Funding for HUD and rural housing programs administered by USDA are currently operating under the continuing resolution (CR) through December 7. Considerable uncertainty remains as Congress seeks to reach full-year funding agreements for a number of federal agencies. With the midterm elections less than a month away, a resolution to the funding negotiations is likely to occur in the lame duck session, and the tone of those negotiations will be heavily dependent on the outcome of the midterms. Enterprise urges Congress to finalize full-year funding agreements as soon as possible to give critical affordable housing and community development programs certainty in their operations going forward.
House and Senate leadership have also suggested that tax legislation may advance in the lame-duck session, presenting an opportunity to advance provisions from the Affordable Housing Credit Improvement Act (S. 548/H.R. 1661), bipartisan legislation to strengthen the Low-Income Housing Tax Credit (Housing Credit), and the New Markets Tax Credit (NMTC) Extension Act (S. 384/H.R. 1098), bipartisan legislation that would permanently extend NMTC. Similar to funding negotiations for appropriated programs, a potential tax package in the lame-duck will be largely dependent on the outcome of the midterm elections. Advocacy leading into the lame-duck negotiations is critical, and Enterprise urges all Housing Credit and NMTC stakeholders to ask your representatives who have not yet signed on to support the Affordable Housing Credit Improvement Act or the New Markets Tax Credit Extension Act to do so now.