We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
On Dec. 22, President Trump signed the $1.5 trillion tax overhaul legislation into law. Prior to the signing, House and Senate GOP leadership filed a conference report on the Tax Cuts and Jobs Act, reconciling the differences between the House-passed and Senate-passed versions of the bill. The House and Senate both approved the conference report and the House passed the bill by a vote of 227 – 203, with 12 Republicans and all Democrats voting against it. It passed the Senate by a vote of 51 – 48 on a party-line vote.
The Joint Center for Housing Studies at Harvard University (JCHS) recently released its biennial rental housing study. The report finds that unprecedented growth in the rental housing market is slowing amid persistent affordability challenges for low- and moderate-income renter households. Fewer new renter households are being formed, rental vacancy rates have risen, and rent increases have slowed. However, at the same time, renter demographics are changing and rental affordability challenges remain prevalent.
Since the publication of the Insider’s Special Issue detailing the House of Representatives’ tax reform bill, the House passed its version of tax reform legislation, the Tax Cuts and Jobs Act, H.R. 1, with a vote of 227 to 205. The Tax Cut and Jobs Act eliminates the tax exemption for private activity bonds, including housing bonds. Thirteen Republicans voted against the bill, along with all of the Democrats casting a vote.
The U.S. House of Representatives recently passed legislation to renew and reform the National Flood Insurance Program (NFIP). The NFIP’s authorization is set to expire on Dec. 9. During debate on the House floor, several Republicans expressed concerned that the bill would impose steep NFIP premium increases on their constituents. Many Democrats echoed these concerns, though 15 Democrats did vote to support the legislation. The legislation ultimately passed the House by a vote of 237 to 189.
The Federal Housing Finance Agency (FHFA) recently announced that Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs), will be allowed limited re-entry into the LIHTC market as equity investors, effective immediately.
The GSEs have been absent from the LIHTC market since September 2008 when they were placed into government conservatorship. Prior to the financial crisis, the GSEs provided roughly 40 percent of annual equity investments in LIHTC sites.
Evidence is building that housing affordability, the neighborhood’s environment, and conditions within the home are all important determinants of health, according to an op-ed published in the Economist Group’s Roll Call publication by Anand Parekh, M.D., chief medical adviser at the Bipartisan Policy Center. As a result, states and affordable housing development agencies are beginning to look at ways LIHTC may be used to improve health.
The Tax Cuts and Jobs Act (H.R. 1), which proposes the elimination of Private Activity Bonds, would cost the State of New York $4.5 billion in affordable housing investment annually, and 17,000 fewer affordable units would be built each year, according to an impact analysis recently released by the New York Housing Conference (NYHC), a nonprofit affordable housing policy and advocacy organization.
In a letter sent to the California Congressional delegation, California State Treasurer John Chiang urged the delegation to preserve funding for LIHTC and the Private Activity Bond programs. He pointed out the vital role these programs play in building and preserving affordable housing throughout the nation, but especially in California as Californians struggle “with a housing crisis that is quickly metastasizing into a humanitarian and public health catastrophe.”
On Oct. 13, the Social Security Administration (SSA) announced the Cost-of-Living Adjustment (COLA) for 2018. The monthly Social Security and Supplemental Security Income (SSI) benefits for more than 66 million Americans will increase 2.0 percent in 2018. The 2.0 percent COLA will begin with benefits payable to more than 61 million Social Security beneficiaries in January 2018. And increased payments to more than 8 million SSI beneficiaries will begin on Dec. 29, 2017.
The Department of Justice (DOJ) recently announced a new initiative to combat sexual harassment in housing. The initiative specifically seeks to increase the DOJ’s efforts to protect women from harassment by landlords, property managers, maintenance workers, security guards, and other employees and representatives of rental property owners. “No woman should be made to feel unsafe in her own home,” said Acting Assistant Attorney General John M. Gore of the DOJ’s Civil Rights Division in announcing the initiative.
RSS