|Summary of the Housing Provisions in Recovery Conference Agreement from the National Low Income Housing Coalition. |
|Congress Agrees to Stimulus Compromise; Votes on Friday|
Some details of the House and Senate conference agreement on the economic stimulus bill were released this afternoon.
Appropriations for HUD programs in the conference agreement are as follows:
Low Income Housing Tax Credits:
Details of the tax provisions have not been released but it is our understanding that, in addition to the $2 billion for LIHTC gap financing mentioned above, the conference agreement will include the House's proposal to allow housing credit allocating agencies to receive up to 40% of their 2009 credits as cash and use this to fill financing gaps from approved but stalled projects. It is NLIHC's understanding that the Senate bill's acceleration provision is not in the conference agreement.
Homeownership Tax Credit
It is NLIHC's understanding that the Senate's $35 billion homeownership tax credit has been significantly scaled back in the conference report. It appears that the conference agreement would amend the current $7,500 first-time homebuyer tax credit to repeal the current tax credit's requirement that it be repaid to the federal government. The benefits of the current tax credit, available to people who have not owned a home during the last three years, phase out for higher income households.
The Emergency Food and Shelter Program within the Federal Emergency Management Agency will receive $100 million in the conference agreement.
The Low Income Home Energy Assistance Program receives nothing (the House had funded it, the Senate did not).
The Social Services Block Grant program will receive nothing (the Senate had funded it, the House did not).
The Census Bureau will receive $1 billion.
What is Not in The Conference Agreement:
The final compromise does not include revenue for the National Housing Trust Fund, nor does it allocate funding for 400,000 new Housing Choice Vouchers. The funding for housing programs fell tremendously short of what advocates had sought.
Thanks to staff at the National Low Income Housing Coalition for keeping those in the field updated about this difficult to follow bill. If you are not a member of the NLIHC and you care about federal housing and homeless policy, we recommend taking a few minutes to sign up as a member of this critical national housing advocacy leader.
Posts by Northeast Ohio Coalition for the Homeless staff and Board.