(as reported by the National Low Income Housing Coalition) The CRA Modernization Act of 2009, introduced by Representative Eddie Bernice Johnson (D-TX) March 12, would strengthen the Community Reinvestment Act (CRA) as applied to banks and expand CRA to non-bank financial institutions.
Chairwoman Testifies in Support of NHTF Funding as Budget Resolution Develops House Financial Services Subcommittee
(as reported in Memo to Members by the National Low Income Housing Coalition) Chair Maxine Waters (D-CA) testified in support of capitalizing the National Housing Trust Fund before a House Committee on the Budget hearing on March 18. The hearing was held to hear Representatives' views on the budget.
The California Bankers Association came out in support of SB 16 (Lowenthal) recently, which should help convince moderate and conservative legislators of the bill's value. SB 16 makes Low Income Housing Tax Credits awarded between July 1, 2008, and December 30, 2010, refundable for either the investor or awardees.
The Center on Budget and Policy Priorities has released a new report, "Decade of Neglect Has Weakened Federal Low-Income Housing Programs," available at http://www.cbpp.org/2-24-09hous.htm .
The report presents new data on the growing number of low-income renters facing unaffordable housing costs, and shows how recent funding shortfalls and policy changes have weakened federal housing programs that could address the growing needs. The key findings of the report are: