News

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.

Governor Gavin Newsom announced that California has become the first state in the nation to secure FEMA approval to provide safe isolation capacity for tens of thousands of people experiencing homelessness in California in order to protect them and the state from COVID-19.

NH&RA submitted comments to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation’s (FDIC) proposed rule on Community Reinvestment Act (CRA) regulations. Comments can be submitted through 11:59 pm ET.

The Office of Multifamily Housing at HUD posted a recording of its most recent COVID-19 response call. HUD will continue to post recordings on its SoundCloud page due to the overwhelming demand and technical issues on HUD’s conference line.

HUD has posted new training videos on Asset Repositioning that outline the HUD tools available to Public Housing Agencies (PHAs) to transition their inventories to the Section 8 platform and illustrates through a fully developed case study how those tools can be used in combination.

Fannie Mae released updated COVID-19 Forbearance Process Guidance following the enactment of the Coronavirus Aid, Relief and Economic Security Act (CARES Act). The guidance outlines the necessary steps for submitting delegated forbearance notifications for a Borrower impacted by COVID-19. Fannie Mae is also updating the intake process for submitting non-delegated forbearance requests and modifications. Effective […]

Last week California Governor Newsom made three key housing leadership appointments. Gustavo Velasquez was named director of the California Department of Housing and Community Development (HCD). Zack Olmstead was appointed chief deputy director at HCD. HCD’s Doug McCauley was appointed commissioner of the California Department of Real Estate by Governor Newsom.