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Leaders of the House Ways and Means Subcommittee on Select Revenue Measures and the House Financial Services Subcommittee on Domestic Monetary Policy and Technology held a joint hearing yesterday to receive testimony from key government officials and industry leaders with regards to a recent report published by the Government Accountability Office (GAO), which states that minority-based Community Development Entities (CDE) are less likely to be successful in obtaining funding allocations under the New Markets Tax Credit Program.

On Wednesday, July 15 the U.S. House of Representatives’ Committee on Financial Services held a hearing to discuss legislative options for preserving federally- and state-assisted affordable housing and preventing displacement of low-income, elderly and disabled tenants. During the hearing, Committee heard testimony from a panel of witnesses.

Yesterday U.S. Department of Housing and Urban Development Secretary Shaun Donovan announced HUD’s proposed fiscal year 2010 budget. The budget represents a renewed commitment to multifamily housing, interagency partnerships and program transparency.

The Internal Revenue Service has issued a new notice that allows for the use of a utility allowance for rent-restricted units in a low-income housing tax credit project where utility sub-metering is used, and lays out the conditions that must be met for this treatment to apply. The new guidance, in Notice 2009-44, clarifies and is retroactive to the effective date of the final utility allowance regulation published on July 29, 2008.

HUD and the Department of Energy have issued a Memorandum of Understanding (MOU)that outlines a path by which LIHTC Projects, HUD Assisted Housing and Public Housing can utilize Weatherization Assistance Program funds.

Shaun Donovan, Secretary of the U.S. Department of Housing and Urban Development (HUD), on April 20 announced his department “within days” will sign an agreement to make federal weatherization program funds automatically available for use in HUD programs.

On April 13, 2009, Brian Montgomery, Assistant Secretary for Housing ““ Federal Housing Commissioner, authorized the release of a new set of page changes to the Section 8 Renewal Policy Guide.

At a recent speech before the National Housing Conference HUD Secretary Shaun Donovan expressed the Obama Administration’s renewed support for affordable housing preservation.

The House of Representatives has passed its omnibus appropriations bill (HR 1105) covering nearly all of the federal government for the balance of federal Fiscal Year 2009, which ends this September 30.

Please see the following summary of key provisions from the conference report of HR 1: The American Recovery and Reinvestment Act. The House of Representatives and Senate voted in favor of the measure and President Obama signed the measure into law Tuesday, Feb. 17.

The US House of Representatives has passed HR 1, its $819 billion economic stimulus bill on a vote of 244-188. The House adopted several amendments prior to passing the measure that clarify how funds dedicated to transportation can be spent and strengthening whistleblower protections. The US Senate is scheduled to consider its measure, which is considerably different, in the next few days.

NH&RA’s New Markets Tax Credit Council sent a letter to key congressional leaders urging them to support the New Markets Tax Credit Provisions in the Senate Version of HR: 1The The American Recovery and Reinvestment Act of 2009. The letter addresses expanding NMTC Authority in 2008 and 2009, Alternative Minimum Tax Relief and the carry back of business tax credits.