On July 20, the Senate Appropriations Committee held a markup and approved its Transportation, Housing and Urban Development, and Related Agencies (THUD) fiscal year (FY) 2024 funding proposal. The measure would provide $98.931 billion for agencies under its jurisdiction, including $70.6 billion for HUD, $1.8 billion above the House proposal and $9.8 billion above the FY 23 enacted budget. 

The Senate provided a bipartisan proposal that makes minimal cuts and level funding or increases for many of Enterprise's Policy Priorities. Specifically, the HOME Investment Partnerships Program was spared from the significant cuts proposed in the House and received level funding compared to FY 23 at $1.5 billion. Other important programs such as the Community Development Block Grant and the Section 4 Capacity Building Program also received level funding at $3.3 billion and $42 million, respectively. Several key programs received increases, including the Native American Housing Block Grant, which received a $61 million (6%) increase at $1.1 billion, and the Housing Choice Voucher (HCV) program, which received a $1.4 billion (5%) increase at $31.7 billion. The amounts for the HCV program would cover all renewals and will also provide 4,000 new incremental vouchers for youth aging out of foster care and veterans at risk of or experiencing homelessness, according to the bill summary. 
 
Congress should enact legislation that provides strong funding for affordable housing and community development programs to meet the urgent need we’re seeing across the county.

Oklahoma Housing Finance Agency continues to seek public input regarding the Oklahoma Housing Stability Program. Once finalized, this program will provide $215 million for the following purposes:

• New construction of single family homes
• New construction of multifamily rental housing
• Homebuyer down payment and closing cost assistance

Oklahomans living in rural and urban communities across the state will benefit from the new program.

Visit the OHFA’s website for program information. OHFA will soon release an updated draft white paper and application drafts along with a summary of received comments.

The public is invited to participate by attending one of these sessions and/or providing comment on the program’s draft white paper utilizing this discussion board. 

Please register for an upcoming input session so we can ensure there is adequate meeting space.

August 7 - 10:00 a.m.
Indian Capital Technology Center - Seminar Center, Tahlequah
240 Vo-Tech Dr, Tahlequah, OK 74464
Register to Attend

August 8 - 10:00 a.m.
High Plains Technology Center, Woodward
3921 34th St, Woodward, OK 73801
Register to Attend

August 14 - 10:00 a.m.
Kiamichi Career Technology Center, Room 112, Durant
810 Waldron Dr, Durant, OK 74701
Register to Attend

August 15 - 10:00 a.m.
Museum of the Great Plains - Louise D McMahon Hall, Lawton
601 NW Ferris Ave
Lawton, OK 73507
Register to Attend

Today is the last day to post comments on the first draft of the 2024 QAP on the online forum. To post your comments click the following link: 2024 QAP Online Forum.

Save the Date! 8.8.23. Voting Members of the Coalition are invited to join us for the annual QAP Luncheon on Tuesday, August 8 at Ted's Banquet Room in Oklahoma City. Registration coming soon.

On July 13, the full Senate Appropriations Committee held a markup and approved the Fiscal Year (FY) 2024 funding proposal for the Financial Services and General Government (FSGG) bill. The measure would provide $41.2 billion for the agencies under the FSGG Subcommittee’s jurisdiction, of which $14 billion are offsets, including rescissions from the IRS. The total spending, excluding offsets, is $16.95 billion.
 
The FSGG proposal provides $1.884 billion for Treasury, excluding the IRS. The Senate proposed Treasury’s Community Development Financial Institution (CDFI) Fund Programs at $334 million, $10 million above FY23 enacted and $56 million above the House proposal. This money is used by the CDFI Fund to make capital grants, equity investments, and awards for technical assistance to CDFIs, such as Enterprise Community Loan Fund.
 
Since 1994, the CDFI Fund has awarded $5.6 billion in total funding to CDFIs, which leverage over $12 in capital from other sources for every dollar of CDFI Fund assistance. Enterprise is pleased to see increases for this vital program and will continue to advocate for the highest possible funding.
 
