{ "id": "R45296", "type": "CRS Report", "typeId": "REPORTS", "number": "R45296", "active": false, "source": "EveryCRSReport.com", "versions": [ { "source": "EveryCRSReport.com", "id": 592239, "date": "2019-02-25", "retrieved": "2020-01-02T16:07:02.682877", "title": "Housing Issues in the 115th Congress", "summary": "A variety of housing-related issues were active during the 115th Congress. These issues included topics related to housing finance, tax provisions related to housing, housing assistance and grant programs administered by the Department of Housing and Urban Development (HUD), and regulatory review efforts underway at HUD. In some cases, the 115th Congress considered or passed legislation related to certain housing issues, such as mortgage-related provisions enacted as part of broader financial \u201cregulatory relief\u201d legislation and particular housing-related tax provisions. In other cases, Congress conducted oversight or otherwise expressed interest in actions taken by HUD or other entities involved in housing, such as Fannie Mae and Freddie Mac. \nMany of the housing-related topics that were of interest during the 115th Congress are ongoing issues, though some involved particular actions that took place during the 115th Congress. Issues of interest during the Congress included the following:\nHousing finance issues included changes to certain mortgage-related requirements and other housing provisions included in broader financial legislation that became law in May 2018. Congress also expressed ongoing interest in certain issues related to the Federal Housing Administration (FHA): (1) a forthcoming final rule on FHA\u2019s requirements for insuring mortgages on condominiums and (2) the level of the mortgage insurance premiums charged by FHA. Comprehensive housing finance reform that would address the status of Fannie Mae and Freddie Mac is also an ongoing topic of interest, although the 115th Congress did not actively consider comprehensive housing finance reform legislation.\nTax issues included changes to housing-related tax provisions in the tax revision law enacted at the end of 2017 (P.L. 115-97); extensions of other, temporary housing-related tax provisions through 2017 by the Bipartisan Budget Act of 2018 (P.L. 115-123); and changes to the low-income housing tax credit in the Consolidated Appropriations Act, 2018 (P.L. 115-141).\nHousing assistance issues included considerations related to HUD appropriations, ongoing initiatives or proposed changes to HUD rental assistance programs, committee consideration of legislation to reauthorize the Native American Housing Assistance and Self-Determination Act (NAHASDA), issues related to the housing response to presidentially declared major disasters, and a variety of introduced bills that were meant to address housing affordability issues in various ways.\nHUD began a variety of regulatory review efforts in keeping with Executive Order 13777, which directed federal agencies to evaluate existing regulations and identify opportunities for reform. Specific HUD actions included suspending a rule related to small-area fair market rents (the suspension has since been voided by a preliminary court injunction); initiating a broad review of manufactured housing regulations; suspending certain regulations governing how HUD funding recipients must comply with the requirement to affirmatively further fair housing; and publishing an Advanced Notice of Proposed Rulemaking seeking public comment on whether its regulations related to disparate impact and the Fair Housing Act should be amended.\nHousing and mortgage market conditions provide important context for these issues, although housing markets are generally local in nature and national housing market indicators do not necessarily accurately reflect conditions in specific communities. Generally speaking, owner-occupied housing markets in recent years have been characterized by rising house prices, relatively low levels of housing starts and housing inventory, and relatively strong home sales. Rising house prices combined with rising mortgage interest rates have raised concerns about the affordability of buying a home, although interest rates remain low by historical standards. Rental housing markets have also raised affordability concerns. Nearly 21 million renter households are considered to be cost burdened, meaning they spend more than 30% of their incomes on rent. The share of households who rent, rather than own, their homes has increased in the years since the housing market turmoil that began around 2007, contributing to lower rental vacancy rates and increasing rents. Increases in household income in recent years have generally not kept pace with increases in house prices or rents, contributing to