Can you believe it is February already? And January was so much fun for us DC types that revel in the comity and compromise of our legislative process!
So, after surviving the Boston Marathon of Speakers elections, Kevin McCarthy has the gavel, the office and the accompanying headaches of leading the U.S. House. The question of course is how long he will hold the position with most seasoned folks believing the test of his staying power will be the soon to begin negotiations on the debt ceiling. That vote will likely come sometime in May or June (possibly later depending on 2022 tax receipts) so in the meantime we need to focus on addressing the expanding housing crisis.
Over the past three weeks I have spent time with the new House Democratic Leader, Hakeem Jefferies (NY), the Democratic Whip, Katherine Clark (MA), your own Pete Aguilar, the Democratic Caucus Chair, and our House LIHTC champion, Suzan DelBene (WA), Senator Sherrod Brown (OH) and others, all of whom acknowledge an opportunity was missed last year to address the housing crisis. They have pledged to work with us on resource issues and some, including Senate Majority Leader Chuck Schumer (NY) and Finance Chairman Ron Wyden (OR) are confident a housing/tax bill can be done in 2023. This despite the obvious lack of consensus between the Democratic majority in the Senate and the Republican majority in the House. I do love the desire for consensus.
There are harbingers of hope in that Congressman Jason Smith (MO) was tapped to be Chairman of the House Ways and Means Committee. Rep. Smith is a longtime supporter of the LIHTC and cosponsor of the AHCIA. Bob Moss and I will be meeting with the new Chairman in the coming weeks to discuss the affordable housing crisis and need for resources. We will have to wait and see what his agenda entails and if the House leadership (membership) will allow the committee to undertake serious tax policy, but not since Cong. Dave Camp (MI) have we had a Republican Chairman of W&M that supported the LIHTC. I for one believe they may do a tax extenders package by year-end but we have a long time to see how the process and impending debates play out. Congressman Patrick McHenry (NC) is the new Chairman of House Financial Services. He will likely not have the same exuberance for affordable housing as Rep. Maxine Waters (CA) who is now Ranking Member, be he was a cosponsor of the AHCIA and North Carolina has significant affordable housing challenges.
In the meantime, the ACTION Steering Committee is working on the next version of the AHCIA to present to the industry and our Hill leads. They will decide what ends up in this year’s version of the bill. We are also preparing to continue conversations with the administration on a myriad of issues including regulatory reforms, barriers to affordable housing production and continued supply chain issues. We will also be discussing the new tenant protections they are suggesting.
What we need you, the members of CHC, to do at this time is get to know your new Members of Congress and their staffs. Educate them on affordable housing and the LIHTC so that they may become advocates and cosponsors of the AHCIA. I met quite a few of them when they were in Boston for the new Member orientation and to a one, they all reacted enthusiastically when I mentioned affordable housing. As we know, the crisis exists everywhere. We have much work to do to if we are going to augment housing resources and improve the environment for affordable housing production. We are working hard in DC toward that end and so appreciate your support and efforts in DC, CA and around the country.
Thank you.
David
