Representative Nydia Velasquez (D-NY) introduced H.R. 44, the Stabilizing Affordable Housing for the Future Act. The bill would make a number of changes to current laws and regulations to expand the toolbox for preserving affordable housing. The bill would amend existing law to again make the Up Front Grant program, which has been unfunded since 2005, a mandatory program supported by annual insurance premiums. The measure would also repeal the "flexible authority" HUD has used to limit its obligations to maintain and regulate affordability and quality requirements that will lead to future affordability and sufficient renovations of HUD-held and HUD-owned buildings. The bill would also require that project-based Section 8 contracts be honored under certain circumstances, such as foreclosure, and would require HUD to use standard appraisal industry practices when determining the value of HUD-held and HUD-owned buildings. H.R. 44 extends non-judicial foreclosure authority to units of local government and requires HUD to maintain an active database with information regarding a building's condition. This measure was referred to the House Financial Services Committee.
Representative Steve Rothman (D-NJ) introduced two bills. The Housing Opportunities Made Easier Act or HOME Act, H.R. 201, would authorize 150,000 incremental vouchers for tenant-based assistance subject to appropriations.
The second measure, the Housing Authority Funding Fairness Act of 2007, H.R. 202, would reform the current funding formula for the Section 8 voucher program. The measure calls for the funding formula to be based on leasing and costs from the prior year based on an annual adjustment factor, and for leasing and cost data to be calculated at least biennially. The data must be adjusted to include vouchers that were set aside under a commitment to provide project-based assistance. If the total of funds is not sufficient, the HUD Secretary shall reduce the funds on a pro rata basis, except for enhanced vouchers, which would be funded first. The bill also allows a Public Housing Authority (PHA), during the last three months of the calendar year, to borrow up to 2% of its allocation for additional vouchers, including costs related to temporary over leasing. These funds would be repaid by reducing the amounts made available in the subsequent calendar year. The bill also calls for a reallocation of unused funds to reimburse PHAs for increased costs related to portability and family self-sufficiency activities as well as to those authorities that used 99% of their funds and leased less than their authorized levels. Both measures were referred to the House Financial Services Committee.
House Financial Service Committee Chair Barney Frank (D-MA) introduced H.R. 127, which would increase the FHA loan limit for certain multifamily properties. The bill was referred to the House Financial Services Committee.
Representative Barbara Lee (D-CA) introduced three bills. H.R. 172 would assist teachers and public safety officers in obtaining affordable housing. H.R. 173 would protect innocent elderly and disabled tenants in public housing and HUD-assisted housing from eviction by reason of criminal activity. H.R. 174 would reauthorize the HUD public housing drug elimination program. The bills were referred to the House Financial Services Committee.
In the Senate, Senators Jack Reed (D-RI) and Wayne Allard (R-CO) introduced S. 131, which would extent HUD's Mark-to-Market program for five years. The bill was referred to the Senate Banking, Housing and Urban Affairs Committee.