Federal / Agency News

The House Appropriations Committee released the Fiscal Year 2025 bill for the Transportation, Housing and Urban Development and Related Agencies Subcommittee.

A Housing Affordability Coalition letter on insurance policy addressing the high insurance cost environment was sent to Members of Congress as well as various other administration officials last week Monday, June 10, from a housing affordability coalition represented by national real estate and housing associations and non-profit organizations, including NH&RA and led by the National Multifamily Housing Council.

At the recent Fortune’s Brainstorm Health conference in Dana Point, CA, Centene—America’s biggest Medicaid insurer—pledged to help build approximately $900 million of affordable housing in eight states.  

Jubilee Housing recently hosted recording artist John Legend and other affordable housing thought leaders as part of Legend’s HUMANLEVEL Initiative in partnership with Brookings Institution to learn about Jubilee’s Justice Housing model and to discuss affordable housing production and policy in Washington, DC. 

As a follow-up to last week’s story on the impact of the Housing Opportunity through Modernization Act (HOTMA) on property economics, this week we highlight one of the benefits at the administrative level.

The growing spotlight is on House GOP tax teams as significant 2017 tax law provisions are set to expire next year.

The 45L credit was initially introduced as a tax deduction under the Energy Policy Act of 2005. Initially, it allowed developers of energy-efficient residential properties, including multifamily buildings, to claim a deduction of up to $2,000 per unit for eligible construction or rehabilitation projects meeting specific energy-efficiency criteria. 

The Housing Opportunity through Modernization Act enacted in 2016 amends several aspects of Multifamily Housing Programs and its implementation has brought material changes that impact property owners and tenants, including income calculation, net family assets and income reviews.

At the end of last year, the Federal Housing Finance Agency increased the 2024 annual LIHTC investment cap for Fannie Mae and Freddie Mac from $850M to $1B.

HUD’s HOME Program limit on the per-unit subsidy amount that a Participating Jurisdiction is permitted to invest in multifamily housing projects has historically been set at the Section 221(d)(3) mortgage insurance program maximum per-unit amounts.

Members of Congress who addressed the Affordable Housing Tax Credit Coalition’s Spring Meeting on Capitol Hill this week indicated that they still see a possibility of passing parts of the Affordable Housing Tax Credit Improvement Act before Congress adjourns for the year.

The Senate has yet to take up the Tax Relief for American Families and Workers Act (H.R. 7024), which passed the House in January and contains two critical LIHTC provisions.