MBA Creates Member Guide Ahead of Government Shutdown Possibility on Saturday

As of this writing, the federal government is on the brink of a shutdown with a deadline of 11:59 p.m. ET on Friday, Dec. 20, to pass what would likely be a short-term Continuing Resolution. MBA remains directly engaged with lawmakers in both chambers of Congress – and affected regulators – and has created a member guide that outlines the potential impacts to single-family and multifamily government lending programs.

Starting on Saturday, December 21, a shutdown would necessitate a furlough of certain federal employees and significant curtailment of certain operations requiring agency staff intervention or action at the Department of Housing and Urban Development, Veterans Affairs, and the Department of Agriculture.

National Flood Insurance Program (NFIP) authorities are also scheduled to expire on December 21. MBA continues to advocate for an extension of NFIP’s authority to avoid disruptions to the housing market.

Go deeper: Congress passed a CR on September 25, 2024, that extended Fiscal Year 2024 funding levels until December 20 following lawmakers’ failure to pass a full FY 2025 budget before the start of the new FY on October 1, 2024.

What’s next: A shutdown lasting a few days would slightly inconvenience single-family and multifamily mortgage markets. A longer delay would have much more severe and disruptive impacts to members and the consumers and customers they serve. MBA will remain directly engaged in all relevant conversations regarding government funding and the NFIP and will provide any necessary updates.

For more information, please contact Bill Killmer at (202) 557-2736 and Pete Mills at (202) 557-2858.