On July 12, the House Appropriations Subcommittee on Transportation, Housing and Urban Development, and Related Agencies (THUD) held a markup and approved its FY24 funding proposal, which now moves to the full committee for consideration. The measure would provide $90.24 billion for agencies under its jurisdiction, including $68.2 billion for HUD. Amounts provided in the bill are offset by lower housing receipts (as expected) and rescissions from the IRS made in the debt limit law, as outlined in the bill summary.
 
While many housing programs saw small increases or level funding compared to FY23, the legislation proposes a devastating $1 billion (67 percent) cut to the HOME Investment Partnerships Program (HOME), which is designed to help state and local governments create affordable housing for low-income households. The bill also includes alarming language to prevent HUD from implementing the Affirmatively Furthering Fair Housing (AFFH) rule, which aims to root out historic housing inequities and foster inclusive communities.

HB 1031, also known as the Oklahoma Housing Stability Program, became law June 2, with an effective date of July 1. The program provides $215 million for the new construction of single family homes, multifamily rental housing, and homebuyer down payment and closing cost assistance in rural and urban Oklahoma communities. Oklahoma Housing Finance Agency, is the administrator of the Oklahoma Housing Stability Program and will be providing three input sessions. Please register in advance to ensure meeting reservations meet attendance needs.

July 10 at 1:00 p.m. | Metro Tech Springlake Campus, OKC
Register for Oklahoma City Input Session

July 11 at 1:00 p.m. | OSU-Tulsa
Register for Tulsa Input Session

July 12  at 1:00 p.m. | Virtual Zoom Meeting
Register for Zoom Meeting

More information can be found at: Public Input Requested: Housing Stability Program - Oklahoma Housing Finance Agency (ohfa.org)

Last month, HUD allocated $382 million to states from the national Housing Trust Fund (HTF), which provides a source of capital funding to increase and preserve the supply of housing for people with the lowest incomes, including those experiencing homelessness. Funding for HTF comes from a modest contribution of new business income from the Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac, rather than federal appropriations. Unfortunately, but as expected, the GSEs’ new business over the last year was substantially lower than it had been in the past, resulting in a cut of approximately 50 percent compared with 2022 HTF allocations.

Thirty-nine state HFAs, as well as Puerto Rico and the Virgin Islands administer HTF, as do the District of Columbia, Guam, and Northern Mariana Islands.

Click here to view the state-by-state 2023 HTF allocations.

Congressmen Mike Kelly (R-PA) and Brian Higgins (D-NY) today introduced the Neighborhood Homes Investment Act (H.R. 3940). The legislation, one of NCSHA’s top priorities, seeks to increase the supply of affordable for-sale housing through a new tax credit. Senators Ben Cardin (D-MD) and Todd Young (R-IN) introduced similar legislation (S. 657) in March.

The bill establishes the Neighborhood Homes Credit (NHC) to promote new construction or substantial rehabilitation of affordable, owner‐occupied housing located in distressed neighborhoods. Modeled after the Housing Credit, the NHC would allow project sponsors to claim a credit to cover the difference between the costs to rehabilitate a home in a distressed neighborhood, or build a new home on an empty lot, and the price for which the home is sold. The maximum credit amount would be the lesser of the excess of development costs over the sales price, 35 percent of development costs, or 28 percent of the national median price for new homes.

As with the Housing Credit, the program would be overseen by the Treasury Department and Internal Revenue Service, which would allocate credit authority to each state. Each state would be required to designate a single agency to award the credits, and each agency would be expected to develop a Qualified Allocation Plan for their NHC program.

Each state’s NHC allocation would be equal to its state population times $7, with a small-state minimum of $9 million. States would be allowed to carry forward unused credits for three additional years.

In addition to Kelly and Higgins, the legislation is cosponsored by Reps. Claudia Tenney (R-NY), Dale Kildee (D-MI), Randy Feenstra (R-IA), and Dwight Evans (D-PA). All cosponsors are members of the House Ways and Means Committee, which has jurisdiction over all tax legislation.