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The Senate Finance Committee recently voted 16-11 to advance Scott Bessent’s nomination for U.S. Treasury Secretary. His nomination now heads to the Senate floor, where a final confirmation vote is expected in the coming days.
Against a deepening crisis in affordable housing across the country, the U.S. Department of the Treasury urges state action against a long-standing provision in the LIHTC program, commonly referred to as the “qualified contract loophole.”
The Treasury Department recently released a report that analyzed the first year of the Low-Income Communities Bonus Credit Program. The program is part of the Biden-Harris Administration's "Investing in America" agenda and represents an unprecedented incentive to increase solar and wind installation in low-income communities.
HUD recently proposed guidance impacting Low-Income Housing Tax Credit (LIHTC) projects involved in Federal Housing Administration (FHA) Multifamily Rental and Risk Share programs. The proposed guidance is meant to close the qualified contract loophole in the LIHTC program.
The Federal Housing Finance Agency (FHFA) recently announced that tenant protections will be included in new multifamily loan agreements beginning in February 2025. The tenant protections will be required for all multifamily properties financed by the federal enterprises known as Fannie Mae and Freddie Mac (the GSEs). The announcement marks a new era of tenant protections in federally backed multifamily housing.
One level deeper: Covered housing providers will be required to provide tenants with the following:
The National Oceanic and Atmospheric Administration (NOAA) recently released its 2024 Atlantic Hurricane Season Outlook, and it is predicting an above-normal hurricane season.
NOAA’s outlook is for overall seasonal activity and is not a landfall forecast. Hurricane season began on June 1 and will continue through Nov. 30.
Last year, Senator Bob Casey (D-PA), Chairman of the U.S. Senate Special Committee on Aging, introduced the Visitable Inclusive Tax Credits for Accessible Living (VITAL) Act to address the housing affordability and accessibility crisis for people with disabilities. Senator Casey recently introduced the Boosting Tax Credits for Accessible Housing Act in the U.S. Senate. The bill is a stand-alone provision taken from the VITAL Act.
Fair housing testers working with Fair Housing Initiatives Program (FHIP) grantees and Fair Housing Assistance Program (FHAP) agencies are used to identify systemic biases in the housing industry. These testers mimic real-world housing transactions to uncover racial, gender, and other forms of discrimination.
The National Low Income Housing Coalition (NLIHC) recently released the latest version of its annual report, “The Gap: A Shortage of Affordable Homes.” Each year, the NLIHC measures the availability of rental housing affordable to extremely low-income households and other income groups.
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