Congress

U.S. Senator Kirsten Gillibrand (D-NY) recently introduced the Irene and Lee Tax Relief Storm Recovery Act (S. 3243) which would expand access to the LIHTC and provide affordable housing to families who lost their homes due to destruction caused by Hurricane Irene and Tropical Storm Lee.

Rep. Dave Camp (R-MI), Chairman of the House Ways & Means Committee, announced last week that the Select Revenue Subcommittee will hold an additional hearing on tax extenders legislation in early June.

Representative Ed Towns (D-NY) recently introduced legislation (HR 5718) in the U.S. House of Representatives to amend Section 45D of the Internal Revenue Code of 1986 to revise the New Markets Tax Credit (NMTC) Program and the rules related to population census tracts with low-income populations.

The House Ways and Means Select Revenue Subcommittee recently held a hearing on tax extenders in which a few members specifically expressed support for the New Markets Tax Credit (NMTC) and Wind Production Tax Credit programs.

The Senate Appropriations Committee on April 19 approved the Transportation, Housing and Urban Development (THUD) Subcommittee’s fiscal year (FY) 2013 appropriations bill. The bill proposes to fund the Department of Housing and Urban Development (HUD) programs at $46.16 billion, an increase of $1.4 billion above the President’s FY 2013 request and $2.4 billion more than the FY 2012 enacted budget amount.

Join NH&RA May 21-22 for our 2012 Spring Developers Forum at the Ritz-Carlton Marina del Rey in California. Register by this Friday, April 27 to save up to $100 off your conference registration fee!

Last night’s State of the Union address offered some interesting new insight into the President’s policy priorities for the upcoming year. I was surprised that the President emphasized tax reform so early and often. While President Obama did not cite the low income housing tax credit, historic tax credit or new markets tax credit directly there was a strong emphasis on providing tax relief for businesses that create domestic jobs.

The Obama Administration released its FY 2013 budget on February 13, 2012, proposing spending levels for federal departments, agencies, and programs for the fiscal year that begins October 1, 2012. Click here for background on the federal budget process.

The House of Representatives Financial Services Committee will hold a full committee markup session on the draft Affordable Housing and Self-Sufficiency Improvement Act of 2012 (AHSSIA) legislation on Wednesday April 18 at 10:00 am in the Rayburn Building.

NH&RA / NCAHMA is pleased to offer the Power Point Presentations from our recent FHA MAP Market Study & Underwriting Symposium and Affordable Housing Underwriting & Policy Forum, which was held March 28-30 in Washington, DC.

The United States Senate Committee on Finance will hold a hearing entitled “Tax Reform: What It Means for State and Local Tax and Fiscal Policy” on Wednesday, April 25, 2012 at 10:00 am in the Dirksen Building.

The U.S. Senate on March 29 confirmed Maurice A. Jones to succeed the retired Ronald C. Sims for the position of Deputy Secretary of HUD.