“In general, the bill’s funding levels represent a compromise between the higher amounts of the administration request and House bill and the lower amounts of the Senate bill, providing most HUD programs with increases from last year,” Peter Lawrence, director of public policy and government relations at Novogradac, wrote in a blog post.
However, Lawrence noted that this year’s bill does not include certain provisions, unlike last year’s omnibus.
“The FY2022 bill does not include a tax title, so t. are no provisions to extend the 12.5% increase in low-income housing tax credit (LIHTC) allocations, nor to extend the renewable energy production tax credit (PTC), nor the Internal Revenue Code Section 45L new energy-efficient home tax credit, which were among the roughly three dozen tax provisions that expired at the end of 2021,” he said.
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Mortgage Bankers Association head Bob Broeksmit applauded the passage of the bill, commenting: “MBA was especially pleased to see the requirement of HUD to report on efforts to resolve delays in the FHA multifamily pipeline funding, language supporting FHA IT modernization, the inclusion of the Adjustable Interest Rate (LIBOR) Act, and the extension of the National Flood Insurance Program (NFIP).”