Houses passes short-term flood insurance reauthorization
This week, the House of Representatives passed a bipartisan bill to temporarily extend the National Flood Insurance Program (NFIP) until the end of the current fiscal year in September. The program was set to expire on May 31, 2019 after several previous short-term reauthorizations and ongoing efforts to reform the program.
Titled “the National Flood Insurance Program Extension Act of 2019,” H.R. 2578 was introduced by House Financial Services Committee Chairmwoman Maxine Waters (D-CA) and Committee Ranking Member Patrick McHenry (R-NC). The bill will now be sent to the Senate for consideration.
In her statement on the House floor, Congresswoman Waters said, “the NFIP is much more than just an insurance program. The NFIP plays an important role in disaster preparedness and resiliency by providing flood maps, setting standards for floodplain management, and investing in mitigation for our homes, businesses, and infrastructure…We need a long-term reauthorization to provide certainty to homeowners and businesses, and we also need critical reforms to the program.”
Save the Date for HUD’s Innovative Housing Showcase
HUD invites the public to the National Mall for its inaugural “Innovative Housing Showcase.” The showcase will run from June 1-5, 2019, to engage with leaders and companies who are working to make housing more affordable for working families and resilient to natural disasters.
This five-day event will feature in depth discussions with leaders in government and across the housing industry, and more than a dozen exhibitors will be displaying model homes and innovative building technologies that address affordability and resiliency.
The showcase will be open to the public and free of charge. For more details—including operating hours, event location, exhibitors, and speakers—please visit www.hud.gov/innovative_housing.
Legislation introduced to increase transparency in Opportunity Zone investments
This month, a group of bipartisan lawmakers introduced a bill to require reporting and data collection in Opportunity Zones. S. 1344, introduced by Senators Booker (D-NJ), Scott (R-SC), Hassan (D-NH), and Young (R-IN), would require the Secretary of the Treasury to collect data and issue a report on the opportunity zone tax incentives enacted by the 2017 tax reform legislation.
The bill would require data collection at the community level – such as the impact of Zone designation on key economic indicators, including job creation, poverty reduction, and new business starts – as well as at the investment fund level – such as the total amount invested and the type of activity supported by the investment.
While many key leaders in the housing industry have hailed the new Opportunity Zones tax benefit as a way to increase private investment in underserved communities, others have warned about the lack of transparency and potential negative impacts on existing residents in affected communities. To read a recent NAHMAnalysis of the new tax benefit, please click here.
UP NEXT: What NAHMA is watching for next week
- HUD to host the Real Estate Assessment Center & Multifamily Housing Industry Day
- Congressional hearing titled “Housing in America: Oversight of the U.S. Department of Housing and Urban Development“
- Ongoing appropriations and budget negotiations for fiscal year 2020
- NAHMA staff participating at AHMA-PSW Conference