Congress

Congresswoman Maxine Waters (D-Calif.) has reintroduced her Choice Neighborhoods Initiative (CNI) authorizing legislation from the 111th Congress.

After four days of debate on the House floor, the U.S. House of Representatives passed a comprehensive 2011 spending bill (HR 1) that would trim more than $60 billion off the government’s budget. The U. S. Senate majority Democrats remain at odds with the Republican controlled House of Representatives over the spending bill and are seeking much more modest spending cuts. President Obama has vowed to veto the measure if it reaches his desk in its current form. The current continuing resolution expires on March 4.

In a frank and probing discussion, representatives of NH&RA’s HOPE VI Council and Policy Leadership Committee met with representatives HUD’s Offices of Multifamily Housing, Public & Indian Housing, Urban Revitalization and the Office of the Secretary on January 19 in search of common ground on the Administration’s Transformation of Rental Assistance (TRA) proposal. 

On February 11, the Obama Administration delivered a report to Congress that present a proposal for reforming America’s housing finance market.

President Obama is slated to release his FY-2012 Budget on February 14; however, news of budget priorities is beginning to be released. Last week the White House announced that the budget would fully fund the New Markets Tax Credit program at $5 billion.

On January 25, Senator Mary Landrieu (D-La.) introduced a bill (S. 30) to extend by one year the placed-in-service date for low-income housing tax credit rules applicable to Gulf Opportunity (GO) Zone properties.

The House Financial Services Committee Subcommittee on Capital Markets Chairman Scott Garrett announced today the Subcommittee will convene a hearing on reforming Fannie Mae and Freddie Mac.

The House Financial Services Committee Subcommittee on Capital Markets Chairman Scott Garrett announced today the Subcommittee will convene a hearing on reforming Fannie Mae and Freddie Mac. The hearing will be held on Wednesday, February 9th at 2:00 p.m.

Joseph Smith, President Obama’s nominee to run the Federal Housing Finance Agency (FHFA), has withdrawn his nomination after strong opposition from Republican Senators.

The U.S. Treasury Department’s report to Congress on the future of Fannie Mae and Freddie Mac will be delivered in mid-February, rather than by January 31, as mandated by the Frank-Dodd law enacted in July of last year.

The U.S. Senate today passed the $858 billion legislative tax package by a 81 to 19 vote. Senate Majority Leader Harry Reid (D-Nev.) this week introduced the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, a bill to extend the “Bush Tax Cuts,” as well as a number of tax credit programs that were modified by the American Recovery and Reinvestment Act (ARRA).

The 2011 CDFI Institute will take place on March 1-2 at the Embassy Suites Hotel ““ Convention Center in Washington, DC.