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Legislative Outlook for Housing CAHEC Partners Conference. Robert Rozen Washington Council Ernst & Young May 2013. Low-Income Housing Tax Credit CRA Housing Programs NMTC GSE Reform. Status of Tax Reform Discussions. House Ways and Means Committee 11 Working Groups (April to May)

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legislative outlook for housing cahec partners conference

Legislative Outlook for HousingCAHEC Partners Conference

Robert Rozen

Washington Council Ernst & Young

May 2013

slide2

Low-Income Housing Tax Credit

  • CRA
  • Housing Programs
  • NMTC
  • GSE Reform
status of tax reform discussions
Status of Tax Reform Discussions
  • House Ways and Means Committee
    • 11 Working Groups (April to May)
    • Discussion Drafts
  • Senate Finance Committee
    • 10 Issue Areas (Through June)
ways and means 11 working groups
Ways and Means – 11 working groups
  • Charitable /Exempt Organizations
  • Debt, Equity and Capital
  • Education and Family Benefits
  • Energy
  • Financial Services
  • Income and Tax Distribution
  • International
  • Manufacturing
  • Pensions/Retirement
  • Real Estate
  • Small Business/Pass Throughs
senate finance 10 subject areas for member discussion
Senate Finance – 10 subject areas for Member discussion
  • Simplification
  • Small business; corporate investment and innovation
  • Families, education, and opportunity
  • Infrastructure, energy, natural resources
  • Types of income, investment, tax structures
  • Economic security, health, retirement, and insurance
  • International competitiveness
  • Economic and community development
  • Tax exempt organizations and charitable giving
  • Non-income tax issues and related reforms
senate finance economic and community development lihtc options may 15 2013
Senate Finance – Economic and Community Development LIHTC Options, May 15, 2013
  • Repeal
  • Replace with exemption on rental income
  • Replace or supplement with renters credit
  • Make permanent the 9% credit rate
  • Permit exchange of private activity bonds
  • Limit nonprofits controlled by for-profits
  • Repeal 130% credit authority
status of tax reform discussions efforts to move process forward
Status of Tax Reform DiscussionsEfforts to Move Process Forward
  • Chairman Camp and Chairman Baucus
    • Weekly meetings
  • Joint Hearings
  • WSJ op-ed
  • TaxReform.gov
  • Next Steps?
status of flat 9 4 credit rate legislation
Status of flat 9%/4% credit rate legislation
  • Current Law – Allocations by end of 2013
  • House Legislation
    • Congressmen Tiberi and Neal
  • Senate Legislation
    • Senators Cantwell and ……
  • Expiring Tax Provisions, December 31, 2013
obama fy 2014 budget
Obama FY 2014 Budget

Reform and Expand the Low-Income Housing Tax Credit

  • Allow states to convert private activity bond volume cap
  • Encourage mixed-income occupancy
  • Change formula in lieu of flat 9% credit rate
  • Add preservation of federally assisted housing as criteria
  • Permit REITs to invest in LIHTC
community revinvestment act
Community Revinvestment Act
  • March, 2013 – Proposed Qs and As
    • Investments in broader statewide or regional area considered in evaluation if in support of organization or activity that covers but is larger than the institution’s assessment area
    • As long as such activities are not conducted to the detriment of activities within the assessment area, considering the community development needs and opportunities within the assessment area
new markets tax credit
New Markets Tax Credit
  • Expires at end of 2013
    • Extension of expiring tax provisions
      • Introduction of legislation to extend program
      • President’s budget proposal
    • Tax Reform
  • April awards
  • Next application round
budget pressures on housing program
Budget Pressures on Housing Program
  • Budget Control Act of 2011
    • Budget Caps
    • Sequestration
      • Impact on voucher program
        • 125,000 households
      • Impact on property based section 8
        • $1.2 billion cut; budget proposes short funding
      • HOME, CDBG
bipartisan policy center housing commission
Bipartisan Policy Center Housing Commission
  • Housing Finance Reform
    • Single family and multifamily
  • Affordable Rental Housing
    • Rental assistance – ELI proposal
    • LIHTC – 50% increase
    • Short-term emergency rental assistance
    • Public housing
  • Financing the Costs
    • Single family housing tax subsidies
housing finance reform what will congress do with fannie and freddie
Housing Finance ReformWhat Will Congress do with Fannie and Freddie?
  • GSEs in conservatorship since 2008
  • Borrowed $180 billion from Treasury
  • Government has largely got its money back
  • OMB estimates $220 billion in receipts from GSEs over next ten years
  • How will this impact ability to establish new housing finance system?
  • 90% of all single family mortgages government backed
  • Multifamily also substantially government backed