October 6, 2015

In Case You Missed It: A Look at Recent National Housing Policy News

Shutdown Averted

Late September 30, President Obama signed a continuing resolution (CR) funding government programs through December 11, thereby forestalling a government shutdown. Both the Senate, by a vote of 78 to 20, and the House of Representatives, by a vote of 277-151, passed the CR earlier that day.  While the CR is considered to be "clean," and does not include controversial language defunding Planned Parenthood or other major policy changes, it does include a 0.21 percent across-the-board reduction to discretionary spending programs to stay within the FY2016 budget caps as set by the Budget Control Act (BCA) of 2011.

Obama signs funding bill to avert government shutdown

President Obama signed a stopgap spending bill Wednesday to avert a government shutdown, the White House said.  Obama put his signature on the measure, which funds federal agencies through Dec. 11, just hours before a midnight deadline to keep the government open.   “With today’s bipartisan vote, Congress has taken a step away from the brink,” White House press secretary Josh Earnest said in a statement. “But the American people deserve far better than last-minute, short-term legislating.”  The bill is intended to buy more time for Obama, Senate Majority Leader Mitch McConnell (R-Ky.), outgoing Speaker John Boehner (R-Ohio) and Boehner's successor to reach a comprehensive, long-term budget pact.

HOME Coalition Advocacy Materials

The HOME Coalition works to increase awareness about the HOME Investment Partnerships Program (HOME), its importance to the development and provision of affordable housing, and the need for funding.  HOME provides grants to state and local governments to produce affordable housing for low-income families.  Since 1990, over 1.1 million units of housing have been produced with HOME funds.  HOME funds have helped an additional more than 283,000 families through tenant-based rental assistance.  HOME funds are a vital and unique source of financing for numerous affordable housing developments—many of which would not be possible without HOME assistance.  HOME uniquely empowers states and localities to respond to the housing needs they judge most pressing, including affordable housing production and rehabilitation, preservation, rental and homeownership assistance, and disaster recovery response.

NAR president: Realtors ready for TRID, but grace period welcome, Says challenges still ahead

The new TILA-RESPA Integrated Disclosure rule goes into effect on Oct. 3, and the National Association of Realtors thinks its members will be ready.  That said, they are extremely grateful that the Consumer Financial Protect Bureau is implementing an informal hold harmless grace period.  While the grace period offered by the CFPB is undefined, Congress will be voting on a bill next week to formalize the grace period through the end of 2015.

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