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December 14, 2021

Federal updates

  • The Senate Finance Committee released its version of the Build Back Better Act last week with the historic investments in housing intact. The Housing Credit provisions are largely similar to those passed by the House of Representatives in November, with a few key changes that would:
  • Extend the allocation increase through 2025 instead of 2024
  • Modify the Extremely Low Income (ELI) basis boost to clarify that the boost applies only to units that serve ELI households and language relating to Private Activity Bond issuance.

Senate leadership is pushing to take up Build Back Better before the end of the year, but negotiations are still ongoing with Senator Joe Manchin, who has said he has outstanding concerns.

If/when the Senate does pass Build Back Better, it will need to return to the House for a final vote approving any changes before it can move on to the President’s desk for his signature.

  • The Senate also passed a bill Thursday that will enable Congress to lift the debt ceiling and avert what would be the first-ever default in U.S. history. 10 Senate Republicans joined Democrats in passing the bill, which would create a special process to suspend the filibuster on a one-time basis and enable the Senate to lift the debt ceiling with a simple majority vote. Lawmakers are expected to vote on raising the debt ceiling today (Tuesday).


North Carolina updates




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