News

On Tuesday, House Democrats unveiled the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act) and summary. While the House is expected to vote on the $3 trillion bill on Friday, it is unlikely to become law, at least not in its current form. The bill is largely a messaging document that lays the groundwork for negotiations with the Senate and Republicans.

On Tuesday the Senate voted 61-32 to confirm Brian Montgomery as HUD’s deputy secretary. In a hearing last week the Senate Banking, Housing and Urban Affairs Committee advanced the nomination of Dana Wade to be the Assistant Secretary for Housing and Federal Housing Commissioner at HUD.

Senate Banking, Housing and Urban Affairs Committee Ranking Member Sherrod Brown (D-OH) and 25 co-sponsors introduced the Emergency Rental Assistance and Rental Market Stabilization Act, which would provide $100 billion in emergency rental assistance.

NH&RA sent a letter to HUD calling for guidance to PHAs on the distribution distributing of relief funds to mixed-finance properties as well as traditional public housing properties.

The Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA) and HUD launched an online resource on mortgage and housing assistance for renters and homeowners affected by COVID-19.

The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac created online multifamily property lookup tools to help renters find out if they are protected from evictions during the COVID-19 pandemic through the CARES Act.

HUD announced the allocation of $380 million in supplemental administrative fee funding to all Public Housing Authorities (PHAs). HUD also allocated an additional $1 billion through its Community Development Block Grant.

Ginnie Mae issued a memo, which announces a new version of the existing Pass-Through Assistance Program (PTAP) for use by Multifamily Mortgage-backed Securities (MF MBS) Issuers facing a temporary liquidity shortfall directly attributable to COVID-19.

HUD published a final rule that allows public housing authorities (PHAs) and owners to conduct full income recertifications for families with 90 percent or more of their income from fixed-income every three years instead of annually. The final rule is effective as of June 8, 2020.

The ACTION Campaign, of which NH&RA is a steering committee member, sent a letter to congressional leadership calling for our Housing Credit priorities. The letter calls for enacting a minimum four percent LIHTC rate and lowering the 50 percent test for bond financed transactions.

In Revenue Procedure 2020-21, the IRS provides temporary guidance to allow hearings held by teleconference due to the COVID-19 pandemic to meet the statutory public approval requirement for PABs. Notice 2020-25 temporarily expands the circumstances and period for which a PAB is treated as “continuing in effect” without requiring the reissuance or retirement.

HUD’s Office of Multifamily Housing Programs updated its Multifamily Q&A Guidance for COVID-19 on May 1. The new questions address nutrition resources for residents, calculating tenant income from the CARES Act, forbearance, evictions for criminal activity, subsidy payments for deceased tenants due to COVID-19 and more. Search “5/1/20” to search for the new questions and […]