Other Housing Provisions in Conference Recovery Bill.

I provided a quick summary last night HERE of HUD appropriations in the Conference Recovery Bill.

Below are some other key housing items of note in that bill, whether IN or OUT. (Attached HERE are related explanations extracted from the conference committee report, including HUD appropriations related pages).

FHA
Out : 1.FHA Hope for Homeowner changes are out.

In: 1.Increases 2009 loan limits to the the prior temporary (higher) loan limits for FHA and GSE conforming loans in effect during 2008.
2. Changes in FHA Reverse Equity(HECM) Loan Limits. [While difficult to pin down from language of bill this may increase HECM loan limits to 150% of GSE loan limits during 2009. If this is nationwide change this could mean increase in HECM loan limit to about $600 k nationwide and would have greatest effect in high cost markets. Stay tuned for more information at a later date].

LIHTC
Out: Acceleration of Low Income Housing Tax Credits.
In: 1. Conversion of Low Income Housing Tax Credits into Grant 2. Set aside of $2 Billion within HOME for LIHTC projects.

Homeowners Tax Credit
Out: 1.Increase to $15,000, 2. Expansion to all homebuyers.
In: 1.Increase to $8,000.2. Elimination of repayment requirement, 3. New authority to use in conjunction with state revenue bonds, 4. Continued restriction to first time buyers.