• February 26, 2016

    The Senate Banking and House Financial Services Committees are the committees of jurisdiction over all HUD programs, including the Federal Housing Administration (FHA) and Section 8. The committees also oversee the housing Government-Sponsored Enterprises (GSEs), including Fannie Mae, Freddie Mac, Ginnie Mae, and the Federal Home Loan Banks (FHLBs).

  • February 26, 2016

    Protect and strengthen the Housing Credit and expand its authority so HFAs can more fully respond to rapidly growing affordable rental housing need and increasing demands on the Credit to meet it.

  • February 26, 2016

    Housing Bonds address a critical public need. Housing Bonds—including multifamily housing bonds used to finance rental housing production and the Mortgage Revenue Bond (MRB) program, which makes homeownership possible for first-time lower income home buyers—are essential to our efforts to help low- and moderate-income families find affordable housing. While Housing Bonds are issued under “private activity” bond authority, they clearly support the achievement of a vital public purpose

  • February 26, 2016

    Support a strong secondary market system with a duty to support affordable housing opportunities in all places at all times and which engages HFAs as preferred affordable housing partners in meeting the needs of low- and moderate-income families.

  • February 26, 2016

    FHA plays an indispensable role in supporting the first-time home buyer market. Eighty-two percent of the home purchase mortgages supported by FHA in 2015 were for first-time home buyers. 37 percent of FHA loans went to “millennial” homebuyers, who are expected to drive the first-time home buyer market for years to come. It is likely that many of these borrowers would not have been able to secure mortgages in the conventional market.

  • February 25, 2016

    Authorized in 1990, the HOME Investment Partnerships Program (HOME) provides grants to state and local governments to produce affordable housing for low-income families. HOME funds are a vital and unique source of financing for numerous affordable housing developments—many of which would not be possible without HOME assistance. HOME flexibly works with and supports many critical federal housing programs, making it financially feasible to build and sustain housing for persons experiencing homelessness, seniors, persons with disabilities, and other individuals and families with low incomes.

  • February 25, 2016

    The Mortgage Revenue Bond (MRB) and tax-exempt multifamily housing bond programs (collectively, Housing Bonds) are financing tools used by state Housing Finance Agencies (HFAs) to finance low-interest mortgages for low- and moderate-income home buyers and to acquire, construct, and rehabilitate multifamily housing for low-income renters. HFAs, as well as other state and local governmental entities, sell Private Activity Bonds (PABs) to investors. Investors are willing to accept a lower rate of return for PABs than they would get on other investments because the interest on the bonds is exempt from federal income tax. The lower rate is then passed on to lower the interest rate paid by lower income home buyers in the case of MRBs and developers of affordable rental housing in the case of multifamily bonds.

  • February 25, 2016

    Project-based Section 8 rental assistance (PBRA) contracts provide subsidies for affordable multifamily rental developments to lower rental costs for low-income families and to help offset construction, rehabilitation, and preservation costs. PBRA makes up the difference between market rents and what low-income tenants can afford, based on paying 30 percent of household income for rent.

  • February 25, 2016

    The Housing Trust Fund (HTF) is a permanent federal fund authorized by the Housing and Economic Recovery Act of 2008 (HERA). It provides grants to States to increase and preserve the supply of rental housing for extremely low- and very low‐income families, including families experiencing homelessness, and to increase homeownership for extremely low- and very low‐income families.

  • February 25, 2016

    The Low-Income Housing Tax Credit (Housing Credit) is a federal tax credit created by President Reagan and Congress in the Tax Reform Act of 1986 designed to encourage private sector investment in the new construction, acquisition, and rehabilitation of rental housing affordable to low-income households.