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New Hampshire Housing Legislation Update Conference

Stay informed on recent and pending legislative changes in NH housing policies. Explore key updates and pending bills impacting housing affordability and rights. Be part of the discussion and learn about federal legislative developments.

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New Hampshire Housing Legislation Update Conference

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Presentation Transcript

  1. New Hampshire Housing Homeownership Conference February 18, 2014 Legislative Update

  2. New Hampshire Update Recent and Pending Legislation

  3. Recent NH Legislation • Study Commission on Housing Policy and Regulation • SB 185 (Ch. 233, Laws of 2013) – examination of state agency policies that impact housing affordability • Specifically not about local regulation • Also looking at incentives • Actively pursuing legislation

  4. Pending NH Legislation • From SB 185 Commission • SB 387 – Land sales full disclosure exemptions • SB 393 – NHHFA and surplus land • Foreclosures • SB 306 – Mortgage foreclosure study commission • SB 341 – Eviction procedures on foreclosed properties

  5. Pending NH Legislation (cont’d) • Discrimination, Abuse, and Civil Rights • HB 1555 – Neglect/financial exploitation of elderly or impaired adults • HB 1409 – Discrimination in housing based on “source of income” or domestic abuse • HB 1143 – Update to anti-discrimination laws • HB 1604 – Financial fraud laws commission • SB 371 – Senior citizens bill of rights

  6. Pending NH Legislation (cont’d) • Transactions • HB 532 – PACE (municipal lending for energy efficiency / lien and repayment on taxes) • HB 1532 – Radon level notification • HB 1193 – Flood coverage notification • Miscellanea • HB 1573 – Regional planning commissions • HB 1297 – Workforce housing grants

  7. Federal Update Recent and Pending Legislation

  8. Recent Federal Legislation • Federal Budget • FY 14 $1.1 trillion budget approved in January • Provides stability, at least in the short run • FY 15 negotiations still on the (very) short horizon • Debt limit • “Clean bill” signed by President on Saturday • Government now solvent through March 2015 • Action because of the upcoming mid-term elections

  9. Recent Federal (cont’d) • Consumer Financial Protection Bureau (CFPB) • Qualified Mortgage (QRM / QM) • Requires mortgage lenders to underwrite a loan based on a reasonable expectation that the borrower can repay it; 43% max debt to income; effective 1/10/14 • CFPB now wants ideas on improving public data • Dodd-Frank required loan length, total fees, teaser rates, credit scores • Thinking about disclosure of interest rates, origination fees, reasons for loan rejections; whether they’re QM’s

  10. Pending Federal Legislation • GSE Reform • Fannie and Freddie occupy over 80% of the mortgage market • Both in FHFA conservatorship since 2008 • Administration’s principles for housing reform • Private sector as the center of the housing finance system; • Wind down Fannie and Freddie • Maintain access to 30-year fixed rate mortgage • Support affordability for creditworthy first-time homebuyers and access for affordable rental housing.

  11. Pending Federal (cont’d) • GSE Reform (cont’d) • Last year: Corker/Warner – generally supported by Administration • This year: Johnson/Crapo – details this month • Expected to be based on last year’s bill • Phase out GSE’s over 5 years • Federal Mortgage Insurance Corporation (FMIC) - federal guaranteed catastrophic reinsurance on mortgage-backed securities • Meanwhile, GSE’s are being sued to distribute their “profits” to the National Housing Trust Fund

  12. Pending Federal (cont’d) • Tax Reform • Look for a bill this month from House Ways & Means Chair David Camp • Resistance from both R’s and D’s, but potential support from Senate Finance (Wyden and Warner) • Unlikely to happen, but…

  13. Questions?

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