Federal Legislation Policy Update
1. On February 17th, President Obama signed the American Recovery and Reinvestment Act of 2009, a $780 billion package devoted to tax cuts and spending to occur in 2009 and 2010. Provisions in the housing sector include: a Homebuyer Tax Credit of $8,000 tax for first time homebuyers; $2 billion for Neighborhood Stabilization to provide CBDG grants targeted at neighborhoods decimated by foreclosures; Low Income Housing Grants to allow states to trade in their 2008 & a portion of ther 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing; $2.25 billion for LIHTC gap funding through HOME; and $6 billion for Energy Efficient Housing Tax Credits & Grants. To read the American Recovery and Reinvestment Act of 2009 legislation, visit: http://www.opencongress.org/bill/111-h1/text
2. President Obama’s Federal Foreclosure Proposal aims to reduce some mortgage payments and stabilize the market. The $75 billion plan will help as many as four million people by refinancing and staying out of foreclosure. In addition, the government will double it’s commitment to Fannie Mae and Freddie Mac to $400 billion.
3. The Department of Housing and Urban Development budget for 2010 will provide $1 billion to capitalize and launch an Affordable Housing Trust Fund, increase funding for the Housing Choice Voucher Program, increase funding for the Department’s assisted multifamily properties, create a new Energy Innovation Fund, and create a new Choice Neighborhoods Initiative. For a full summary of the HUD Budget for 2010, visit: http://www.hud.gov/content/releases/pr09-015.pdf
State Legislation
1. Governor O’Malley’s 2010 budget for the Maryland Department of Housing and Community Development kept most programs funded at the same level as FY2009. The Department of Legislative Services, though, is recommending cutting the $500,000 for Community Legacy Operating grants. For a summary of the Maryland Department of Housing and Community Development 2010 Budget, visit:
2. Community Land Trusts, which are traditionally created to perpetuate affordable housing, can use Ground Leases to enforce Resale Restrictions in every state except Maryland. Currently, Maryland statute allows homeowners to buy their way out of Ground Leases. HB 1006/SB 929, pending before the General Assembly, would allow Community Land Trusts to use Ground Leases to create resale restrictions but not Ground Rents. The House hearing is scheduled for Thursday, March 12th. To read legislation, visit:
Local
1. Montgomery County Council’s Planning, Housing and Economic Development (PHED) Committee will meet on March 23 and again on March 30 to discuss the redevelopment of Falkland Chase apartments in downtown Silver Spring. Home Properties, which owns Falkland Chase would create about 1,000 affordable units, but demolish about 182 market-rate units in the process. The meeting will be televised at 2:00pm (live) on County Cable Montgomery.
Upcoming Events
March 26 The Housing Association of Nonprofit Developers (HAND) will host a meeting entitled ‘Operating in a Tighter Resource Environment #2, Controlling Costs through Construction Management and Design’ from 10:30am-2:00pm at 950 North Stafford St., Hilton in Arlington, VA.
April 1 The next MHP Circle of Builders Breakfast Meeting will be held at Chevy Chase Bank in Bethesda from 7:30-9:30 am. The topic is ‘Attracting the Best Employees: Affordable Workforce Housing in Montgomery County.’ Speakers include Bill Robertson, CEO of Adventist Healthcare, Max Donley, Vice President of MedImmune, Montgomery County Councilmember Marc Elrich and Rollin Stanley, Planning Director. Please RSVP to Patty Reed at 301-622-2400 x22 by March 25th.
April 6-7 The National Housing & Rehabilitation Association is hosting a Spring Public Policy and Market Study Forum at the CTIA Building, 1400 16th St. NW. For more information, visit: www.housingonline.com/SpringPublicPolicy/RegistrationInformation.aspx.
April 19-22 The National Low Income Housing Coalition will be hosting its Annual Housing Policy Conference and Lobby Day. For more information, visit: http://www.nlihc.org/template/index.cfm.
May 4 The 20th Annual MHP Norman L. Christeller Golf Tournament will be held at Hampshire Greens with a 12 Noon Shotgun Start. The event will include lunch and a barbeque dinner. Call Patty Reed at 301-622-2400 x22 for more information or visit: http://mhpartners.org/up-coming-events.htm.
June 1 The Housing Association of Nonprofit Developers (HAND) will be hosting its annual luncheon. HAND is now accepting nominations for Housing Achievement Awards. For more information, visit: http://www.handhousing.org/ |
