NH&RA joined with 18 other national housing organizations in a letter to Treasury Secretary Janet Yellen requesting modifications to Treasury’s recent Fiscal Recovery Fund guidance to better align with the LIHTC. The two primary recommendations are:  

  1. Clarify that Fiscal Recovery Funds structured as grants do not result in an eligible basis reduction in Housing Credit developments regardless of sponsor type; and  
  2. Provide authority to use Fiscal Recovery Funds for principal amounts on loans with maturities beyond 2026.