February 6, 2018

Community Developments: House Set to Vote on Stopgap Spending Bill

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  • Following the brief government shutdown two weeks ago, Congress passed a short-term continuing resolution for fiscal year 2018 appropriations that expires this Thursday, February 8. The House of Representatives is scheduled to vote later today on a proposed stopgap spending bill that would keep the government open until March 23. While that bill, which was proposed by House Republicans, would extend most government funding at current levels, it would lift budget caps to provide $659 billion for the Pentagon through the end of the fiscal year on September 30. The bill does not include an $81 billion hurricane disaster relief package that has already passed the House and is stalled in the Senate. (Bloomberg Politics, February 6) 
     
  • According to The Hill, the White House is expected to release President Trump’s long-awaited infrastructure proposal early next week, including guiding principles for a $1.5 trillion infrastructure package. As previously reported in Community Developments, the Campaign for Housing and Community Development Funding, a coalition of more than 70 national organizations, has released a statement urging the President and Congress to expand federal investments in communities and affordable rental homes that help connect low-income families to opportunity and promote economic mobility. In that statement, Enterprise President and CEO Terri Ludwig emphasized that “housing is fundamental to our national infrastructure and must be part of any infrastructure plan. Opportunity for Americans begins with affordable, well-designed homes in thriving communities.” Read more about the importance of including housing in any infrastructure package in an Enterprise blog post.
     
  • Today, CoreLogic released its Home Price Index (HPI) data for December 2017, which show that home prices are up both year-over-year and month-over-month by 6.6 and 0.5 percent, respectively. The CoreLogic HPI Forecast indicates that home prices will increase by 4.3 percent between December 2017 and December 2018. According to the index, the state of Washington showed the largest HPI gain of all states in December 2017 with a 12 percent year-over-year increase, and home prices in 34 states and the District of Columbia have now risen above their pre-crisis peaks. (CoreLogic, February 6)

In Case You Missed It

  • Last week HUD awarded $1.5 billion and $243 million to help Puerto Rico and the U.S. Virgin Islands, respectively, recover from Hurricanes Irma and Maria. Provided through HUD's Community Development Block Grant – Disaster Recovery (CDBG-DR) Program, these funds will support long-term recovery of damaged infrastructure, housing and local businesses. Grantees must spend the majority of these recovery funds in "most impacted" areas as identified by HUD.

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