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Latest Action: 10/03/2008 - Pursuant to the provisions of H. Res. 1525, the House moved to agree to the Senate amendments. (consideration: CR H10712-10806)

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A bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes. 10/3/2008--Public Law.    (There are 6 other summaries) (This measure has not been amended since it was passed by the Senate on October 1, 2008. The summary of that version is repeated here.)Division A: Emergency Economic Stabilization - Emergency Economic Stabilization Act of 2008 - Title I: Troubled Assets Relief Program - (Sec. 101) Authorizes the Secretary of the Treasury (Secretary) to establish the Troubled Asset Relief Program (TARP) to purchase troubled assets from any financial [...]

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Latest Action: 10/02/2008 - Reported (Amended) by the Committee on Financial Services. H. Rept. 110-906.

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To amend the McKinney-Vento Homeless Assistance Act to consolidate the housing assistance programs for homeless persons under title IV of such Act, and for other purposes. 2/6/2007--Introduced. Homeless Emergency Assistance and Rapid Transition to Housing Act of 2007 - Amends the McKinney-Vento Homeless Assistance Act to consolidate housing assistance programs for homeless persons. Requires the establishment of a community homeless assistance planning board for a geographic area to lead a collaborative planning process to design, execute, and evaluate programs, policies, and practices to prevent and end homelessness. Authorizes the Secretary of Housing and Urban Development (HUD) to designate an entity to be a community board if it has engaged in local homeless housing and services planning and has applied for federal funding for homeless assistance prior to enactment of this Act. Instructs the Secretary to make available technical assistance to governmental [...]

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Latest Action: 10/03/2008 - Presented to President.

Bill Text
To reauthorize the programs for housing assistance for Native Americans. 9/6/2007--Passed House amended.    (There is 1 other summary) Native American Housing Assistance and Self-Determination Reauthorization Act of 2007 - (Sec.2) Reauthorizes appropriations for FY2008-FY2012 for making of block grants under the Native American Housing Assistance and Self-determination Act of 1996 (NAHASDA) on behalf of Indian tribes for carrying out affordable housing activities. Considers, for purposes of the procurement and supply of personal property and nonpersonal services for executive agencies, a tribe or tribally designated housing entity to be an executive agency when carrying out housing programs, services, functions, and activities under such tribe or entity and its employees to be eligible to have access to such supply sources as executive agency employees. Requires, with respect to any grant made under NAHASDA that is intended to benefit one [...]

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Latest Action: 03/16/2007 - Referred to the Subcommittee on Housing and Community Opportunity.

Bill Text
To reauthorize the public and assisted housing drug elimination program of the Department of Housing and Urban Development.

1/4/2007--Introduced.

Public Housing Drug Elimination Program Reauthorization Act of 2007 - Amends the Anti-Drug Abuse Act of 1988 to authorize appropriations for the assisted housing drug elimination program.

Limits activities for programs designed to reduce drug use in and around assisted low-income housing to: (1) providing drug abuse treatment through rehabilitation or relapse prevention; (2) providing education about the dangers and consequences of drug use or violent crime; (3) identifying drug users, and assisting drug use discontinuance through education or treatment programs; (4) providing after school youth activities; and (5) providing capital improvements and security services to discourage or eliminate drug use or violent crime.

Latest Action: 01/04/2007 - Referred to the House Committee on Financial Services.

Bill Text
To amend the National Housing Act to increase the mortgage amount limits applicable to FHA mortgage insurance for multifamily housing located in high-cost areas.

1/4/2007--Introduced.

FHA Multifamily Loan Limit Adjustment Act of 2007 - Amends the National Housing Act to increase high-cost area and project-based additional mortgage loan limits for Federal Housing Administration (FHA)-insured mortgages for: (1) rental housing; (2) cooperative housing; (3) rehabilitation and neighborhood conservation housing insurance; (4) moderate income and displaced family housing; (5) housing for the elderly; and (6) condominiums.

Latest Action: 01/04/2007 - Sponsor introductory remarks on measure. (CR S70)

Bill Text
A bill to clarify the tax treatment of certain payments made to homeowners by the Louisiana Recovery Authority and the Mississippi Development Authority.

1/4/2007--Introduced.

Sets forth a special rule for the tax treatment of amounts received by a taxpayer from the Louisiana Recovery Authority or the Mississippi Development Authority for the repair or reconstruction of such taxpayer's primary residence due to hurricane damage in 2005.

Latest Action: 03/16/2007 - Referred to the Subcommittee on Housing and Community Opportunity.

Bill Text
To authorize the renewal of tenant-based rental assistance vouchers under section 8 of the United States Housing Act of 1937.

1/4/2007--Introduced.

Housing Authority Funding Fairness Act of 2007 - Amends the United States Housing Act of 1937 to: (1) repeal tenant-based contract renewals by application of an inflation factor; and (2) authorize FY2008-FY2012 appropriations for tenant-based rental assistance (vouchers).

