House examines proposed changes to Community Reinvestment Act
This week, the House Financial Services Committee held a hearing to question a top Administration official about the recently proposed reforms to the Community Reinvestment Act (CRA). With Comptroller of the Currency Joseph Otting as its sole witness, the hearing highlighted lawmakers’ concerns regarding the Administration’s reform proposal.
Last month, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) proposed significant changes to the CRA to clarify community investment, lending, and services requirements for banking institutions. The proposed rule changes would expand the types of activities that count toward CRA credit, encourage more long-term and targeted investments, and compare bank results by a new standard. The CRA has been a major driver of investment in affordable housing, and some industry colleagues are concerned about the impact of the proposed reforms on LIHTC investment.
During the hearing, Otting declined to extend the public comment period on the proposal to an additional 60 days, despite Committee Democrats’ request. The current comment period ends on March 9th. For more information about the proposal, please see NAHMA’s Washington Update from December here. Please submit any comments to NAHMA by Friday, February 28th.
House Democrats Unveil Framework for $760 Billion Infrastructure Package, Including Housing-Related Tax Credits
This week, the House leaders outlined a framework for a five-year, $760 billion national infrastructure investment plan. The Moving Forward Framework proposes to expand existing infrastructure tax credits and create new tax credits to improve all areas of infrastructure investment. The notable existing housing-related tax credits include the Low-Income Housing Tax Credit (LIHTC) and the New Markets Tax Credit (NMTC). The Ways and Means Committee also held a hearing on funding and financing infrastructure investment.
Join NAHMA’s February Government Affairs Committee Call
This joint call of NAHMA’s Federal Affairs, Regulatory Affairs, Tax Credit, Senior Housing, Rural Housing, and Fair Housing Committees will include key discussion items, current updates, and advance planning for the March Meeting, including the following agenda items:
- Fair Housing regulatory updates
- Member experiences with the NSPIRE demonstration (physical inspections)
- LIHTC Income-Averaging Guidance
- Recent HUD and Rural Development guidance
- NAHMA’s Comments on Regulatory Barriers to Affordable Housing Development
- NAHMA’s letter to the IRS regarding changes to LIHTC compliance monitoring regs
- Streamlining ideas for Rural Development processes
- Proposed reforms to the Community Reinvestment Act
- Planning for Hill Visits during the March Meeting
- Advance questions for Agency staff during the March Meeting
- Congressional updates and funding
- Other members issues or concerns
Please help us create an agenda that is relevant to you by submitting topics based on what you are experiencing in the field. The PowerPoint from our January Committee Call is available online here.
Join from PC, Mac, Linux, iOS or Android: https://meetings.ringcentral.com/j/1481281595
Or Telephone: (773)2319226, 148 128 1595