Congress Passed Two-Week Stopgap Bill To Avert Partial Shutdown
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- Earlier today Congress passed a two-week stopgap bill that would fund the government until Friday, December 21. The current continuing resolution (CR) funding many government functions expires tomorrow, December 7. This short-term bill would avert a partial government shutdown on December 8 and give lawmakers more time to negotiate a longer-term spending bill. It would also extend funding for the National Flood Insurance Program, also currently set to expire this Friday, for an additional two weeks. The measure now advances to the President’s desk for his signature. (The Hill, December 6) Stay tuned to our blog and newsletters for updates on budget and appropriations.
- The city of Miami has released a list of the first round of improvements to be funded by the Miami Forever GO bond, a $400 million general obligation bond that includes $100 million for affordable housing and economic development projects and $192 million for flooding mitigation and resiliency improvements. City commissioners are scheduled to meet next week to discuss borrowing $58 million for the first round of work, which would include $15 million for new affordable housing projects and a single-family home rehabilitation program and $10.3 million for flooding mitigation. (The Miami Herald, December 6)
- A blog by How Housing Matters argues that although lower-income households regularly face serious housing quality challenges, major reports often find that in the country overall, the amount of inadequate housing is small. For example, the Worst Case Housing Needs Report to Congress’ definition of inadequate housing only incorporates the types of housing inadequacies that indicate an unsound structure—excluding the types of quality problems that pose an imminent risk to residents’ health and safety, such as physical inadequacies related to plumbing, heating and upkeep. The post emphasizes the importance of capturing the different types of housing inadequacies in the national debate to direct funding and policy attention to the right areas. (How Housing Matters, December 6)
- A new report by CoreLogic shows that the amount of home equity – the difference between the home's fair market value and the outstanding balance of all liens on the property – increased by about $775 billion between the third quarters of 2017 and 2018. It finds that while the national share of homes with negative equity for the third quarter of 2018 was 4.1 percent, 81,000 borrowers moved into positive equity between the third quarters of 2017 and 2018. (CoreLogic, December 6)
In Case You Missed It
- As we previously highlighted in our election recap and advocacy strategy for the 2018 midterm elections, the next Congress presents both opportunities and challenges for advancing affordable housing priorities, and a strong advocacy network will be critical to secure the resources low-income households need to succeed. The ACTION Campaign, a national coalition of more than 2,200 organizations and businesses supporting the Low-Income Housing Tax Credit (Housing Credit), continues to advocate for the resources to help address our nation’s vast and growing shortage of affordable rental housing. Join the ACTION Campaign to receive updates on legislation to strengthen and expand the Housing Credit, access advocacy materials for meeting with members of Congress, and support the effort to advance the Housing Credit.