affordability concerns.", "type": "CRS Report", "typeId": "REPORTS", "active": false, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R45296", "sha1": "35bbcdcf75fa9f7f4ce2105773fe3ece43f06e71", "filename": "files/20190225_R45296_35bbcdcf75fa9f7f4ce2105773fe3ece43f06e71.html", "images": { "/products/Getimages/?directory=R/html/R45296_files&id=/0.png": "files/20190225_R45296_images_df0c829abb1bd189fde477c6239ff26c0cce7390.png", "/products/Getimages/?directory=R/html/R45296_files&id=/4.png": "files/20190225_R45296_images_ee655de5e6054a927ddc93b68fd11270c81e1d81.png", "/products/Getimages/?directory=R/html/R45296_files&id=/2.png": "files/20190225_R45296_images_9f61cd22fa91ecb49fd78a8d63a2492846f1a48a.png", "/products/Getimages/?directory=R/html/R45296_files&id=/6.png": "files/20190225_R45296_images_749ae36a68c674227d4a9298734a67f9de3f5b3a.png", "/products/Getimages/?directory=R/html/R45296_files&id=/1.png": "files/20190225_R45296_images_62348e9fea2c7415783e3b7c9a9bdcbb7da6aa18.png", "/products/Getimages/?directory=R/html/R45296_files&id=/7.png": "files/20190225_R45296_images_6d17c780f4e65a15e4e7c3208ea463812ec26314.png", "/products/Getimages/?directory=R/html/R45296_files&id=/3.png": "files/20190225_R45296_images_f5df4713b4115855bcf93af51fc15bd9dea8f06d.png", "/products/Getimages/?directory=R/html/R45296_files&id=/5.png": "files/20190225_R45296_images_27ac3a93dd0bdaada5081450674b1ba6658c5127.png" } }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/R45296", "sha1": "624c10e602224a3d3202a6da33ed099c752d1ccd", "filename": "files/20190225_R45296_624c10e602224a3d3202a6da33ed099c752d1ccd.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4776, "name": "Housing Finance" }, { "source": "IBCList", "id": 4853, "name": "Housing Assistance" }, { "source": "IBCList", "id": 4918, "name": "Homeownership & Housing Finance" } ] }, { "source": "EveryCRSReport.com", "id": 584898, "date": "2018-09-10", "retrieved": "2018-10-17T13:16:54.355259", "title": "Housing Issues in the 115th Congress", "summary": "A variety of housing-related issues have been active during the 115th Congress. These issues include topics related to housing finance, tax provisions related to housing, housing assistance and grant programs administered by the Department of Housing and Urban Development (HUD), and regulatory review efforts underway at HUD. In some cases, the 115th Congress has considered or passed legislation related to certain housing issues, such as mortgage-related provisions enacted as part of broader financial \u201cregulatory relief\u201d legislation and particular housing-related tax provisions. In other cases, Congress has conducted oversight or otherwise expressed interest in actions taken by HUD or other entities involved in housing, such as Fannie Mae and Freddie Mac. \nMany of the housing-related topics that have been of interest during the 115th Congress are ongoing issues, though some involve particular actions that have taken place during the 115th Congress. Issues of interest during this Congress include the following:\nHousing finance issues include changes to certain mortgage-related requirements and other housing provisions included in broader financial legislation that became law in May 2018. Congress has also expressed ongoing interest in certain issues related to the Federal Housing Administration (FHA): (1) a forthcoming final rule on FHA\u2019s requirements for insuring mortgages on condominiums and (2) the level of the mortgage insurance premiums charged by FHA. Comprehensive housing finance reform that would address the status of Fannie Mae and Freddie Mac is also an ongoing topic of interest, although enacted legislation appears unlikely by the end of the 115th Congress.\nTax issues include changes to housing-related tax provisions in the tax revision law enacted at the end of 2017 (P.L. 115-97); extensions of other, temporary housing-related tax provisions through 2017 by the Bipartisan Budget Act of 2018 (P.L. 115-123); and changes to the low-income housing tax credit in the Consolidated Appropriations Act, 2018 (P.L. 115-141).\nHousing assistance issues include considerations related to HUD appropriations, ongoing initiatives or proposed changes to HUD rental assistance programs, legislation to reauthorize the Native American Housing Assistance and Self-Determination Act (NAHASDA), and issues related to the housing response to presidentially declared major disasters.