With six months remaining in the 2018 fiscal year, the National Association of REALTORS® urges the passage of the “omnibus appropriations bill” agreed upon by U.S. House and Senate negotiators last night, which is designed to fund the federal government through Sept. 30.
The 2,232-page bill contains important provisions related to housing that real estate professionals have been fighting for, including alleviating the weakening of the Low-Income Housing Tax Credit from the new tax law and extending the National Flood Insurance Program through at least midsummer. The highlights critical to the continued health of the nation’s housing market include:
- Meaningful improvements to the LIHTC, including a significant increase in funding and a change in the average income test, which should result in hundreds of thousands of new affordable housing units.
- An extension of the NFIP to July 31, 2018. This avoids another lapse and provides several more months for the Senate to act on the five-year reauthorization and reform legislation adopted by the House last November.
- Doubling flood map funding to $263 million, up from $177 million in the previous year and a more than 150 percent increase over the administration’s request this year.
- Maintaining funding for flood mitigation, proofing, and elevation of properties ($175 million), as well as the Office of the Flood Insurance Consumer Advocate ($5 million) to assist homeowners with concerns over flood mapping and insurance ratings.
NAR President Elizabeth Mendenhall says Congress must now do their part to enact the bill before the current stopgap spending measure expires on March 23.
“In addition to extending the NFIP through July, with the goal of passing a long-term reauthorization and reform of the program soon, this spending bill contains significant improvements for providing affordable housing options for low-income households,” she said. “REALTORS® were a key part of a larger coalition that fought for these necessary changes, and we’re pleased to see the steps taken to strengthen the Low-Income Housing Tax Credit to address our country’s housing needs. It’s now time for Congress to step up to the plate, pass the bill, and fund the government through the rest of the 2018 fiscal year.”
Source: “Passage of FY 2018 Spending Bill Critical Step for Affordable Housing Funding and Flood Reauthorization,” National Association of REALTORS® (March 22, 2018)
