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8A Page 12 Mayor's (USCM) priarity recommendation in the USCM 10 Point Plan: Strong Cities, Strong Families for a Sfrong America. The text of the bi11 has not been released but the goal of the League's letter is to build support for the bill so that it is considered next week in the Energy and Air Quality subcommitfee. 7here are several environment and energy efficiency biNs coming together in the House and only those with significant support will receive consideration in the subcommittee. In the Senate,the League is supporting S. 1115 (Bingaman},the Energy Efficiency Promo#ion Act of 2007. This b+li is a comprehensive measure enacting and expanding numerous federal energy e�ciency, fuei efficiency programs and standards, inciuding ihe promotion of biofuels and carbon research. S. 1115 would create a CitylCaunty/State Energy Block Grant to provide cities with a population of greater than 35,000 or counties with a population of 200,000 or more,wifh formula funding from the grant on an annual basis. Approximately 7D percent of aU formula funding would be allocated directly by the Secretary of Energy to these cities and counties. The remaining 30 percent would be allocated to the states, which would be required to pass at(east 40 percent of this funding to communities that do not receive funds directly under the program. The League supports this bill based upon its existing federal priorities. Those priorities include support of the creation of block grants, developing and implementing community and transportation energy conservation programs, and the promotion and development of alternative and renewable energy sources. S. 1115 passed out of the Senate Committee on �nergy and Natural Resources and is expected to go to the Senate floor by the Memorial Day Recess(May 25). Hoasing The League is supporting H.R. 1427(Frank),the Federal Housing Finance Reform Act of 2007. This measure would overhaul the regulatory oversight af the government-sponsored enterprises {GSE)of�annie Mae, Freddie Mac and the Federal Home Loans Bank. It creates a new, independent regulator with broad powers analogous to current banking reguEators. fn addition, H.R. 1427 creates a five-year affordable hausing fund(based upon a 1.2 basis point levy against each dollar in the average total mortgage portfolio),which will dedicate an estimated $400 million per year for the construction, maintenance and preservation of affordable housing. The first year of funding will be dedicated to the hurricane stricken areas of the Gulf Coast. In the following four years,the funds will be distributed by a formula among the states. The formula is weighted on population, housing costs, percentages of low income households and other factors that should favor California. 7he funds wili be dispersed through state housing agencies and may be used for affordable rental housing, homeownership, and some infrastructure.The League's federal policies support the establishment of new programs for funding affordable housing. The League is also supporting H.R. 1850 (Vefazquez},the Housing America's Workforce Act. The measure would amend the fnternal Revenue Code to allow employers a business fax credit for up to 50 percent o#the qualified housing expenses paid for the benefit of their employees. The bill defines"qualified housing expenses"to include homeownership assistance and rental assistance. It limits the amount of such credit to the lesser of$10,000 or six percent of an employee's home purchase price, or up to$2,000 for renta!assistance and excludes the value of employer-paid housing assistance from employee gross income. H.R. 1850 also authorizes the Secretary of Housing and Urban Devetopment to award grants in FY 2008-10,on a competitive basis,to nanprofit housing organizations or local governments for 6