The A.C.T.I.O.N. campaign currently has 137 supporters. Representatives from the campaign met with Department of Housing and Urban Development (HUD) Secretary Shaun Donovan on November 10 to discuss current A.C.T.I.O.N. proposals.
The Worker, Homeownership, and Business Assistance Act of 2009 passed last week with two amendments relevant to the A.C.T.I.O.N. campaign: the extension and modification of the homebuyer tax credit and the net operating loss (NOL) carryback. While representing a similar tax policy as the A.C.T.I.O.N. campaign carryback proposal and setting an important favorable precedent, the NOL carryback alone will not help stimulate Low-Income Housing Tax Credit investment.
The A.C.T.I.O.N. campaign is continuing to keep up the pressure on Congress to include its proposals in upcoming bills, such as the tax extenders bill. The support of House Ways & Means Committee Chairman Charles Rangel (D-N.Y.) is crucial in these efforts; therefore the campaign is focusing its current efforts on engaging his support.
On November 6, President Obama signed into law the Worker, Homeownership, and Business Assistance Act of 2009 (HR 3548), which extended supplemental payments to unemployed Americans. In addition, the Act extended the homebuyer tax credit until May 1, 2010, and loosened eligibility requirements. Income limits have been raised to $150,000 for a single filer and $225,000 for joint filers. Additionally, existing homeowners meeting certain criteria are now eligible for a tax credit of up to $6,500 for purchasing a new principal residence if they have lived in their primary residence for five consecutive years out of the last eight. HR 3548 passed the House November 5 by a vote of 403-12 after passing the Senate by a vote of 98-0 the previous day. To view additional bill information, visit the Library of Congress website.
On October 30, President Obama signed legislation into law that contains the Continuing Resolution (CR) to fund most of the federal government until December 18, 2009. The CR provides funding for government agencies without a finalized spending bill, such as HUD, at FY 2009 levels.
In addition to generally maintaining spending at current levels, the CR extended the increased loan limits for loans insured by Federal Housing Administration (FHA) and loans that are purchased by Fannie Mae and Freddie Mac to as much as $729,570 in high housing cost areas, as established in the American Recovery and Reinvestment Act of 2009. These limits will now expire at the end of 2010. To view a detailed budget breakdown and comparison, see the Enterprise FY 2010 Budget Chart. Visit the Library of Congress website for further information on the Continuing Resolution.
On October 29, HUD Secretary Shaun Donovan and U.S. Treasury Secretary Timothy Geithner made a statement calling on Congress to approve several housing measures, including financing for the National Housing Trust Fund. The administration announced that it would actively work with Congress to identify the specific offset necessary to secure funding. In addition, the administration expressed support for the extension of higher FHA loan limits and the first-time homebuyer tax credit Visit the HUD website to view the full press release.
Last week, Enterprise Community Partners sent a paper to congressional staff outlining its policy recommendations for the Obama Administration’s Choice Neighborhoods proposal. The program was designed as a successor to the HOPE VI program and would include competitive grants to rebuild public and assisted housing into mixed-income communities with access to quality schools, transportation and other vital community services. To view the full paper, visit the Enterprise Legislative Information webpage.
On November 5, the Senate Committee on the Environment and Public Works (EPW) advanced the Clean Energy Jobs and American Progress Act (S 1733). The vote was boycotted by Republican committee members who sought to defer debate until additional economic analysis could be conducted. Senate rules prevented changes from being made during markup, since two members of the minority party must be present to consider any amendments. However, Senator Barbara Boxer (D-Calif.), committee chair and bill sponsor, announced after the vote that the version of the bill as passed will likely be altered prior to Senate floor debate. Senator John Kerry (D-Mass.; bill co-sponsor) has been negotiating with Senator Lindsey Graham (R-S.C.) and Senator Joseph Lieberman (I-Conn.) to craft a compromise bill.
As currently written, S 1733 would create the Retrofit for Energy and Environmental Performance Program to provide funding for energy efficiency upgrades to buildings. Additionally, the bill would require the Environmental Protection Agency (EPA) administrator to establish national energy-efficiency building codes for residential and commercial buildings. Other provisions include efforts to increase renewable energy development, limit emissions, provide for a carbon cap-and-trade system and promote green jobs. Companion legislation passed the House of Representatives in June, and contained the Green Resources for Energy Efficient Neighborhoods Act.
For more information on S 1733, view the EPW Committee summary (based on the bill as introduced). For updates, view the Library of Congress summary.
On October 28, the House Committee on Energy and Commerce held a markup to amend the Consumer Financial Protection Agency Act of 2009 (HR 3126). The act had previously passed the House Financial Services Committee on October 22. The bill was amended to replace the proposed agency’s single executive with a five member commission serving staggered terms. This change was opposed by Rep. Barney Frank (D-Mass.), the bill’s sponsor and Financial Services Committee chairman (view statement). For more information on HR 3126, view the House Financial Services Committee summary.
A recent study suggests a Maryland law designed to limit suburban sprawl was ineffective because of a lack of enforcement mechanisms and inadequate incentives. The highly acclaimed 1987 law limited state funding for infrastructure to defined priority funding areas (PFAs) with the goal of concentrating growth within those regions and protecting open space outside the boundaries. However, the study found that in practice the PFA boundaries and associated land use policies (determined at the county and local levels) limited the effectiveness of the policy. Read the full report or visit The Washington Post website for a summary article.
On October 27, the Brookings Institution hosted authors Ron Haskins and Isabel Sawhill for a discussion of their book, Creating an Opportunity Society. Veterans of the George W. Bush and Bill Clinton administrations respectively, Haskins and Sawhill talked about the effects of education, work and strong families in eliminating poverty, inequality and economic mobility. For further information and to view a replay of the discussion, visit the Brookings Institution event webpage.
On November 3, the Urban Institute held a discussion entitled: Who Moves, Who Stays, and the Resilience of Low-Income Communities. The event analyzed different elements of residential stability and the resulting impact on organizations working toward poverty alleviation in distressed neighborhoods. Visit the Urban Institute website to download the full report or view the webcast.
On November 10, the Federal Reserve Board and the Federal Reserve Bank of St. Louis held a forum titled Innovative Ideas for the LIHTC Market. Peter Lawrence of Enterprise Community Partners participated in the event. The forum highlighted practical policy options to bolster the Low-Income Housing Tax Credit market, which has struggled as a result of the economic downturn. Visit the Federal Reserve Bank of Cleveland website to view the full report.
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