News

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.

NH&RA submitted our comments on the Internal Revenue Service (IRS) and the Department of the Treasury’s proposed rule on the average income test.

The Community Development Financial Institutions (CDFI) Fund is soliciting public comments on its calendar year (CY) 2021 New Markets Tax Credit (NMTC) Programs Allocation Application.

Gov. Gretchen Whitmer (D) of Michigan signed legislation extending the state’s Historic Tax Credit (HTC) through 2030.  S.B. 54 allows a qualified taxpayer with a certificate of completed rehabilitation issued after December 31, 2020 and before January 1, 2031, to credit against the income tax or Corporate Income Tax (CIT) 25 percent of the qualified expenditures that met eligibility criteria […]

On Monday, December 21, Congress passed a sweeping $1.4 trillion package to fund the government through September 30, 2021 plus $900 billion in Coronavirus aid. Many, many thanks to our members and partners who kept up the drumbeat all year long to get important housing priorities included in the bill.

HUD published its updated 2020 Multifamily Accelerated Processing (MAP) Guide, which becomes effective January 21, 20201. In addition to some reorganization and streamlining throughout, the updated MAP Guide includes:
• The integration of the Federal Housing Administration (FHA) Multifamily Closing Guide, previously a separate document;
• A new chapter specific to energy efficiency and FHA’s Green Mortgage Insurance Premium (MIP) program; and
• Expanded appendices that provide access to tools and forms.

NH&RA created a customizable template letter for developers to submit comments to the Internal Revenue Service (IRS) and Department of the Treasury (Treasury) on their Average Income Test proposed rule. Comments are due by December 29 and should be submitted here.