Federal / Agency News

The Senate confirmed Dr. Janet Yellen as Treasury Secretary in an 84-15 vote, she is the first woman to ever hold the position. Secretary Yellen was the third cabinet official to be confirmed by the Senate, indicating President Joe Biden’s focus on the economy. Dr. Yellen previously served as chair of the Federal Reserve from […]

The memo directs HUD to examine two rules from the Trump administration for their impact on the federal government’s ability to affirmatively further fair housing, as required by the Fair Housing Act of 1968.

On January 19, HUD published Notice PIH 2021-07 superseding and replacing its 2018 Section 18 notice regarding the demolition and/or disposition of public housing property, eligibility for tenant protection vouchers (TPV) and associated requirements.

President Joe Biden recently unveiled his COVID-19 and economic recovery plan. Of interest to our members, the sweeping $1.9 trillion plan calls for another round of $1,400 stimulus payments to individuals, an eviction moratorium on federal guaranteed mortgages until September 30, 2021, an additional $30 billion for rental assistance ($5 billion of which is dedicated to home energy and water costs and arrears), $5 billion in emergency assistance to help secure housing for people experiencing or at risk of homelessness.

Affordable housing, evictions, housing finance reform, and the LIHTC came up several times during the confirmation hearing for Treasury Secretary nominee Dr. Janet Yellen. During her questioning Senator Maria Cantwell (D-WA) reiterated the importance of affordable housing saying, “I look forward to working with you to increase Affordable Housing Tax Credits.”

Internal Revenue Service Notice 2021-12 extends the temporary relief for qualified LIHTC projects. The 10 percent test for carryover allocations and the 24-month minimum rehabilitation expenditure period are extended until September 30. The deadline for income recertifications and compliance monitoring is extended until October 1 and the placed-in-service deadline is extended to December 31.

The Department of the Treasury released FAQs for the new $25 billion emergency rental assistance (ERA), which: requires applicants for assistance to provide third-party source documentation evidencing income and their experience of unemployment or financial hardship due directly or indirectly to COVID-19; clarifies that applicants who occupy a federally-subsidized or mixed-use property, including LIHTC properties, […]

Yesterday, HUD published the proposed rule for the National Standards for the Physical Inspection of Real Estate (NSPIRE).  Comments are due by March 15. This publication represents the most significant formal milestone to date for NSPIRE and will establish the regulatory framework necessary for the implementation of the program when final. Through the proposed rule, […]

FHA will host the following three webinars on its new Multifamily Accelerated Processing (MAP) Guide: January 21 from 2-3:30 p.m. ET: Learn about Chapter Two, Lender Qualifications and Practices paired with Chapter 15, Oversight of MAP Program Requirements; Chapter Three, a general summary of program requirements; Chapter Five, Architectural and Construction Analysis paired with Chapter […]

HUD updated two documents regarding its Capital Needs Assessment (CNA) e-tool: Known Issues and Solutions and FAQ on how to submit a returned CNA. Questions can be submitted here.

The Office of the Comptroller of the Currency (OCC) published the latest edition of its Community Developments Investments newsletter, “Strengthening Communities With Opportunity Zone Investments.” This edition of Community Developments Investments explains how banks can support distressed communities by making investments in tax-advantaged qualified opportunity funds (QOF) as part of their community development strategies. For […]

A new rule from the Office of the Comptroller of the Currency (OCC), effective April 1, 2021, codifies and expands prior OCC interpretations dealing with the use of national bank lending powers to engage in tax equity financings. Tax equity financings refer to transactions in which a national bank provides equity financing to fund projects […]