News

The South Carolina Department of Revenue released a revenue ruling to provide guidance for the State LIHTC, which was enacted in May 2020. Revenue Ruling 21-5 provides an overview of the Federal and State LIHTC. The revenue ruling provides questions and answers on such issues as what constitutes a qualified project, information about an eligibility […]

The Virginia legislature recently approved a bill to create a State LIHTC, sending the legislation to Gov. Ralph Northam’s (D) desk. S.B. 1197 creates the Virginia housing opportunity tax credit with a $15 million annual allocation for five years. The credit would be effective for taxable years beginning on or after January 1, 2021, and […]

The U.S. Department of the Treasury released an updated frequently asked questions (FAQ) for the Emergency Rental Assistance (ERA) program established by the Consolidated Appropriations Act (CAA) of 2021 that incorporates many changes called for by affordable housing trade associations.

The Department of Justice recently withdrew the Trump-era HUD appeal in Massachusetts Fair Housing Center v. HUD – a case that challenges the 2020 disparate impact rule, which limited plaintiffs’ ability to bring disparate impact claims.

HUD named the following new staff appointments: Jim Crawford, Special Assistant to the Deputy Secretary, Office of the Deputy Secretary; Lopa Kolluri, Principal Deputy Assistant Secretary for Housing, Department of Housing/Federal Housing Administration; and Gina Metrakas, Senior Advisor for Executive Orders and Executive Actions, Office of the Secretary.

A report from the Center on Budget and Policy Priorities (CBPP) estimates that the $25 billion of emergency rental assistance allocated at the end of 2020, combined with the additional $25 billion in rental assistance proposed in the House COVID-19 relief bill, would assist four to six million low-income households.

In “Pandemic’s Toll on Housing: Falling Behind, Doubling Up,” the New York Times draws attention to the housing insecurity renters face as a result of the COVID-19 pandemic, even with eviction moratoriums in place.

NH&RA submitted comments to the Federal Reserve on its Community Reinvestment Act (CRA) advanced notice of proposed rulemaking, urging the Fed to avoid making any changes to CRA that would decrease investment in LIHTC.

At 2 p.m. ET on February 23, HUD’s Office of Housing Counseling (OHC) will hold a webinar to help owners and managers of HUD-assisted or insured multifamily properties who are looking for resources to assist their tenants during the COVID-19 pandemic.

Over 2021, the Community Development Financial Institutions (CDFI) Fund will administer eight program rounds—their six existing programs; the new Small Dollar Loan Program (SDL Program); and the $1.25 billion CDFI Rapid Response Program (CDFI RRP) for COVID-19 pandemic relief.

The Senate Committee on Banking, Housing and Urban Affairs voted 17-7 to approve Representative Marcia Fudge’s (D-OH) nomination to be HUD Secretary. Six Republicans broke party lines to approve her nomination: Senators Kevin Cramer (ND), John Kennedy (LA), Cynthia Lummis (WY), Jerry Moran (KS), Mike Rounds (SD) and Tim Scott (SC).

The Department of the Treasury released a list of state and local governments that will receive grants through the Emergency Rental Assistance (ERA) program. Each state received a minimum of $200 million and jurisdictions with populations greater than 200,000 were eligible to claim the money to distribute.