News & Updates

To:  IRHP, Members
From:  Stephen J. Wallace
Date:  July 21, 2010
RE:  Legislative Update

Preservation Legislation Update

Although  not officially scheduled, it is rumored that Rep. Barney Frank (D-MA), Chairman of the House Financial Services Committee, will schedule a Committee mark up of several affordable housing bills next Thursday, July 29th.  These bills include H.R. 4868, the preservation bill, a public housing bill and HUD’s proposed “Choice Neighborhoods” bill which would revamp the HOPE VI program.  Republican and Democratic staffers of the House Financial Services Committee are meeting this afternoon.  We do not know whether Chairman Frank will offer a substitute bill to delete the so-called “toxic provisions” including First Right of Refusal, allowing state laws to pre-empt federal housing laws, and making tenants third party beneficiaries to owner contracts, i.e. Section 8 contracts.  We hope that Chairman Frank will not include these provisions and a few others so that all owners can support this legislation.

Financial Reform Bill

Today President Obama signed into law a major overhaul of our financial system.  Included in the bill is an additional $1 billion for the Neighborhood Stabilization Program which has provided critical funding to preservation transactions over the last 18 months.  It is expected that the allocation formula utilized in the NSP 1 and 2 will remain in place.

Extension of the LIHTC Exchange Program

The Senate has failed several times over the past 2 months to pass the tax credit extenders bill which includes a 1 year extension of the LIHTC Exchange Program.  Senate Democrats had attached this bill to the extension of unemployment benefits expecting it to pass easily.  That has not happened.  The Senate is expected this week to move forward on the Unemployment Benefits legislation but not include the tax extenders leaving those provisions in jeopardy.

We will keep you updated on these developments.

Institute for Responsible Housing Preservation
401 9th Street, N.W., Suite 900, Washington, DC 20004
Tel: (202) 585 - 8739  •  Fax: (202) 585 - 8080  •  Email: info@HousingPreservation.org