Thanks to your hard work, Congress approved a spending package last weekend that will provide responsible funding levels for housing and community development programs in the remainder of FY 2015. President Obama signed the bill on Tuesday evening and the Senate has adjourned concluding the work of the 113th Congress. The Senate also approved the House-approved one-year extension of the tax extenders bill.
After a tense day in Washington and a narrowly-passed procedural vote, the House approved by 219-206 a $1.13 trillion spending deal that includes funding for the Transportation, Housing and Urban Development (THUD) bill. The vote came late on Thursday night, just hours before a government shutdown was to be triggered. The bill, along with a two-day continuing resolution, now goes to the Senate, which is expected to vote on the measure soon.
Congress returned to Washington this week after the Thanksgiving holiday with an ambitious agenda to complete before the end of the year, including the passage of a tax extenders package and a spending bill.
Progress was made this week on a tax extenders package; the House on Wednesday passed by 378-46 a one-year, retroactive bill to extend expired credits through the end of 2014. Though the bill includes the 9 percent fixed rate Low Income Housing Tax Credit (LIHTC), it is essentially useless to LIHTC stakeholders because LIHTC must be applied to future affordable housing developments and the bill expires at the end of 2014.