Congressional lawmakers reached a spending deal on February 9 to keep the government open. As part of the legislative package, there was agreement to lift defense and domestic spending caps by $300 billion over two years. The legislation also repeals the automatic spending caps known as sequestration for nondefense programs. The bill also provides almost $90 billion in for disaster relief funding for a variety of states and territories, including Puerto Rico, Florida and Texas. Finally, the package suspends the debt ceiling until March 1, 2019 - after the upcoming midterm elections.
NMHC/NAA worked with lawmakers to insert a 50 percent increase for the Low-Income Housing Tax Credit (LIHTC), however it was unfortunately not included in the final text. We expect there will be another opportunity to support LIHTC in the March omnibus bill.