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U.S. House and Senate Agree on FY 2015 Spending Bill

Wednesday, December 10, 2014 - 8:00AM

The U.S. House and Senate last night reached an agreement on the Consolidated and Further Continuing Appropriations Act, 2015, commonly referred to as the “CR-Omnibus,” a $1 trillion-plus bill that would fund most of the government through Sept. 30, 2015. It takes effect after both houses pass it and President Barack Obama signs the legislation. The House is expected to vote on the bill Thursday and the Senate will likely vote on the House-passed bill soon thereafter. The House and Senate may pass a short-term continuing resolution to fund the government while the Senate considers and votes on the bill.

The bill provides the U.S. Department of Housing and Urban Development (HUD) $45.4 billion in gross discretionary budget authority for fiscal year (FY) 2015, including $9.7 billion for Section 8 project-based rental assistance, $19.3 billion for tenant-based rental assistance, $900 million for the HOME Investment Partnerships program and $3 billion for the Community Development Block Grant (CDBG) program. The bill extends HUD’s Rental Assistance Demonstration (RAD) program through 2018 and raises the cap on the number of public housing units that can participate in it from 60,000 to 185,000. It permanently extends the second component of RAD, which consolidates several legacy rental assistance programs into Section 8. The agreement also provides $231 million for the Community Development Financial Institutions (CDFI) Fund, $5 million more than the FY 2014 enacted level. Additional details can be found in the Senate Committee on Appropriations’ summary of the bill.

Tune into the Dec. 16 episode of the Tax Credit Tuesday podcast to learn more.

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