Copyright: Cvandyke
By Cindy Vosper Chetti, SVP of Government Affairs, NMHC
Cindy Vosper Chetti is Senior Vice President for Government Affairs, with responsibility for implementing strategy for all legislative and regulatory issues of interest to the National Multi Housing Council and National Apartment Association Joint Legislative Program.
With the House set to return from August recess on September 6 and the Senate returning the week after, NMHC is eyeing a number of potential legislative actions that will have a direct impact on the multifamily sector. And as the November election quickly approaches, members of Congress will be up against the clock to deliver this critical legislation.
Spending Bill: What This Proposal Means for the Industry
Negotiations around the FY23 spending bill are at the top of the to-do list post-August recess. With the current budget set to expire on September 30, Congress must either come together on a spending bill or pass a continuing resolution to temporarily extend the current budget. If no action is taken, the government will be forced into shutdown.
Several provisions critical to our industry are tied up in these negotiations—including HUD funding and an NFIP extension. Another must pass bill is the Fiscal Year 2023 NDAA which authorizes funds for military and national security programs at the Department of Defense and Department of Energy. NMHC closely follows the progress of this legislation because many NNHC members are engaged in military housing development and operations.
Tax Extender Legislation Could Include Low-Income Housing Tax Credit Changes
Legislation comprised of extenders is also expected to be brought to the negotiation table ahead of the November election. As part of this package, the Low-Income Housing Tax Cred (LIHTC) could see a potential funding bump and a more permanent extension.