The Federal Budget
As of our publication date, the U.S. Department of Housing and Urban Development (HUD) is one of nine federal agencies that have been closed due to the expiration of the Continuing Resolution that had kept those agencies operating since the federal fiscal year began on October 1, 2018, without a fully completed budget. Thankfully, the temporary shutdown has had no impact on the operation of federally funded programs administered through the Arizona Department of Housing.
Federal Housing Proposals
While a few modifications to the Low-Income Housing Tax Credit (LIHTC) program that were originally introduced through the Affordable Housing Credit Improvement Act were realized in late 2017 through tax reform, the bulk of the proposal remains on the table as Congress moves into 2019.
Additionally, and in response to a growing national concern over housing affordability, a number of other housing-related bills were introduced at the federal level over the past year. At this time it is unclear whether any of these bills will move forward, but the list includes: Seniors Affordable Housing Tax Credit Act; the Housing, Opportunity, Mobility, and Equity (HOME) Act of 2018; the Rent Relief Act of 2018, the Homeless Children and Youth Act of 2017, the Fostering Stable Housing Opportunities Act of 2017, the Task Force on the Impact of Affordable Housing Crisis Act, the American Housing and Economic Mobility Act.