credit property owners if tenants are unable to pay their rents; allowing investors to begin receiving credits on time, even if properties are struggling with lease-up; and providing additional support to properties that serve extremely low-income households, including those who are formerly homeless, to cover the costs of services.
Senatorsโ May 14 Letter to Treasury and the Federal Reserve on Municipal Bonds
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.ย
House Congressional Sign-On Letter in Support of Assistance for Homeowners
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.ย
Representatives Stivers, Ruppersberger, Others Encourage Treasury and Federal Reserve to Support Municipal Bonds
On May 1, Representatives Steve Stivers (R-OH), C.A. โDutchโ 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.
House โDear Colleagueโ Letter Supporting Housing Assistance Fund
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.ย The deadline to sign is close of business on Tuesday, May 5.ย
House Housing Credit Championsโ Letter to Leadership on Program Needs During COVID-19 Pandemic
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 โ50 percent testโ for multifamily Housing Bond-financed properties in the next COVID-19 response package.
