Capital Briefs
By Caitlin Jones
2 min read
Tax Credit Advisor, August 2009:
Congress Active on Range of Housing Issues
Congress in recent weeks has been busy on several fronts in the area of affordable housing. Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, released a draft of a major housing preservation bill that was discussed at hearings by the full committee and its housing subcommittee. During July, the full committee also marked up a bill (H.R. 3045) to reform the federal Section 8 voucher program. Separately, Frank introduced a bill (H.R. 3068) that would direct dividends paid by firms assisted under the Troubled Asset Relief Program for use for certain housing purposes. The bill would direct $1 billion to the National Housing Trust Fund and $1.5 billion to the Neighborhood Stabilization Program.
(http://financialservices.house.gov)
HUD Solicits Applications for HOPE VI Funds
The U.S. Department of Housing and Urban Development (HUD) has issued a notice to solicit applications by 11/17/09 from public housing authorities for $113 million in grants available under the HOPE VI program to revitalize severely distressed housing projects. Significant changes from past competitions include that points will be given for proposals that incorporate an early childhood education and incorporate green development and energy efficiency strategies.
(http://edocket.access.gpo.gov/2009/E9-16742.htm)
RHS Releases NOFA for Section 538 Rural Housing Loans
The U.S. Department of Agriculture’s Rural Housing Service has issued a notice to solicit proposals for guaranteed loans for rural rental housing projects under the Section 538 program. Under the notice, new Section 538 loans won’t be subject to a guarantee fee but also won’t be eligible for an interest subsidy.
(http://edocket.access.gpo.gov/2009/E9-14940.htm)
Coalition Sends Letter on GSE-Held Housing Credits
The Affordable Housing Tax Credit Coalition on 6/29/09 sent a letter to Senate Banking Committee Chairman Christopher Dodd (D-Conn.) and House Financial Services Committee Chairman Barney Frank (D-Mass.) expressing concern about possible impending sales of housing credit investments by Freddie Mac and Fannie Mae. The letter noted the sale or possible sale by either government-sponsored enterprise of its existing credits is having a “chilling” effect on the market for new housing credits.
A Freddie Mac spokesperson declined comment
