Federal / Agency News

The Community Development Financial Institutions Fund (CDFI) Fund updated its Frequently Asked Questions (FAQ) document for New Markets Tax Credit (NMTC) Program compliance. This document supersedes the May 2017 publication of the FAQ document by adding, revising, or updating select questions from the earlier edition.

The Treasury’s Community Development Financial Insinuations (CDFI) Fund released its fiscal year (FY) 2018 Year in Review. CDFI Program award recipients last year reported $11.1 billion of lending and investment activity – an increase of nearly 50 percent over the activity reported in FY 2017.

On March 26 and 27 the full Senate Committee on Banking, Housing and Urban Affairs held hearing on Chairman Mike Crapo’s (R-ID) Housing Finance Reform Outline. At the March 26 hearing Chairman Crapo said he wants to “bring to a close the conservatorship era.” Former Acting FHFA Director Edward DeMarco stated that “the outline captures the consensus elements of prior reform proposals and serves as a solid workable foundation from which to develop legislation.” At the March 27 hearing Chairman Crapo said he “considers Housing Finance Reform to be a top priority for the Banking Committee this Congress” and that “the status quo is simply not a valid viable option.”

The Advisory Council on Historic Preservation (ACHP)will hold its quarterly business meeting on April 4 at 8:30 am EDT in the Russell Senate Office, room 325.

The House Financial Services Committee will hold several upcoming hearings related to housing. Witnesses for the committee hearings are required to be published three days prior to event, excluding holidays and weekends. All hearings and markups will take place in 2128 Rayburn House Office Building and will be broadcast live.

The Government Accountability Office (GAO) released a report on HUD’s Community Development Block Grant Disaster Recovery. GAO found that HUD does not have the review guidance and monitoring plans it needs for good grantee oversight.

The Government Accountability Office (GAO) released a report on HUD’s Real Estate Assessment Center (REAC) with 14 recommendations to improve the inspection process.

President Trump signed a memorandum that directs HUD and Treasury to draft administrative and legislative options for housing finance reform to be submitted to the President for approval as soon as practicable. HUD will prepare a reform plan for the housing finance agencies it oversees, and Treasury will prepare a reform plan for Fannie Mae […]

Freddie Mac announced that Donald Layton will retire as Chief Executive Officer (CEO) and that the Board of Directors has appointed David Brickman to succeed him effective Monday, July 1. Mr. Brickman will become a member of the Freddie Mac Board of Directors at that time.

Secretary Carson recently traveled to Miami to tour Tuscany Village Housing Complex, an apartment community located in an Opportunity Zone. Tuscany Village Housing Complex was recently built to provide affordable housing for low-income, elderly families in the neighborhood. This Miami community is just one of 427 Opportunity Zones which were designated by the Florida Governor […]

Secretary Ben Carson said HUD will give preference to developers and investors who build affordable housing in federal Opportunity Zones when it comes to certain grants. In an interview with The Real Deal, Sec. Carson said, “if you are doing a project within an Opportunity Zone and you are applying for one of our grants, you get some preference. So that, along with the tax advantages, will drive people to look at those (areas). We are also offering very specific technical assistance to help them coordinate their efforts.”

Six Senators sent a letter to Internal Revenue Service (IRS) Commissioner Charles Rettig requesting he issue a notice clarifying that affordable housing projects for veterans that comply with the LIHTC General Public Use criteria are also eligible for Private Activity Bonds (PABs). Sens. John Cornyn (R-TX), Catherine Cortez Masto (D-NV), Diane Feinstein (D-CA), Kamala Harris (D-CA) Mazie Hirono (D-HI) and Jacky Rosen (D-NV) argue that, “given that LIHTCs and PABs are designed to be used in tandem, the General Public Use criteria explicitly laid out in the LIHTC statue should apply to PABs as well.”