Horizons Fall/Winter 2020

And, we again have strong Senate champions on both sides of the aisle in Sen. Maria Cantwell (D-WA) and Sen. Todd Young (R-IN).

families, implementing a renter’s tax credit, providing eviction protection resources, establishing a $100 billion Affordable Housing Fund, and enacting the Neighborhood Homes Investment Act to incentivize development and rehabilitation of single- family homes in distressed neighborhoods. We are also keeping a close eye on Community Reinvestment Act (CRA) reform, whose future also hinges on the election. The Office of the Comptroller of the Currency issued CRA regulations in May that concerned many in the affordable housing community because of their potential to dampen investment in affordable housing; and while the rules will go into effect beginning in 2023 under a Trump Administration, a Biden Administration would likely overturn the rule. The Congressional Landscape In the Senate, the outcome is also far from certain. If Democrats take control of both the White House and Senate while retaining control of the House, significant investments in affordable housing early in 2021 are likely. Legislation that has already passed the Democratic House, and has the support of the Senate Democrats and the Biden team, is ready for advancement at the beginning of the next Congress. This includes House-passed COVID-19 relief legislation and infrastructure legislation, which taken together would authorize

The Presidential Race & Affordable Housing

While the race for the White House is far less predictable, we do know a fair amount about the priorities for the next administrations in either scenario. While the Trump Administration has not laid out a comprehensive housing plan for a second term, we expect the continuation of several of the administration’s current priorities, including reducing regulatory barriers to affordable housing development, expanding the Department of Housing and Urban Development’s (HUD) Rental Assistance Demonstration to transition public housing to public-private partnerships, expanding Opportunity Zones, and undoing the Obama Administration’s fair housing regulation. And, though Congress has not been receptive, the Trump Administration has each year proposed significant cuts to the HUD budget and the elimination of many programs, which a second Trump Administration would likely continue. The Biden campaign has laid out an ambitious housing agenda, which includes strengthening and expanding the Housing Credit with a $10 billion investment, providing Section 8 housing vouchers to all eligible

The Outlook for Affordable Housing

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