\nHUD has been undertaking a variety of regulatory review efforts in keeping with Executive Order 13777, which directed federal agencies to evaluate existing regulations and identify opportunities for reform. Specific HUD actions have included suspending a rule related to small-area fair market rents (the suspension has since been voided by a preliminary court injunction); initiating a broad review of manufactured housing regulations; suspending certain regulations governing how HUD funding recipients must comply with the requirement to affirmatively further fair housing; and publishing an Advanced Notice of Proposed Rulemaking seeking public comment on whether its regulations related to disparate impact and the Fair Housing Act should be amended.\nHousing and mortgage market conditions provide important context for these issues, although housing markets are generally local in nature and national housing market indicators do not necessarily accurately reflect conditions in specific communities. Generally speaking, owner-occupied housing markets in recent years have been characterized by rising house prices, relatively low levels of housing starts and housing inventory, and relatively strong home sales. Rising house prices combined with rising mortgage interest rates have raised concerns about the affordability of buying a home, although interest rates remain low by historical standards. Rental housing markets have also raised affordability concerns. Nearly 21 million renter households are considered to be cost burdened, meaning they spend more than 30% of their incomes on rent. The share of households who rent, rather than own, their homes has increased in the years since the housing market turmoil that began around 2007, contributing to lower rental vacancy rates and increasing rents. Increases in household income in recent years have generally not kept pace with increases in house prices or rents, contributing to affordability concerns.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R45296", "sha1": "8f48da664ea4bc2ca3adb3a9cbbcae85314cac85", "filename": "files/20180910_R45296_8f48da664ea4bc2ca3adb3a9cbbcae85314cac85.html", "images": { "/products/Getimages/?directory=R/html/R45296_files&id=/0.png": "files/20180910_R45296_images_ba0d337ee6e2b131ffd574e30b90e9e2ed1230ed.png", "/products/Getimages/?directory=R/html/R45296_files&id=/4.png": "files/20180910_R45296_images_f948dee6588f17023e8240c735b8c86b536b9edd.png", "/products/Getimages/?directory=R/html/R45296_files&id=/5.png": "files/20180910_R45296_images_90e05e80bd3b1c701d3d60b2ba7dabf0be3c20a9.png", "/products/Getimages/?directory=R/html/R45296_files&id=/1.png": "files/20180910_R45296_images_f1506abaa9479e8c3d62dadf6c81b85369a5b15b.png", "/products/Getimages/?directory=R/html/R45296_files&id=/7.png": "files/20180910_R45296_images_cf635b6326e12d4e4175dc649a20c83aa942b4a1.png", "/products/Getimages/?directory=R/html/R45296_files&id=/6.png": "files/20180910_R45296_images_c170b65bd38a4bd3614de45b4f3ed4d4e8d2ae90.png", "/products/Getimages/?directory=R/html/R45296_files&id=/2.png": "files/20180910_R45296_images_f472d641bcf304726f6166c656f8aa97c554fbdc.png", "/products/Getimages/?directory=R/html/R45296_files&id=/3.png": "files/20180910_R45296_images_26f0c5ad1b0d693cbd2665800dc8a7ca2ab280b9.png" } }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R45296", "sha1": "45795fa8630852aa7be7bd591a2d86ee453927cd", "filename": "files/20180910_R45296_45795fa8630852aa7be7bd591a2d86ee453927cd.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4776, "name": "Housing Finance" }, { "source": "IBCList", "id": 4853, "name": "Housing Assistance" }, { "source": "IBCList", "id": 4918, "name": "Homeownership & Housing Finance" } ] }, { "source": "EveryCRSReport.com", "id": 584298, "date": "2018-08-28", "retrieved": "2018-08-29T14:57:07.131644", "title": "Housing Issues in the 115th Congress", "summary": "A variety of housing-related issues have been active during the 115th Congress. These issues include topics related to housing finance, tax provisions related to housing, housing assistance and grant programs administered by the Department of Housing and Urban Development (HUD), and regulatory review efforts underway at HUD. In some cases, the 115th Congress has considered or passed legislation related to certain housing issues, such as mortgage-related provisions enacted as part of broader financial \u201cregulatory relief\u201d legislation and particular housing-related tax provisions. In other cases, Congress has conducted oversight or otherwise expressed interest in actions taken by HUD or other entities involved in housing, such as Fannie Mae and Freddie Mac. \nMany of the housing-related topics that have been of interest during the 115th Congress are ongoing issues, though some involve particular actions that have taken place during the 115th Congress. Issues of interest during this Congress include the following:\nHousing finance issues include changes to certain mortgage-related requirements and other housing provisions included in broader financial legislation that became law in May 2018. Congress has also expressed ongoing interest in certain issues related to the Federal Housing Administration (FHA): (1) a forthcoming final rule on FHA\u2019s requirements for insuring mortgages on condominiums and (2) the level of the mortgage insurance premiums charged by FHA. Comprehensive housing finance reform that would address the status of Fannie Mae and Freddie Mac is also an ongoing topic of interest, although legislative action appears unlikely by the end of the 115th Congress.