Prescribes requirements for renewal funding for each public housing agency.

Latest Action: 09/22/2008 - Received in the House.

Bill Text
A bill to repeal section 10(f) of Public Law 93-531, commonly known as the "Bennett Freeze".

2/8/2007--Introduced.

Amends federal law to repeal the requirement regarding the freeze on the development of lands in litigation under the Navajo-Hopi Settlement Act of 1974.

Latest Action: 02/14/2007 - Read twice and referred to the Committee on Finance.

Bill Text
A bill to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit and the low-income housing credit.

2/14/2007--Introduced.

Community Restoration and Revitalization Act of 2007 - Amends the Internal Revenue Code to: (1) allow an increased rehabilitation tax credit for certain low-income buildings; (2) allow a basis reduction adjustment for property eligible for the credit; (3) increase the credit for certain smaller buildings; (4) allow property eligible for the credit to be used for lodging purposes; (5) modify placed-in-service rules for credit property; (6) modify qualification rules for credit property that is tax-exempt use property; (7) increase the credit for buildings in high cost areas; and (8) exempt certain condominium transactions from rehabilitation tax credit recapture requirements.

Latest Action: 01/23/2007 - Referred to the House Committee on Ways and Means.

Bill Text
To clarify the tax treatment of certain payments made to homeowners by the Louisiana Recovery Authority and the Mississippi Development Authority.

1/23/2007--Introduced.

Sets forth a special rule for the tax treatment of amounts received by a taxpayer from the Louisiana Recovery Authority or the Mississippi Development Authority for the repair or reconstruction of such taxpayer's primary residence due to hurricane damage in 2005.

Latest Legislation - View All

Latest Action: 07/30/2008 - S.AMDT.5254 Referred to the Committee on Finance. To make a technical correction.

Bill Text
A bill to provide tax relief for the victims of severe storms, tornados, and flooding in the Midwest, and for other purposes. 7/23/2008--Introduced. Midwestern Disaster Tax Relief Act of 2008 - Amends the Internal Revenue Code to provide tax benefits to individuals affected by presidentially-declared natural disasters (i.e., severe storms, tornadoes, or flooding) in the states of Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, and Wisconsin on or after May 20, 2008, and before August 1, 2008 (Midwestern disaster area).Makes specified provisions of the Internal Revenue Code, which currently apply only to residents of the Gulf Opportunity Zone and the Hurricane Katrina disaster area, applicable to the Midwestern disaster area, including: (1) tax-exempt bond financing, the low-income housing tax credit, accelerated depreciation and increased expensing of business assets, an increase in the rehabilitation tax credit, extended carryback [...]

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Latest Action: 05/12/2008 - Referred to the House Committee on Financial Services.

Bill Text
To prohibit the purchase or lease of housing acquired using Federal loan or grant funds appropriated for the purchase and rehabilitation of foreclosed housing under the Neighborhood Stabilization Act of 2008 by any individual convicted under Federal or State law of a drug-dealing offense, a sex offense, or mortgage fraud.

5/12/2008--Introduced.

Prohibits any individual from purchasing or leasing any housing (or any dwelling unit in housing) acquired using federal loan or grant funds Congress appropriates for the purchase and rehabilitation of foreclosed housing under the Neighborhood Stabilization Act of 2008, if he or she has been convicted under federal or state law of a felony drug-dealing offense (within the five-year period preceding the purchase or lease transaction date), a sex offense, or mortgage fraud.

Latest Action: 05/02/2008 - Sponsor introductory remarks on measure. (CR S3744-3746, S3747-3748)

Bill Text
A bill to provide additional funds for affordable housing for low-income seniors, disabled persons, and others who lost their homes as a result of Hurricanes Katrina and Rita. 5/2/2008--Introduced. Gulf Coast Multifamily and Assisted Housing Recovery Act - Amends the Housing Act of 1959 to authorize additional appropriations to the Secretary of Housing and Urban Development to provide assistance to private nonprofit organizations and consumer cooperatives to expand the supply of supportive housing for low-income elderly persons meeting certain criteria relating to Hurricanes Katrina and Rita in 2005. Amends the Cranston-Gonzalez National Affordable Housing Act to authorize additional appropriations to the Secretary to provide the same kind of assistance for low-income persons with disabilities. Authorizes appropriations for the redevelopment (rebuilding or replacement) of housing authorized under the Housing Act of 1959 which was damaged or destroyed by [...]

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Latest Action: 05/12/2008 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Bill Text
To authorize the Secretary of Housing and Urban Development to make loans to States to acquire foreclosed housing and to make grants to States for related costs. 5/8/2008--Passed House amended.    (There are 2 other summaries) Neighborhood Stabilization Act of 2008 - (Sec. 3) Directs the Secretary of Housing and Urban Development (HUD) to make grants and loans to qualified states, metropolitan cities, and urban counties, in accordance with HUD-approved plans, to carry out eligible housing stimulus activities. Requires such program to be administered through HUD's Office of Community Planning and Development (or any successor office responsible for administering the community development block grant program under the Housing and Community Development Act of 1974). (Sec. 4) Specifies the contents of a grant or loan applicant's plan, which must be submitted for the Secretary's approval. Requires a plan, among other things, to give priority [...]

