Spring is upon us and the pace of activity on the legislative front is exhibiting the energy of those coming out of a cold winter slumber. I realize you, my friends in California, are still experiencing your unusual (maybe not so much anymore) weather trends but in DC the Cherry Blossoms are at their peak and baseball opening day is upon us across the country.
Following a mostly positive hearing before the Senate Finance Committee on tax policy and affordable housing, Finance Committee Chairman Ron Wyden reintroduced his Decent and Safe Affordable Housing for All Act (DASH). This comprehensive bill from Senator Wyden encompassed many housing issues including much of the Affordable Housing Credit Improvement Act (AHCIA), the Neighborhood Homes Investment Act, a renter’s credit, supportive services credit, vouchers and even zoning changes. It also includes the two of the primary preservation provisions, ROFR & repeal of QC’s, both on a prospective basis. It is a very aspirational piece of legislation designed to engage policy makers on the need for affordable housing resources and changes to address the housing crisis.
Senator Wyden is seeking bipartisan support for the DASH Act which is a great segue to the impending reintroduction of the AHCIA. The AHCIA working group will be meeting soon with our legislative leads on the proposed legislation to discuss exactly what will be included in the version to be introduced in the 118th Congress. We are confident the resource provisions will remain the same, including the basis boost. The size of the bill is in question as many believe to garner strong bipartisan support, especially in the Senate, it may be necessary to pare back some of the 27 provisions that constitute the current version of the bill. The goal is to have the bill introduced by Senators Cantwell, Wyden, Young and Blackburn in the Senate and Reps. LaHood, Wenstrup, DelBene & Beyer in the House by late April or early May.
Meanwhile, Ways and Means Chairman Jason Smith (R-MO) is very enthusiastic about this bill, especially the basis boost for rural areas and ELI units. Another positive sign for the bill is a recent conversation between Chairman Smith and Chairman Wyden on working together of affordable housing legislation, a bipartisan bright spot in what many are deeming a non-partisan legislative environment. Looming over all of this of course is the pending debate on raising the debt ceiling. Nothing new to report on this front, with consistent statements on both sides that the US will not default on the debt. I remain hopeful but also see the pitfalls and difficulties that face some in leadership in negotiating the increase.
Finally, we hope those of you that are members of the Housing Advisory Group and/or Affordable Housing Tax Credit Coalition have marked your calendar for our Affordable Housing Forum in DC on May 17th & 18th. More information is forthcoming, but we plan on once again meeting on Capitol Hill. Stay tuned and keep up the great work with our policy makers, especially the new Members of Congress.
Thank you and be well.
David