The Affordable Housing Credit Improvement Act of 2019
A bipartisan group including our own Washington housing champions Rep. DelBene and Senator Cantwell, introduced a sweeping bill to address the affordable housing crises. It will expand and strengthen the Low Income Housing Tax Credit (LIHTC). This legislation will aim to spur new development with a goal of stimulating construction by 50% and the creation of 384,000 in the next decade. Learn more here.
Reach out to HDC, if you’d like to engage.
“HUD intends to maximize the beneficial impact of investment in Opportunity Zones. HUD is reviewing its existing policies, practices, planned actions, regulations, and guidance regarding HUD-administered programs and laws to identify actions HUD can take to encourage beneficial investment, both public and private, in urban and economically distressed communities, including qualified Opportunity Zones. HUD seeks input and recommendations from the public regarding potential agency actions.”
Learn more here.
The City of Seattle along with partners is hosting a learning session on Opportunity Zones on 3/26.
HDC is working on crafting a comment letter. We encourage our members to submit their own letters or reach out to [email protected] to work with our Policy Advisory Group on crafting the HDC letter.
Community Reinvestment Act
The OCC issued Advanced Notice of Proposed Rulemaking (ANPR) that would weaken the CRA’s original intent to meet the banking and credit needs of low and moderate income people and communities.
HDC and partners are asking the OCC to withdraw the ANPR and to work to amplify the impact of the CRA rather than lowering the bar for banks for meeting the needs of the communities the CRA was intended to serve.
What Did HDC Do: Partnered with NACEDA, PHA members, and others to send comment letters due by November 19th. HDC Comment Letter.
What’s Next? We are waiting for the OCC to outline the rest of the process. We will need to mobilize once there is a determination.