May 10, 2017

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

Governor McAuliffe Announces More Than $8.4 Million in Affordable and Special Needs Housing Loans

Governor Terry McAuliffe announced more than $8.4 million in Affordable and Special Needs Housing loans for 15 projects in 13 localities across the Commonwealth.  These projects will create or maintain nearly 570 affordable housing units. They are focused on affordable new construction and rehabilitation housing options as well as permanent supportive housing options for people with intellectual and developmental disabilities.

Using a streamlined and competitive application process at the Virginia Department of Housing and Community Development (DHCD), qualifying applicants are eligible to receive funding through the HOME Investment Partnership Program (HOME), National Housing Trust Fund (NHTF), and the Virginia Housing Trust Fund (VHTF).  DHCD allocated more than $3.3 million in VHTF loans, nearly $2.9 million in NHTF, more than $1.7 million in HOME funding, and $500,000 in Permanent Supportive Housing funding for this round.

House Financial Services Committee Advances Dodd-Frank Reform Bill 

The House Financial Services Committee favorably reported the Financial Choice Act (The CHOICE Act, H.R. 10), which would repeal and replace a number of provisions of the Dodd-Frank Wall Street Reform Act. The bill includes several provisions that could impact the rules governing HFA lending programs and ways of financing them.

Congress Passes FY 2017 Spending Omnibus 

Both the House and Senate passed the FY 2017 omnibus spending package funding government agencies, including the Department of Housing and Urban Development (HUD), for the remainder of FY 2017, which ends September 30. In good news for affordable housing and HFAs, the bill level funds the HOME Investment Partnerships (HOME) program at $950 million, the same level of funding that House and Senate appropriators had agreed to last year when negotiating an FY 2017 omnibus appropriations bill that was ultimately not enacted.

Senate Confirms Jay Clayton for SEC Commissioner 

The U.S. Senate confirmed Jay Clayton's nomination to chair the Securities and Exchange Commission (SEC). Clayton was previously a partner at Sullivan & Cromwell LLP, an international law firm. Clayton was officially sworn in as SEC Chair. Two of the SEC's five commissioner slots remain vacant. President Trump has not yet announced nominees for open positions.

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