JOIN US FOR OUR FEDERAL BUDGET AND POLICY SYMPOSIUM ON MARCH 27th
Join us for an important update and discussion on federal housing policy impacting New York, including a federal budget update with focus on public housing in our first panel. Our second panel will include an array of policy changes on the horizon which will influence investment in affordable housing.
HUD Budget & Public Housing Preservation Outlook (9-10:30)
President Trump’s budget cuts HUD funding by $8.8 billion or 17%, in an attempt to reduce the federal government’s role in subsidized housing. Rent reforms, raising tenants’ share of income towards rent in HUD-assisted housing is also sought. In addition, the budget proposal eliminates public housing capital funds, cuts operating funds by 35% and lifts of the RAD cap. The President calls for state and local government to step in and a greater private sector role. What is the path forward for investment in public housing and the future for NYCHA facing $25 billion in outstanding repairs?
Federal Policy Changes Impacting Investment in Housing (10:30-12)
With a single party controlling the White House and both legislative houses, a cohesive vision of fewer regulations and smaller government is taking shape. The Trump administration promises CRA changes that will offer more flexibility for financial institutions while ensuring investment in disadvantaged communities. Can both goals continue to be achieved? GSE reform is on the GOP agenda. Will changes impact single family or multifamily mortgages? The Tax Cuts and Jobs Act of 2017 impacted the Low Income Housing Tax Credit while leaving reforms on the table. The bill also created Opportunity Zones for deferred capital gains investment. How is the housing credit holding up? And will Opportunity Zones benefit communities or attract predatory equity to gentrifying neighborhoods?