House Passes Highway Bill with Key Housing Affordability Amendment
The House passed a six-year $325 billion package on Nov. 5 to fund the highway and transit system in our nation. Of interest to the apartment housing industry is an NAA/NMHC amendment offered by House Financial Services Committee Chairman Jeb Hensarling (R-Texas) that encourages owners to invest in affordable properties.
Specifically, the amendment is focused on changes that would preserve low-income housing and allow Section 8 residents on fixed incomes to have their incomes certified once every three years versus annually. This amendment also creates an energy demonstration program for affordable apartment housing properties.
NAA/NMHC have repeatedly offered support for proposals that streamline resident eligibility certifications and encourage the preservation of affordable housing. In addition, we are pleased that innovative approaches to energy efficiency are being considered.
It is interesting to note that the Senate version of the bill includes language allowing Fannie Mae and Freddie Mac’s guarantee fees to be used to pay for expenditures in the bill, but the House voted to prohibit their use.
Provided by NMHC as part of the NAA/NMHC Joint Legislative Program