Federal / Agency News
HUD Publishes Budget Based Rent Adjustments for Mark-to-Market (M2M) Properties Notice, Training March 12
HUD’s Office of Multifamily Housing Programs published Housing Notice 2024-05, which allows budget-based rent adjustments (BBRA) for Section 8 project-based rental assistance housing assistance payment contracts at properties subject to a M2M Use Agreement.
Appropriations Update
The House will vote on six of the 12 Fiscal Year (FY) 2024 bills today.
HUD Extends Deadline to Update Tenant Selections Plans
HUD issued Notice H 2024–04 extending the updated Tenant Selection Plans to include HOTMA provisions from March 31, 2024 to May 31, 2024.
FHFA Announces $301 Million for CMF & NHTF
The Federal Housing Finance Agency (FHFA) announced that the Housing Trust Fund and Capital Magnet Fund will receive approximately $301 million for affordable housing initiatives from Fannie Mae and Freddie Mac (the Enterprises).
Proposals for HUD’s Innovative Housing Showcase Exhibitors Due March 29
HUD issued a notice requesting proposals from exhibitors to showcase innovations for the Innovative Housing Showcase in June of this year in Washington, DC.
Freddie Mac Requires Multifamily Underwriting Appraisal Checklist
Effective March 4, Freddie Mac underwriters requires a new compliance checklist for the initial appraisal submitted to Freddie Mac for each loan/property.
NLIHC Publishes 2024 Advocates’ Guide
The National Low Income Housing Coalition released the Advocates’ Guide 2024: A Primer on Federal Affordable Housing and Community Development Programs and Policies.
120 Organizations Join Letter to Senate; Continue Advocacy Needed
NH&RA joined with 120 national and state affordable housing organizations in a letter to Senate leadership, urging the Senate to enact the LIHTC provisions included in the legislation.
HUD Updates Discretionary Policies for Owners Implementing HOTMA
HUD published a revised HOTMA Implementation Notice (Notice H 2023-10) that now includes information to address the asset limitation found in Section 104 of the Housing Opportunity Through Modernization Act of 2016.
IRS Issues Updated Guidance for Form 8823
The Internal Revenue Service (IRS) issued updated guidance for completing Form 8823, the form used by State and Local LIHTC agencies to notify the IRS in the event of noncompliance or building disposition.
House Approves Tax Package with LIHTC Priorities, Advocacy Needed in the Senate
Last week, the House of Representatives voted overwhelmingly (357-70) to pass The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024).
IRS Provides Guidance on Returned Disaster Housing Credit Authority
The Internal Revenue Service (IRS) published Revenue Ruling 2024-5, which provides guidance on the treatment of returned disaster Housing Credits for the 11 states and Puerto Rico that received disaster credit authority in the Taxpayer Certainty and Disaster Tax Relief Act of 2020.