\nTax issues include changes to housing-related tax provisions in the tax revision law enacted at the end of 2017 (P.L. 115-97); extensions of other, temporary housing-related tax provisions through 2017 by the Bipartisan Budget Act of 2018 (P.L. 115-123); and changes to the low-income housing tax credit in the Consolidated Appropriations Act, 2018 (P.L. 115-141).\nHousing assistance issues include considerations related to HUD appropriations, ongoing initiatives or proposed changes to HUD rental assistance programs, legislation to reauthorize the Native American Housing Assistance and Self-Determination Act (NAHASDA), and issues related to the housing response to presidentially declared major disasters.\nHUD has been undertaking a variety of regulatory review efforts in keeping with Executive Order 13777, which directed federal agencies to evaluate existing regulations and identify opportunities for reform. Specific HUD actions have included suspending a rule related to small-area fair market rents (the suspension has since been voided by a preliminary court injunction); initiating a broad review of manufactured housing regulations; suspending certain regulations governing how HUD funding recipients must comply with the requirement to affirmatively further fair housing; and publishing an Advanced Notice of Proposed Rulemaking seeking public comment on whether its regulations related to disparate impact and the Fair Housing Act should be amended.\nHousing and mortgage market conditions provide important context for these issues, although housing markets are generally local in nature and national housing market indicators do not necessarily accurately reflect conditions in specific communities. Generally speaking, owner-occupied housing markets in recent years have been characterized by rising house prices, relatively low levels of housing starts and housing inventory, and relatively strong home sales. Rising house prices combined with rising mortgage interest rates have raised concerns about the affordability of buying a home, although interest rates remain low by historical standards. Rental housing markets have also raised affordability concerns. Nearly 21 million renter households are considered to be cost burdened, meaning they spend more than 30% of their incomes on rent. The share of households who rent, rather than own, their homes has increased in the years since the housing market turmoil that began around 2007, contributing to lower rental vacancy rates and increasing rents. Increases in household income in recent years have generally not kept pace with increases in house prices or rents, contributing to affordability concerns.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R45296", "sha1": "4a567cc5e5a5925de49a2476906a04e849dd1641", "filename": "files/20180828_R45296_4a567cc5e5a5925de49a2476906a04e849dd1641.html", "images": { "/products/Getimages/?directory=R/html/R45296_files&id=/0.png": "files/20180828_R45296_images_ba0d337ee6e2b131ffd574e30b90e9e2ed1230ed.png", "/products/Getimages/?directory=R/html/R45296_files&id=/4.png": "files/20180828_R45296_images_f948dee6588f17023e8240c735b8c86b536b9edd.png", "/products/Getimages/?directory=R/html/R45296_files&id=/5.png": "files/20180828_R45296_images_90e05e80bd3b1c701d3d60b2ba7dabf0be3c20a9.png", "/products/Getimages/?directory=R/html/R45296_files&id=/1.png": "files/20180828_R45296_images_f1506abaa9479e8c3d62dadf6c81b85369a5b15b.png", "/products/Getimages/?directory=R/html/R45296_files&id=/7.png": "files/20180828_R45296_images_cf635b6326e12d4e4175dc649a20c83aa942b4a1.png", "/products/Getimages/?directory=R/html/R45296_files&id=/6.png": "files/20180828_R45296_images_c170b65bd38a4bd3614de45b4f3ed4d4e8d2ae90.png", "/products/Getimages/?directory=R/html/R45296_files&id=/2.png": "files/20180828_R45296_images_f472d641bcf304726f6166c656f8aa97c554fbdc.png", "/products/Getimages/?directory=R/html/R45296_files&id=/3.png": "files/20180828_R45296_images_26f0c5ad1b0d693cbd2665800dc8a7ca2ab280b9.png" } }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R45296", "sha1": "2fc5f71d803961708965c0081bde6b10a2cc8bf6", "filename": "files/20180828_R45296_2fc5f71d803961708965c0081bde6b10a2cc8bf6.pdf", "images": {} } ], "topics": [] } ], "topics": [ "Appropriations", "Domestic Social Policy", "Economic Policy" ] }