Congress

A report from the Senate Finance Committee Community Development & Infrastructure Bipartisan Tax Working Group estimated expenditures for the historic tax credit, low-income housing tax credit, and new markets tax credit for fiscal years 2014-2018. The report is meant to inform the committee’s discussions on tax reform. The report did not make any recommendations regarding the tax credit programs.

The U.S. House of Representatives passed a bill that would help leverage private investment to fund upgrades to water and energy systems in aging HUD-assisted housing. The bill will go next to the Senate for consideration.

Senate bill (S. 1795) and House bill (H.R. 3110) aim to provide tax relief to communities hit by natural disaster between 2012 and 2015. Provisions include an increased allocation of housing credits and the opportunity to compete for an additional allocation of New Markets Tax Credits.

Senate Finance Committee approved a tax extender bill that fixes the 9% and 4% credit rate floor for allocations made in 2015 and 2016. These provisions are part of a larger two-year tax extender bill.

The Senate Appropriations Subcommittee on Transportation, Housing and Urban Development approved Tuesday a FY-2016 THUD funding bill that slashes funds for the HOME program, which often provides vital funding for housing credit developments.

NH&RA calls on its members to stop the Senate Appropriations Committee from slashing funding to the HOME program, join efforts to strength LIHTC, help preserve tax-exempt multifamily bonds, and advocate for the historic tax credit.

The Affordable Housing Tax Credit Coalition honored outstanding low income tax credit properties at its 21st Annual Charles L. Edson Tax Credit Excellence Awards. NH&RA members were involved in the development and financing of several of the award-winning projects.

Affordable Rental Housing ACTION (A Call To Invest in Our Neighborhoods) issued resources to assist housing credit supporters in reaching out to their representatives in support of current legislation. NH&RA encourages our members to voice your support bills in the House and Senate that will set a minimum credit rate.

The House passed the FY-2016 Transportation-HUD spending bill on a vote of 216-210. The legislation includes funding for the Department of Housing and Urban Development, Department of Transportation, and other related agencies through the end of the fiscal year on September 30, 2016.

Senators Al Franken (D-MN) and Rob Portmann (R-OH) introduced legislation to modify the tax code so that homeless youth and veterans who are full-time students are eligible to live in low-income housing tax credit properties.

The House Commmittee on Financial Services’ Housing and Insurance Subcommittee held an oversight hearing May 19 to examine the performance, challenges and budget priorities of the Rural Housing Service (RHS).

Senators introduced a bill on May 5 to create a permanent floor for the low income housing tax credit. The bill is identical to the one introduced to the House in late February.