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The Obama administration recently released its long-awaited 2014 budget. While it preserves important affordable housing programs, advocates have their work cut out for them to ensure that these programs receive adequate funding to continue to be able to serve low income households.
Read more: Obama's budget renews, but does not create, affordable housing
Minnesota
Representative Keith Ellison reintroduced the Common Sense Housing Investment Act (H.R. 1213), which would reform the Mortgage Interest Deduction and to use the billions saved to fund affordable housing programs, for renters in particular.
H.R. 1213 would create a new balance between homeowners and renters to make federal housing resources more accessible and better targeted to those struggling with housing needs.
MHP, along with the National Low Income Housing Coalition, is actively supporting this legislation and invites others to lend their support, since passage will require a lot of education and hard work.
Read more: Ellison Reintroduces Path Breaking Housing Policy
This month, the Minnesota Housing board meeting included policy updates, an explanation of the new Mortgage Credit Certificate program slated to launch in June, and final approval of the application criteria for low income housing tax credits. Finally, a progress report of the Rental Rehab Deferred Loan pilot program was discussed, along with proposed changes intended to make access to rehab resources easier for small rental property owners in Greater Minnesota.
In spite of the dreary weather outside, there has been some very encouraging news from the state capitol on bonding for affordable housing. Investments in bonding through Minnesota Housing directly support some of Minnesota's lowest income residents, and indirectly enable other housing needs to be met. The bonding resources primarily:
In addition, bonding resources free up Minnesota Housing to direct some of its other, more flexible funds to cover unmet community housing needs not supported through bonding, such as workforce housing.
Here's a recap of what's been happening with bonding at the Capitol:
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