Congress

U.S. Representative Earl Blumenauer (D-OR) recently introduced the Renewable Energy Expansion Act (H.R. 4599), a bill that would allow taxpayers to receive a tax credit that functions as a direct payment for investing in or producing renewable energy.

Federal Housing Finance Agency (FHFA) Director Edward DeMarco recently sent a letter to ranking members of the House Financial Services Committee and Senate Banking, Housing and Urban Affairs Committee regarding the federal conservatorship of mortgage finance giants Fannie Mae and Freddie Mac

Snowed in? Washington, DC got over two feet of snow last weekend and we are looking at as much as another 10 inches of snow tomorrow – so much for living in the South! But just because we can’t dig our cars out doesn’t mean you can’t plan your trip for an upcoming NH&RA event in a much WARMER climate!

Financial Services Committee Chairman Barney Frank (D-MA) announced today the committee will hold a hearing on March 2 to begin the process of considering the future of housing finance. The hearing will focus on all the private and public entities that support the mortgage market, which include the Federal Housing Administration, Ginnie Mae, Fannie Mae, Freddie Mac, Federal Home Loan Banks, and private lenders and securitizers.

Following approval by the U.S. Senate on December 13, Congress completed final action on a consolidated $446.8 billion omnibus appropriations bill (HR 3288) for Fiscal Year 2010. The measure was sent to President Obama on December 15 for his expected signature.

NH&RA’s Council for Energy Friendly Affordable Housing is pleased to report that a new Senate bill (S. 2897) has been introduced by Senator Michael Bennet (D-CO) that would create significant financial incentives for owners of federally-assisted housing projects to improve their properties’ energy efficiencies and reduce energy costs.

The House of Representatives has passed tax extenders legislation (HR 4213) on a vote of 241-181. The measure now awaits consideration in the U.S. Senate. Key provisions include…

President Obama has announced plans to freeze domestic discretionary spending at its current level for three years.

Check out our YouTube Channel to view our 2009 Affordable Housing Vision Awards addresses from Lisa B. Alberghini, President of the Planning Office for Urban Affairs, Inc. and David A. Smith. CEO of CAS Financial Advisory Services.

U.S. Housing and Urban Development (HUD) announced that nearly 200 apartment units in New York City will become more energy efficient as the result of $3.6 million in funding being awarded today to Jonathan Rose Companies, a New York-based property owner and developer.

The Harvard Joint Center, with help from the What Works Collaborative, has published a new report entitled, “The Disruption of the Low-Income Housing Tax Credit Program: Causes, Consequences, Responses, and Proposed Correctives.”

While tax credit equity remains the biggest industry concern, debt financing is also elusive for many developers. 2010 promises to be a challenging year–originations are down, underwriting standards are only becoming stricter and, with then end of the TCAP program and declining state budgets, gap financing will become even more difficult to obtain. NH&RA can help!