Omnibus spending bill the most important housing legislation in years
WASHINGTON – (RealEstateRama) — NHC’s president and CEO David M. Dworkin says that the omnibus FY 2018 funding bill released tonight “is the most important housing legislation in many years. Public-private partnerships like LIHTC and the CDFI Fund have a proven track record of success, and subsidy programs like HOME and CDBG are critical components of any public-private investment partnership. These increases will result in hundreds of thousands of desperately needed affordable housing units being built by American workers throughout the country. The American Home is the foundation of everything it means to be a great nation, and these federal investments are the keystone of that foundation.”
The legislation, agreed to by House and Senate leaders from both parties, significantly increases the allocation of the Low Income Housing Tax Credit, as well as making several other improvements to the program. The bill includes $1.36 billion for the HOME program, $3.3 billion for the CDBG program and a 10 percent increase over FY 2017 HUD funding, totaling more than $11 billion over the Trump administration budget proposal. It also includes $250 million for the CDFI Fund, which helps fund housing and community development projects throughout the nation.
“I am especially appreciative that the House and Senate leadership were able to come together after very difficult negotiations to reach a bipartisan compromise. Washington works best when it is working together on building our country. It’s gratifying that reconciliation and compromise are not the lost arts of political discourse,” says Dworkin.
About NHC: The National Housing Conference has been defending the American Home since 1931. Everyone in America should have equal opportunity to live in a quality, affordable home in a thriving community. NHC convenes and collaborates with our diverse membership and the broader housing and community development sectors to advance our policy, research and communications initiatives to effect positive change at the federal, state and local levels. Politically diverse and nonpartisan, NHC is a 501(c)3 nonprofit organization.
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