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NALHFA Claims Victory In New Spending Bill

Posted By Administration, Thursday, March 22, 2018

Last night Congress released the text for a FY2018 budget deal that includes big raises to important HUD programs and improvements to the Low-Income Housing Tax Credit (LIHTC) program. The budget deal is a substantial victory for NALHFA and local communities across the country. If passed by Congress and signed by the President, it will ensure funding through September of this year for critical resources necessary to combat the affordable housing crisis in the United States.

 

LIHTC Improvements

  • Income Averaging Option—This technical change to the program would provide the option of raising the upper income limit on LIHTC projects from 60% to 80% AMI across all units. This will be very beneficial to creating mixed-income housing and allow for a wider range of affordability levels.
  •  12.5% LIHTC Increase—States will receive a temporary 12.5% allocation increase in years 2018 through 2021. This will partially offset the loss of units due to the lower corporate tax rate, providing 30,000 more affordable units across the country.

 

HUD Budget Increase

 

HUD programs received significant increases. From HOME, CDBG to Public Housing Capital Funds, the omnibus provides boosts that will help combat homelessness, house low-income families, and provide crucial services and facilities to under-served populations.

  • Public Housing Capital Funds would increase from $1.94 billion to $2.75 billion. This increase is desperately needed to combat a backlog of public housing needs.
  •  HOME would increase from $950 to $1.362 billion. This is above the NALHFA’s requested amount of $1.1 billion for FY2018.
  • CDBG would receive an increase from $3 billion to $3.3 billion. This is the amount NALHFA requested to Congress.
  • Homeless Assistance Grants would receive $2.513 billion, up from $2.38 billion in FY2017, including no less than $270 million for the Emergency Solutions Grants program.

 

The budget deal is a huge win for NALHFA and communities across the country. NALHFA wants to thank all of its members and coalition partners that have worked relentlessly over the past year to not only to protect current funding levels but to call for spending increases. Your dedication and perseverance helped make this happen.

 

Please make sure to reach out to your Representatives in the House and thank them for their support. NALHFA’s voice was truly heard on this issue and we want to continue to build upon the many relationships we have created over the last few months.

 

The NALHFA government relations team will continue to monitor the spending bill in the Senate and update its members on the latest developments.

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