Housing Finance Reform
The US Senate Committee on Banking, Housing, and Urban Affairs approved housing finance reform legislation on May 15 by a vote of 13-9. However, because the measure was unable to garner support from six key Democratic senators on the Committee, the legislation is unlikely to advance to the full Senate before the end of the 113th Congress. As drafted, the bill would have provided $3.75 billion a year for the National Housing Trust Fund, which could have meant up to $5-10 million in additional funding for NH. The new director of the Federal Housing Finance Agency (FHFA), Mel Watt, noted at a recent address that his agency will not be weighing in on the pending legislation.