Passage of FY 2018 Spending Bill Critical Step for Affordable Housing Funding and Flood Reauthorization

The U.S. House and Senate voted Thursday to fund the federal government through September 30, 2018. The 2,232-page bill contains important provisions related to housing that REALTORS® have been fighting for, including alleviating the weakening of the Low-Income Housing Tax Credit (LIHTC) from the new tax law, extending the EB5 program, extending the National Flood Insurance Program (NFIP) until July 31st, doubling flood map funding to $263 million, up from $177 million in the previous year, and maintains funding for the flood mitigation, proofing and elevation of properties ($175 million), as well as the Office of the Flood Insurance Consumer Advocate ($5 million) to assist homeowners with concerns over flood mapping and/or insurance ratings.  Click here for more information.