Congress is likely on track to trigger a government shutdown on Oct. 1, 2023, with little hope of passing the 12 appropriations bills before the start of the new fiscal year and a standoff in the House Republican Caucus around a short-term continuing resolution. Several vocal members are threatening to oust House Speaker Kevin McCarthy (R-CA) if he proceeds with a continuing resolution that does not include deep spending cuts. During his bid for speakership Speaker McCarthy made several concessions, including one that allows any single member to call for a motion to vacate.
Brace for a bumpier than usual fiscal year end and check out HUD’s Contingency Plan for Possible Lapse in Appropriations, which was updated in August. Closings will still proceed, but only for projects with firm commitments/firm approval letters issued prior to the shutdown. A shutdown could delay the release of FY 2024 Fair Market Rents, which are typically published in early September.
