News

Minnesota Housing will hold a hearing on its proposed 2022-2023 QAP on October 21 from 10 to 11 a.m. CT. Minnesota Housing plans to release a revised 2022-2023 QAP Self-Scoring Worksheet, and methodologies for LIHTC and deferred projects in mid-October. The second round of public comments will run from October 12 through 5 p.m. CT on October 26.

The late Justice Ruth Bader Ginsburg will lie in repose at the Supreme Court today and tomorrow and lie in state in the Capitol on Friday, the first woman to ever receive the honor. The passing of Supreme Court of the U.S. (SCOTUS) Justice Ginsburg dramatically changes the legislative outlook for the remainder of 2020.

The Board of Governors of the Federal Reserve System (Federal Reserve) unanimously approved the Advance Notice of Proposed Rulemaking (ANPR) on Community Reinvestment Act (CRA) reform. The ANPR uses a data-driven approach and solicits feedback in several areas. Comments are due 120 days after official publication in the Federal Register. NH&RA is still reviewing the ANPR with plans to submit comments and encourages our members to do so as well.

HUD published Notice Housing H-2020-09/PIH-2020-26 on providing supplemental COVID-19 guidance for PHAs and owners converting properties through RAD. The Notice describes the availability of Operating Fund Coronavirus Aid, Relief and Economic Security (CARES) Act funds for public housing properties that have converted or that will convert in calendar year 2020 and that are still supported through public housing appropriations.

The Rural Housing Service (RHS) at the U.S. Department of Agriculture (USDA) is proposing to amend its regulation to implement changes related to the development of a sustainable plan for the Rental Assistance (RA) program, including new RHS flexibilities in the managing of the RA distribution and integrate new asset management policies.

The Community Development Financial Institutions (CDFI) Fund published a notice of allocation availability (NOAA), making $5 billion in New Markets Tax Credit (NMTC) allocation authority available for the 2020 NMTC allocation round. Applications are due November 16.

In July, 77 percent of adults said they were doing at least OK financially, up from 72 percent in early April, and 75 percent in October 2019. This increase is likely due to some people returning to work, as well as the availability of assistance programs either from the government or from charitable organizations.

NH&RA has joined more than 200 organizations in endorsing legislation introduced by Senators Brian Schatz (D-HI), Lisa Murkowski (R-AK) and Dan Sullivan (R-AK), which would extend two key statutory deadlines for the 2020 Census by four months and require the Census Bureau to continue field operations through October 31, 2020.

The Internal Revenue Service (IRS) issued final regulations on the five-year period over which the Federal Historic Tax Credit (HTC) may be claimed, along with other special rules for investment credit property.

The Federal Reserve will hold an open board meeting at 10 a.m. ET on September 21 to discuss a potential Advance Notice of Proposed Rulemaking on Community Reinvestment Act (CRA) reform.

HUD recently released Notice PIH 2020-23 outlining the eligible uses of Section 18 Disposition or Section 22 Voluntary Conversion funds Public Housing Authorities (PHAs) gain from the sale, transfer, ground lease or disposition of their properties.

HUD released an updated Policy Quick Reference Guide outlining significant multifamily operational requirements to assist owners following Rental Assistance Demonstration (RAD) assistance conversions to Section 8 Project Based Rental Assistance (PBRA). Information provided in this guide does not apply to conversions of assistance pursuant to RAD Section 8 Project Based Vouchers.