Federal / Agency News

BBB Faces New Challenges as Sen. Manchin Withdraws Support

President Joe Biden (D) announced his intent to nominate Sandra Thompson to serve as the director of the Federal Housing Finance Agency.

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 Office of the Comptroller of the Currency issued a final rule to rescind the June 2020 Community Reinvestment Act rule and replace it with a rule based on the rules adopted jointly with the Federal Deposit Insurance Corporation and Board of Governors of the Federal Reserve System.

Over the weekend, the Senate Finance Committee released its portion of the Build Back Better Act, which makes important modifications to the LIHTC provisions in the bill.

NH&RA joined a letter calling on Senate Majority Leader Chuck Schumer (D-NY), House Speaker Nancy Pelosi (D-CA), Senate Finance Committee Chairman Ron Wyden (D-OR) and House Ways and Means Committee Chairman Richard Neal (D-MA) to add Historic Tax Credit provisions back into the Build Back Better Act.

NH&RA and 30 other housing organizations sent a letter to the Department of the Treasury requesting issuance of a final LIHTC average income test minimum set-aside rule.

HUD’s Office of Multifamily Housing sent a memo to Federal Housing Administration Multifamily Accelerated Processing lenders eliminating the submission of a hard copy of closing documents, so long as they are identical in every respect as the submission that was provided electronically to HUD.

Last week, Congress passed a continuing resolution that will fund the federal government at its current levels through February 18, averting a shutdown.

Last week, the Internal Revenue Service published Revenue Ruling 2021-20, which limits the LIHTC buildings that are eligible for the fixed four percent floor.

The Federal Housing Finance Agency (FHFA) released the 2022 Scorecard for Fannie Mae, Freddie Mac (the Enterprises), and Common Securitization Solutions, LLC (CSS).

Yesterday, HUD announced staff appointments across several of its offices.