Covid-19’s economic fallout emphasizes that relief at all levels of governments and in partnership with the private sector is essential to mitigate the pandemic’s impact on renter households’ economic and housing stability. Enterprise urges Congress to work with the administration to offer much needed rental assistance. We also encourage state and local governments to work with property owners on ensuring flexibility and assistance for impacted renters in paying their back rent.
As we shelter-in-place, we’ve come to acknowledge that self-isolation requires that you have a place to shelter, but half a million Americans don’t, and millions more will join the ranks of the homeless if we don’t take immediate and decisive action.
The CARES Act authorizes the Small Business Administration to make forgivable loans available to small businesses and non-profits. The SBA will furthermore offer debt relief on many current loans and newly originated loans
The Low-Income Housing Tax Credit (Housing Credit) finances more than 90 percent of all affordable housing production and preservation, and the health of the program is critical for the housing stability of millions of low-income families. There are several simple federal actions that can provide timing relief and prevent projects from losing their tax credits due to COVID-19’s impact, some of which are statutory and others that are regulatory.
The majority of the House of Representatives has cosponsored the Affordable Housing Credit Improvement Act, H.R.3077, with a total of 221 members signed on to the bipartisan legislation. The Affordable Housing Credit Improvement Act (AHCIA) would strengthen and expand the Low-Income Housing Tax Credit (Housing Credit), our nation’s most successful tool for building and preserving affordable housing.
The city of Detroit has announced a federally-funded Preservation Partnership with Enterprise and other local affordable housing non-profits. The partnership will seek to identify apartment buildings that have low rents and help them be redeveloped in a way that preserves the affordability and prevents displacement. Evelyn Zwiebach, Enterprise Detroit Director for State and Local Policy, urges all Presidential candidates to commit to robust federal funding for critical affordable housing programs.
On February 10, the White House released a $4.8 trillion budget request that outlines spending priorities for Fiscal Year (FY) 2021. Similar to this administration's past proposals, this budget seeks cuts to many critical housing and community development programs across agencies.
A year-end tax package that includes a New Markets Tax Credit extension and expansion as well as additional Housing Credits allocations for 2017-2018 California wildfire relief advances with Fiscal Year 2020 appropriations legislation.
Today legislators introduced a bipartisan bill, The Save Affordable Housing Act of 2019, that would make a crucial correction to the Qualified Contract (QC) provision in Section 42 of the Internal Revenue Code and save thousands of Low-Income Housing Tax Credit (Housing Credit) properties from prematurely converting to market rate.
The ACTION Campaign (ACTION), which Enterprise co-chairs, released new fact sheets that demonstrate the impact of multifamily housing bonds (Housing Bonds) with the Low-Income Housing Tax Credit (Housing Credit), as well as the projected additional affordable homes from establishing a minimum 4 percent Housing Credit rate at the national scale and for the top 12 states that would benefit.
Prolonged negotiations around fiscal year (FY) 2019 spending levels have finally come to a close, with Congress and the Administration approving a spending package that modestly increases spending levels on housing and community development programs. Lawmakers now need to raise the spending caps for FY 2020 to avoid budget sequestration.
Enterprise offers an insight on the legislative outlook and advocacy strategy in the lame duck session and the 116th Congress, including the current frontrunners for leadership positions on key appropriations and tax committees in both chambers.
On Wednesday, the Senate passed its bipartisan “minibus” spending package, H.R. 6147, with a 92-6 vote. The $154.2 billion package combined four separate spending bills for Fiscal Year 2019 (FY19), appropriating funding for the Departments of Agriculture, Transportation, Housing and Urban Development (HUD), Treasury, and the Interior.
The report, which documents the gap between wages and the cost of housing, and breaks down and maps housing wage data by state, metropolitan area and county, also points out that in no jurisdiction can a worker earning the federal or prevailing state minimum wage afford a two-bedroom rental home at FMR by working a standard 40-hour week.
The Senate Transportation, Housing, and Urban Development (THUD) FY 2019 Appropriations Bill provides mostly flat funding for housing and community development programs with some modest increases and cuts.