So how are we doing? That is a question posed to me often as colleagues contend with both their Tax Reform hangover and the barrage of nothing-news coming from Washington, D.C.  I take this opportunity to once again remind all of my friends, colleagues and those wishing to retain some sense of sanity, to stop paying attention to the “goings on” in DC and focus on what is important; friends, family, work and the upcoming final season of Game of Thrones.  When something of substance is in the mix in DC we will be sure to let you know. By the way, something of substance may be happening in DC.

The Budget

After much wrangling and typical Washington dramatics, Congressional leadership came together on a budget agreement that will, wait for the surprise, bust the Budget Control Act (BCA) caps and provide extra resources for the military/homeland security and discretionary sides of the budget.  Specifically, non-military spending will increase by $63 billion for the remainder of FY 2018 and $68 billion for FY 2019.  The Appropriations Committees along with the authorizing sub-committees are determining how much will go to each agency so we do not know what percentage will go to HUD just yet.  Congress now has until March 23 to pass the FY 2018 budget.  It is our sincere hope that we have seen the last of the BCA of 2011 and sequestration is a thing of the past but for now, let us hope the cutting has ended so we may build again.

President’s budget! What President’s budget?

LIHTC

As for our LIHTC agenda and specifically the disposition of the Cantwell/Hatch legislation, we came oh so close to seeing the legislation adopted as part of the budget agreements tax extenders package.  S. 548 was included in the Senate package but at the insistence of Ways and Means Chairman Kevin Brady (R-TX) it was removed.  I would like to thank you and your colleagues around the country that at a moment’s notice, answered our calls and rallied support in Washington for this effort.  While we came up short this time there are other opportunities presenting themselves and with a little luck and a lot of hard work, it is my hope we will be successful in having the LIHTC legislation passed into law this year.

Whether it be the budget, LIHTC legislation, infrastructure, Opportunity Zones or the gold medalist in Olympic curling, there is much going on, most of it positive.  We need to keep up the drumbeat for affordable housing so thank you for your continued efforts and please do not stop.  We hope to have more good news soon.