Amendments on NHTF in THUD Debate NHTF Final Rule Now at OMB
Two amendments concerning the NHTF were offered during the House of Representatives debate on its FY15 Transportation, Housing and Urban Development, and Related Agencies (THUD) appropriations bill on June 9 and 10, 2014.
An amendment offered by Representative Ed Royce (R-CA) to prohibit any FY15 funds appropriated for HUD to be used to administer the National Housing Trust Fund (NHTF) passed by a voice vote. If the Royce language is not removed during THUD conference negotiations between the House and the Senate, HUD could not administer any funds directed to the NHTF in FY15.
Representative Keith Ellison (D-MN) offered and withdrew an amendment that would have incorporated his Common Sense Housing Investment Act (H.R. 1213) into the FY15 THUD bill. H.R. 1213 includes the United for Homes campaign’s proposed changes to the mortgage interest deduction and requires that the majority of revenue raised by the changes go to the NHTF. United for Homes is the campaign to fund the National Housing Trust Fund with revenue raised from modifications to the mortgage interest deduction.
On June 11, 2014, the Office of Information and Regulatory Affairs (OIRA) at the Office of Management and Budget (OMB) posted a notice that the final NHTF regulations are at OMB and that a final rule is expected to be released sometime in July 2014. While a posting does not guarantee that a final rule will be published by the date specified, the OIRA listing is a good sign and a positive step toward implementation of the NHTF.