Funding uncertain as deadline looms
With a week to go before the current stop-gap spending measure expires, lawmakers are considering a number of options to fund the government into the new year. Congressional leaders and the President failed to reach an agreement this week on border wall funding, which has held up the Fiscal Year 2019 funding negotiations for about a quarter of the federal government, including HUD and USDA.
As an alternative to a government shutdown over the holidays, some lawmakers are increasingly considering a two-week Continuing Resolution that would push the fiscal deadline into January. NAHMA will keep members up-to-date leading up to the December 21st expiration date.
President nominates new FHFA Director
This week, President Trump announced his intent to nominate Mark Calabria as Director of the Federal Housing Finance Agency (FHFA). Currently serving as chief economist for the Vice President, Calabria previously served as a senior aide on the Senate Banking Committee (which has jurisdiction over housing issues) and as a deputy assistant secretary for regulatory affairs at HUD. Calabria has also worked at the Cato Institute, Harvard’s Joint Center for Housing Studies, the National Association of Home Builders, and the National Association of Realtors.
If confirmed by the Senate, Calabria would replace current FHFA Director Mel Watt, who was a holdover from the Obama Administration and whose term expires in January.
Secretary Carson to lead new Opportunity Zones Council
This week, President Trump created a new White House Opportunity and Revitalization Council. HUD Secretary Ben Carson was tapped to lead the Council, which will coordinate efforts across 13 federal agencies to target existing funding into the newly created “Opportunity Zones.”
Opportunity Zones were locally-selected and formally designated by the IRS this year following the enactment of tax reform in late 2017, which amended the tax code to create incentives for long-term private investment in economically distressed areas. More information is available on the White House fact sheet here.