COVID-19 News
In response to the mounting Coronavirus public health crisis, NH&RA launched a dedicated section of our website to keep stakeholders apprised of the evolving guidance. The webpage lists all news stories with the COVID-19 tag in the order in which they were added and stories can be filtered by state.
Indiana Adds $15 Million to COVID-19 Rental Assistance Program, Moratoriums to Expire Aug. 14
Indiana Governor Eric Holcomb (R) recently announced that the state will allocate an additional $15 million to the COVID-19 Rental Assistance Program. Governor Holcomb also announced that he intends to allow the rental property eviction and foreclosure moratorium and ban on disconnecting utility services to expire on August 14.
HUD Updates Multifamily Q&A Document
On July 31, HUD issued its first update of its Q&A for Multifamily Housing programs since May 21. HUD’s Q&A document relays HUD’s guidance on operational and procedural questions related to the safe administration of HUD-assisted programs during COVID-19.
House Passes FY 2021 HUD Appropriations
Last week the House passed H.R. 7617, which provides fiscal year (FY) 2021 funding for six appropriations subcommittees, including HUD. The House bill is expected to provide adequate appropriations to renew existing Housing Choice Vouchers and Project-Based Rental Assistance, and provides increases for most programs, including the Community Development Block Grants, HOME Investment Partnerships Program (HOME), Section 202 and Section 811, which would also receive additional funding through emergency infrastructure investments. The bill also contains two amendments that would block the Trump Administration’s recent regulatory action on the Disparate Impact Rule and the Affirmatively Furthering Fair Housing (AFFH).
IRS Extends Deadline for Historic Substantial Rehabilitation Test
IRS recently published Notice 2020-58 which extends the measuring period used in satisfying the substantial rehabilitation (sub rehab) test requirement for historic tax credits. Projects with a 24- or 60-month measuring period ending on or after April 1, 2020, and before March 31, 2021, now have until March 31, 2021 to incur sufficient qualified rehabilitation expenditures to satisfy the sub rehab test.
Connecticut Resumes HTCC Site Visits, MORs
The Connecticut Housing Finance Authority (CHFA) will resume Housing Tax Credit Contribution Program (HTCC) program quarterly site visits in August. HTCC visits occur quarterly once an awarded development reaches 25, 50, 75 and 100 percent completion in construction. CHFA will not perform onsite physical inspections until December 31, 2020 or until a time that a determination has been made that it is safe for staff, residents and owners to resume physical inspections.
In accordance with HUD guidance, CHFA will resume HUD Section 8 Management and Occupancy Reviews (MORs) on August 4, 2020. Your CHFA Asset Manager will contact you to schedule the MOR. Please contact your Asset Manager with any questions relating to MORs.
Maryland Reopens Assisted Housing Relief Program
On August 3, the Maryland Department of Housing & Community Development (DHCD) reopened the Assisted Housing Relief Program. Tenants in eligible properties may receive assistance for unpaid rents for the period beginning April 1st and ending July 31, 2020. Assistance will be paid directly to the property. The program is limited to rental units in multifamily projects with State financing or Low-Income Housing Tax Credits (LIHTC).
New Jersey Offers Tax Credit Compliance Monitoring Relief
The New Jersey Housing and Mortgage Finance Agency released Developer Bulletin 2020-11, which outlines the LIHTC compliance monitoring relief, income recertifications and common areas and amenities relief it is offering in response to the COVID-19 pandemic. The relief granted in this bulletin is subject to any superseding guidance issued by the Department of the Treasury or the Internal Revenue Service.
IRS Issues Final Regulations and Other Guidance on Business Interest Expense Deduction Limitation
The Internal Revenue Service (IRS) issued final regulations regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES Act.
$224 Million in HUD Funding Available as COVID-19 Supplemental Payments
HUD is making available $224 million of CARES Act funds available to offset property expenditures to combat the effects of COVID-19. The supplemental payments may cover additional cleaning and disinfecting, additional staff, face coverings and other expenses to help keep properties safe for residents. Requests are due to HUD or the Contract Administrator by August 5, 2020.
Senate Republican’s Release COVID-19 Aid Package
On Monday, Senate Republican’s released text of their Health, Economic Assistance, Liability Protection and Schools (HEALS) Act. The bills include an additional round of $1,200 stimulus payments, additional funding for the Paycheck Protection Program (PPP), liability protections for businesses that reopen and unemployment compensation. The bill notably does not extend the eviction moratorium that expired on July 24 or any LIHTC provisions.
Chicago Offers $33 Million in Housing Assistance Grants
Chicago Mayor Lori Lightfoot (D) and the Departments of Housing (DOH) and Family and Support Services (DFSS) announced an expanded Housing Assistance Grant program and a new online portal to assist Chicagoans who have been adversely impacted by the economic fallout from the COVID-19 pandemic.
House Members Circulate LIHTC Letter to Leadership
Representatives Suzan DelBene (D-WA) and Jackie Walorski (R-IN) are circulating a bipartisan sign-on letter to House leadership urging the inclusion of LIHTC priorities as part of COVID response legislation. Please reach out to any House members with whom you have a connection encouraging them to sign on. The deadline is Monday, July 27.