Tuesday’s Regulatory & Legislative Round-Up

  • Congress has finally passed the much awaited Tax extender’s legislation, H.R 2029 The Consolidated Appropriations Act, included is a win for affordable housing advocates – the nine percent minimum Low Income Housing Tax Credit was made permanent.
  • The Federal Housing Finance Agency (FHFA) has proposed a Duty to Serve Underserved Markets Rule, required by the Housing and Economic Recovery Act of 2008, which requires Fannie Mae and Freddie Mac (GSEs) to serve three underserved markets: Manufactured Housing, Affordable Housing Preservation and Rural Housing.  The GSEs would be required to establish and implement plans to serve each market and would receive duty to serve credits for success.  The proposal is open for comment until March 17, 2016.

Thursday’s Advocacy & Think-Tank Round-Up

  • Enterprise Community Partner’s and other affordable housing advocates have launched #CapsHurtCommunities, a campaign to raise spending caps imposed and restore critical funding. They are urging organizations and concerned citizens to reach out to Congress while the members on recess – asking them to support tax extenders legislation and fully fund affordable housing. The Summer Advocacy Tool Kit contains a variety ideas for creating awareness around the issue.
  • The Make Room Campaign’s mission is to raise awareness around the rent affordability crisis currently being played out in homes across the U.S. The Campaign has a novel approach – celebrity concerts, held on the 1st, (when the rent is due) in rent burdened living rooms.  In July, Grammy Award winning Artist Timothy Bloom held a concert in the Paterson NJ (See, NJ Factsheet) home of the five member Montgomery family, which spends more than half its income on rent and despite holding three jobs, is behind on bills and cannot afford a vehicle. Last Month’s concert was in the Los Angeles, CA (See, CA Factsheet) home of the Duartes where Carly Rae Jepson performed her hit song, “Call Me Maybe.”
  • National Association of Realtors’ Pending Home Sales Index took a dip in June, after five months of increases. on the other hand, when compared to June of 2014, it reflects an 8.2% increase.