News

Affordable housing, evictions, housing finance reform, and the LIHTC came up several times during the confirmation hearing for Treasury Secretary nominee Dr. Janet Yellen. During her questioning Senator Maria Cantwell (D-WA) reiterated the importance of affordable housing saying, “I look forward to working with you to increase Affordable Housing Tax Credits.”

Internal Revenue Service Notice 2021-12 extends the temporary relief for qualified LIHTC projects. The 10 percent test for carryover allocations and the 24-month minimum rehabilitation expenditure period are extended until September 30. The deadline for income recertifications and compliance monitoring is extended until October 1 and the placed-in-service deadline is extended to December 31.

The Department of the Treasury released FAQs for the new $25 billion emergency rental assistance (ERA), which: requires applicants for assistance to provide third-party source documentation evidencing income and their experience of unemployment or financial hardship due directly or indirectly to COVID-19; clarifies that applicants who occupy a federally-subsidized or mixed-use property, including LIHTC properties, […]

Yesterday, HUD published the proposed rule for the National Standards for the Physical Inspection of Real Estate (NSPIRE).  Comments are due by March 15. This publication represents the most significant formal milestone to date for NSPIRE and will establish the regulatory framework necessary for the implementation of the program when final. Through the proposed rule, […]

FHA will host the following three webinars on its new Multifamily Accelerated Processing (MAP) Guide: January 21 from 2-3:30 p.m. ET: Learn about Chapter Two, Lender Qualifications and Practices paired with Chapter 15, Oversight of MAP Program Requirements; Chapter Three, a general summary of program requirements; Chapter Five, Architectural and Construction Analysis paired with Chapter […]

HUD updated two documents regarding its Capital Needs Assessment (CNA) e-tool: Known Issues and Solutions and FAQ on how to submit a returned CNA. Questions can be submitted here.

The Office of the Comptroller of the Currency (OCC) published the latest edition of its Community Developments Investments newsletter, “Strengthening Communities With Opportunity Zone Investments.” This edition of Community Developments Investments explains how banks can support distressed communities by making investments in tax-advantaged qualified opportunity funds (QOF) as part of their community development strategies. For […]

A new rule from the Office of the Comptroller of the Currency (OCC), effective April 1, 2021, codifies and expands prior OCC interpretations dealing with the use of national bank lending powers to engage in tax equity financings. Tax equity financings refer to transactions in which a national bank provides equity financing to fund projects […]

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 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 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 […]

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.