FY2020 Funding Gets Started, President Trump Proposes Agency Funding Cuts
This week, President Trump stated he is requesting every cabinet secretary, including HUD and USDA, to find cuts worth 5% of their agency’s budget for Fiscal Year 2020. This announcement comes after the U.S. budget deficit was reported reaching a six-year high; the budget shortfall for the recent fiscal year was close to 17% higher than the previous year. NAHMA will be monitoring both HUD and USDA as the agencies begin to work on their FY2020 budget requests.
Senator Heller (R-NV) introduces the “Seniors Affordable Housing Tax Credit Act”
Last week, Senator Dean Heller (R-NV) introduced the
Seniors Affordable Housing Tax Credit Act, S. 3580. As stated in Sen. Heller’s
press release, this bill will “create a tax credit program that allocates credits to states, which, in turn, will be awarded to owners and developers who choose to rent their properties to low-income seniors. Under the Seniors Affordable Housing Tax Credit Act, those seniors who belong to renters’ credit units would pay no more that 30 percent of their income for rent and utilities, and the rental unit’s owner would receive a federal tax credit, based on the state’s determination, as compensation for any potential loss.”
Senator Heller serves on the Senate Finance Committee. Nevada ranks in the top 25 percent of states with the highest housing costs in the nation.
“Today, Nevada is one of the fastest growing states in both population and economic expansion. While we welcome this explosion of growth and the jobs that come with it, there is a lack of affordable housing because the demand for it is outpacing the supply,” said Heller. “As I travel across the state, I continue to hear from Nevada’s seniors who say that they can’t keep up with the rising cost of housing, especially for their rental properties. We need solutions, and my legislation will benefit both renters and homeowners by promoting affordable housing options that reflect the unique needs of our seniors. I urge my colleagues on both sides of the aisle to support this commonsense proposal to help communities in Nevada and across the country work to combat the affordable housing crisis.”
NAHMA will keep members up-to-date on the legislation.
