Federal / Agency News

Treasury

Treasury Releases ERA Guidance

The Department of the Treasury released guidance on its new $25 billion Emergency Rental Assistance (ERA) program. Eligible grantees (states and local governments with populations of more than 200,000) will have until January 12 to provide payment information and sign the acceptance of award terms in order to receive the money by January 26. Eligible […]

HUD

HUD Publishes FHA-HFA Multifamily Risk-Sharing Final Rule

HUD published its final rule amending existing regulations for the Section 542(c) Housing Finance Agencies (HFA) Risk-Sharing Program. The final rule adopts without substantive changes the March 8, 2016, proposed rule. The rule is intended to better align the Risk-Sharing program regulations with current industry and HUD policies and practices and provide greater flexibility for […]

HUD

HUD Publishes Section 202 Capital Advance NOFA

HUD announced the availability of $150 million in grants to support the development of new affordable multifamily rental housing along with ongoing project rental assistance for low-income seniors. The grants are offered under HUD’s Section 202 Supportive Housing for the Elderly program and will be awarded to nonprofit organizations across the country. Section 202 grants […]

congress-capitol

117th Congress Begins with 50-50 Senate Split

On December 27, the president signed the Consolidated Appropriations Act, 2021, making the four percent LIHTC rate permanently fixed and providing $25 billion of rental assistance. Our detailed summary of the bill is available.

IRS

NH&RA Submits Comments on IRS/Treasury’s Average Income Test Proposed Rule  

NH&RA submitted our comments on the Internal Revenue Service (IRS) and the Department of the Treasury’s proposed rule on the average income test.

General News

Comments on NMTC Program Allocation Application Due March 1 

The Community Development Financial Institutions (CDFI) Fund is soliciting public comments on its calendar year (CY) 2021 New Markets Tax Credit (NMTC) Programs Allocation Application.

congress-capitol

Congress Passes COVID Relief, FY 2021 Omnibus Appropriations Bill

On Monday, December 21, Congress passed a sweeping $1.4 trillion package to fund the government through September 30, 2021 plus $900 billion in Coronavirus aid. Many, many thanks to our members and partners who kept up the drumbeat all year long to get important housing priorities included in the bill.

HUD

HUD Publishes 2020 Map Guide

HUD published its updated 2020 Multifamily Accelerated Processing (MAP) Guide, which becomes effective January 21, 20201. In addition to some reorganization and streamlining throughout, the updated MAP Guide includes:
• The integration of the Federal Housing Administration (FHA) Multifamily Closing Guide, previously a separate document;
• A new chapter specific to energy efficiency and FHA’s Green Mortgage Insurance Premium (MIP) program; and
• Expanded appendices that provide access to tools and forms.

IRS

Comments on IRS/Treasury’s Average Income Test Proposed Rule Due Dec. 29

NH&RA created a customizable template letter for developers to submit comments to the Internal Revenue Service (IRS) and Department of the Treasury (Treasury) on their Average Income Test proposed rule. Comments are due by December 29 and should be submitted here.

congress-capitol

Congress Inches Closer to Bipartisan COVID-19 Aid Package Containing $25 Billion in Rental Assistance

The $748 billion aid package is widely seen as the one that will advance; it contains $25 billion in rental assistance and extends the CDC eviction moratorium through January 31, 2020. Any one individual household is eligible to receive up to 18 months of assistance for arrearages and future rent payments. Importantly, landlords and owners may apply on behalf of tenants. Thank you to the many NH&RA members that contributed to the development of the NH&RA’s COVID-19 housing assistance advocacy letter, several of the asks in that letter are included in the legislative text!

General News

Reps. Reed and Sewell Introduce NMTC Legislation

Representatives Terri Sewell (D-AL) and Tom Reed (R-NY) introduced legislation to increase the NMTC allocation by $3.5 billion over four years, allow investors to carry back those credits for five years, exempt the NMTC from the 75 percent general business credit limitation, among other provisions.

HUD

Biden to Nominate Marcia Fudge as HUD Secretary

Several news outlets are reporting that President-elect Joe Biden will nominate Rep. Marcia Fudge (D-OH) as HUD secretary. Fudge was first elected to federal office in 2008, is the member of the House Agriculture Committee, a member (and former chair) of the Congressional Black Caucus and served as mayor of Warrensville Heights, OH from 2000 to 2008.

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