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Latest Action: 04/24/2008 - Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-606.

Bill Text
To amend the Internal Revenue Code of 1986 to provide assistance for housing. 4/24/2008--Reported to House amended.    (There is 1 other summary) Housing Assistance Tax Act of 2008 - Title I: Housing Tax Incentives - Subtitle A: Multi-Family Housing - Part 1: Low-Income Housing Tax Credit - Amends Internal Revenue Code provisions relating to the low-income housing tax credit and tax-exempt bond rules for financing low-income housing projects.(Sec. 101) Increases in 2008 and 2009 the per capita amount of the low-income housing tax credit allocable by each state.(Sec. 102) Modifies rules for the low-income housing tax credit to: (1) eliminate the distinction between new and existing buildings for purposes of such credit; (2) establish a minimum credit rate for non-federally subsidized buildings; (3) set forth criteria for designating a building as federally subsidized and for considering federal assistance in calculating [...]

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Latest Action: 04/01/2008 - Read twice and referred to the Committee on Finance.

Bill Text
A bill to address the foreclosure crisis and to revitalize neighborhoods, and for other purposes. 4/1/2008--Introduced. Protecting America's Homeowners Act of 2008 - Amends the Internal Revenue Code to extend through January 1, 2011, the temporary exclusion from gross income of the discharge of an indebtedness for a qualified principal residence.Declares invalid, throughout a specified moratorium period, the terms of any home mortgage loan that requires a consumer to pay a prepayment penalty for paying all or part of the outstanding principal before its contractual due date.Directs the Neighborhood Reinvestment Corporation (NRC) to continue to award to counseling intermediaries and State Housing Finance Agencies certain funds previously designated for mortgage foreclosure mitigation activities in states and areas with high rates of mortgage foreclosures or defaults.Appropriates additional funds for FY2008 for: (1) NRC foreclosure mitigation activities;[...]

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Latest Action: 03/13/2008 - Read twice and referred to the Committee on Finance.

Bill Text
A bill to amend the Internal Revenue Code of 1986 to extend certain benefits applicable to the Gulf Opportunity Zone, and for other purposes. 3/13/2008--Introduced. Amends the Internal Revenue Code to: (1) extend through 2010 increased depreciation allowances for certain business and investment property located in the Gulf Opportunity Zone (GO Zone) (through 2011 for nonresidential real property or residential rental property in the GO Zone); (2) extend through 2012 special rules relating to the depreciation of buildings in the GO Zone; (3) extend through 2010 the tax credit for rehabilitation expenditures in the GO Zone; (4) increase the new markets tax credit limitation in 2008 and 2009 for investments in community development entities serving the GO Zone; (5) extend through 2012, and increase the authority for, tax-exempt bond financing for bonds issued by Louisiana or a political subdivision thereof; (6) authorize the Secretary of Housing and Urban Development to expand [...]

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Latest Action: 03/11/2008 - Star Print ordered on the bill.

Bill Text
A bill to aid families and neighborhoods facing home foreclosure and address the subprime mortgage crisis. 3/7/2008--Introduced. Security Against Foreclosures and Education Act, or the SAFE Act - Amends the Internal Revenue Code to allow proceeds of qualified mortgage bonds to be used to refinance certain residential subprime loans. Requires the Neighborhood Reinvestment Corporation to continue to award expeditiously certain funds already provided for mortgage foreclosure counseling. Amends the Code to allow purchasers of certain single-family principal residences a one-time tax credit. Amends the Truth in Lending Act to: (1) revise creditor mortgage loan disclosure requirements; and (2) increase civil damages for noncompliance with such Act. Amends the Code to: (1) allow a five-year carryback of net operating losses for certain taxable years; and (2) suspend through taxable year 2009 the 90% of alternative minimum taxable income limit for certain [...]

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Latest Action: 02/25/2008 - Sponsor introductory remarks on measure. (CR S1139-1140)

Bill Text
A bill to amend the Internal Revenue Code of 1986 to encourage investment in affordable housing, and for other purposes. 2/25/2008--Introduced. Affordable Housing Investment Act of 2008 - Amends the Internal Revenue Code to revise and enhance tax incentives for investment in affordable housing, including by: (1) renaming the low-income housing tax credit as the affordable housing credit; (2) revising the applicable percentage rates for such credit; (3) increasing the amount of such credit for low-income buildings that are part of state-designated projects; (4) revising rules for the treatment of scattered site and rural residential rental housing projects; (5) permitting affordable housing credits for federally-assisted moderate rehabilitation developments; (6) allowing an offset against alternative minimum tax liability for affordable housing tax credit amounts; (7) exempting interest on certain exempt private activity bonds, qualified mortgage revenue bonds, qualified veterans' [...]

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