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March 7, 2014
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President Obama Sends $4 Trillion Budget Proposal to Hill

Copyright Rena Schild/Shutterstock.com

In the midst of escalating tensions in Russia and the Ukraine, President Obama sent his $4 trillion budget proposal for all government agencies, detailing $56 billion in additional spending, to Capitol Hill on Tuesday.

Although much pomp and circumstance surrounds the unveiling of Presidential budgets, they are typically intended for messaging and debate in Washington and not viewed as practical policy documents by the Administration or Congress.  That said, the President’s budget proposal for the 2015 fiscal year was a month late and outlines key HUD changes that would specifically impact multifamily.

For example, this year’s nearly $47 billion HUD budget proposal, which is about $1.2 billion more than what Congress approved for fiscal year 2014, would move Project Based Rental Assistance funding from a fiscal year funding cycle to a calendar year cycle. The budget proposal also includes a removal of the unit cap for the Rental Assistance Demonstration, improvements to the small loan risk sharing pilot program with Ginnie Mae, and increases for the 202 Supportive Housing for the Elderly and 811 Supportive Housing for Persons with Disabilities Programs of $56 million and $34 million, respectively.

The Department of Treasury budget also includes several tax proposals on the revenue side that are of interest to the multifamily community.  NMHC is currently fully reviewing the budget proposal and the implications it will have for both multifamily property owners and managers.

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DeGeneres Oscar “Selfie” Shatters Obama Retweet Record
In case you’ve been living under a rock this week, a new record was set with the most retweeted tweet on Twitter becoming the “selfie” taken by Ellen DeGeneres with some of the world’s most famous celebrities at last Sunday’s Oscars. But you may not know that President Obama held the previous retweet record for his “Four More Years” re-election tweet. Retweeted by 2 million people and counting, DeGeneres shattered the President’s record of 787 thousand. Watch how she set up the “selfie” and see the final tweet. 

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