News

HUD released Fiscal Year (FY) 2020 Income Limits, which are effective as of April 1, 2020. Income limits are set by HUD to determine the eligibility of applicants for HUD’s assisted housing programs. The FY 2020 Multifamily Tax Subsidy Projects (MTSP) Income Limits were also announced and go into effect as of April 1, 2020.

The Institutional Property Advisors (IPA) and Marcus & Millichap surveyed multifamily owners, operators and developers representing nearly 900,000 units across the country to gauge their market sentiment.

HUD recently released its Understanding Whom the LIHTC Serves: Data on Tenants in LIHTC Units as of December 31, 2017 report, which summarizes data received from the state housing finance agencies (HFAs) that administer LIHTC.

The Delaware State Housing Authority (DSHA) deadline submission for the 2020 LIHTC application will continue to be Thursday, April 30, at 3:00 pm ET. No new applications will be accepted after this deadline.

The Leading Voices in Real Estate podcast with host Matt Slepin recently held a special episode on COVID-19’s Impact on Commercial Real Estate with  Spencer Levy, chairman, Americas Research & senior economic advisor at CBRE. Levy outlines the potential implications the pandemic has across various sectors including multifamily, retail, industrial and office and digs into the impacts on a few specialty product types like co-working, seniors housing, data centers and self-storage.

NH&RA is hosting a members-only town hall to provide a forum for affordable housing owners and operators to share COVID-19 best practices on Thursday, March 26 from 3:00-4:30 pm EDT.

The Office of Multifamily Housing at HUD released new procedures related to budget-based rent adjustments, which increase replacement reserve deposits for properties assisted under Section 202 Project Rental Assistance Contracts (PRACs).

The Public Broadcasting Service (PBS) recently aired its new documentary, East Lake Meadows: A Public Housing Story. Stories from East Lake Meadow residents in Atlanta reveal hardship and resilience, and raise critical questions about race, poverty and who is deserving of public assistance.

Following President Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest.

The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will offer multifamily property owners mortgage forbearance with the condition that they suspend all evictions for renters unable to pay rent due to the impact of Coronavirus.

Senate Majority Leader Mitch McConnell (R-KY), Senate Minority Leader Chuck Schumer (D-NY) and Treasury Secretary Steven Mnuchin have reportedly reached an agreement on nearly $2 trillion emergency relief package in response to the coronavirus pandemic, which contains:

Assistant Secretary for Housing and Federal Housing Commissioner Brian Montgomery issued a video message regarding COVID-19. Commissioner Montgomery said that while his goal “to keep this segment of the economy moving and to ensure that American’s have access to safe, decent and affordable housing” stakeholders should expect processing delays as FHA employees transition to work from home.