On Friday, Congress approved a $1.1 trillion omnibus spending bill that averts a government shutdown and funds federal agencies through September 30, 2016.
The 2,009-page funding bill, which passed by a 316-113 vote in the House of Representatives and a 65-33 vote in the Senate, includes extended authority for the Federal Housing Administration to continue insuring the Home Equity Conversion Mortgage (HECM) program.
Specifically, the Omnibus Funding Bill raises funding for the Department of Housing and Urban Development by $3 billion to a total of $38.6 billion. The legislation, however, maintains funding for all types of FHA counseling at its $47 million current level.
The bill is awaiting signature by President Obama, who is expected to sign the legislation into law.
“[T]his agreement reverse the self-inflicted wounds like sequestration, averts another unnecessary government shutdown, and lays a path forward to the type of governing by consensus that the American people deserve and expect,” said Vice President Joe Biden in a written statement issued Friday. “The agreement is not perfect, but it will help grow our economy, bolster our security, and it reflects governing by consensus, not the governing by crisis we’ve seen too often of late.”
Written by Jason Oliva