News

HUD updated its FAQ document to include some clarifications about the treatment of households stimulus payments, as well as the temporary enhancement of unemployment insurance, when calculating household income and program eligibility.

Congressman Denver Riggleman (R-VA) introduced The Opportunity Zone Extension Act (H.R. 6513) that would extend the Opportunity Zone (OZ) tax incentive from 2026 to 2030, giving more time and benefits for investors.

The U.S. Department of Agriculture’s (USDA) COVID-19 Federal Rural Resource Guide lists federal programs that can help rural communities, organizations and residents impacted by COVID-19.

The National Low Income Housing Coalition (NLIHC) created a searchable database and map of multifamily properties covered under the federal moratoriums to help renters know if they are protected.

The National Council of State Housing Agencies (NCSHA) released a matrix comparing the LIHTC accommodations NCSHA is requesting from the IRS to those allowed under existing IRS Revenue Procedures 2014-49 and 2014-50, which provide relief in instances of Presidentially-declared Major Disasters, and to recent IRS Notice 2020-23, which extends certain program deadlines until July 15, […]

On April 14, the HUD office of Multifamily Housing Programs updated its Q&A for COVID-19, which contains information about forbearance, Section 223(f)’s, and move-in and vacancies.

HUD also published two mortgagee letters on Section 223(f) Underwriting Mitigants for Multifamily Housing Projects due to Economic Impact of COVID-19 Emergency and Implementation of the Coronavirus Aid, Relief and Economic Security (CARES) Act Forbearance.

HUD’s Office of Asset Management and Portfolio Oversight issued a memo explaining an alternative protocol to handle the processing of annual and interim recertifications as needed during the COVID-19 emergency. The new guidance is effective immediately and supersedes the earlier guidance that was published on March 16 and 24.

HUD released the median family incomes and income limits for Fiscal Year (FY) 2020. Median incomes are used as the basis for income limits in several HUD programs, including the Public Housing, Section 8 Housing Choice and Project-Based Voucher, Section 202 housing for the elderly and Section 811 housing for persons with disabilities programs.

The IRS issued Revenue Procedure 2020-23 that allows, once again, the amending of Bipartisan Budget Agreement (BBA) partnership tax returns once Form 8609 is received for 2018 tax returns, as long as the partnership files an amended return by September 30, 2020.

The Comptroller of the Currency Joseph Otting released a statement a day after the comment period closed on OCC and FDIC’s joint CRA proposed rule, stated the two U.S. banking regulators will consider the submitted comments in working toward issuing a final rule during the first half of this year.

The Internal Revenue Service issued Notice 2020-23, providing additional relief to taxpayers affected by COVID-19. Among other things, the notice automatically extends the 180-day deadline to invest capital gains in a Qualified Opportunity Fund to July 15 for taxpayers with a deadline between April 1 and July 15. While the notice does not specifically reference any Housing Credit or Housing Bond deadlines, it applies the July 15 deadline to all time-sensitive actions included in IRS Revenue Procedure 2018-58, which includes numerous deadlines related to these programs.

In response to COVID-19, HUD is providing a number of statutory and regulatory waivers to PHAs, Native American tribes and tribally designated housing entities. PIH 2020-05 temporarily suspends the issuance of new PHAS and SEMAP scores and details a number of available waivers on topics, including income verifications, housing inspections, amendments to the ACOP and Administrative Plan and other reporting requirements.