COVID-19

Yesterday the Senate passed by voice vote the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), which appropriates an additional $321 billion to the Payment Protection Program, $60 billion for loans and grants for economic disaster assistance, $75 billion for hospitals and $25 billion for testing. The House is expected to pass the bill on Thursday by allowing members to vote by proxy, in which a member could designate a colleague to vote on their behalf.

The National Council of State Housing Agencies (NCSHA) released a matrix comparing the LIHTC accommodations NCSHA is requesting from the IRS to those allowed under existing IRS Revenue Procedures 2014-49 and 2014-50, which provide relief in instances of Presidentially-declared Major Disasters, and to recent IRS Notice 2020-23, which extends certain program deadlines until July 15, […]

HUD updated its FAQ document to include some clarifications about the treatment of households stimulus payments, as well as the temporary enhancement of unemployment insurance, when calculating household income and program eligibility.

Congressman Denver Riggleman (R-VA) introduced The Opportunity Zone Extension Act (H.R. 6513) that would extend the Opportunity Zone (OZ) tax incentive from 2026 to 2030, giving more time and benefits for investors.

The U.S. Department of Agriculture’s (USDA) COVID-19 Federal Rural Resource Guide lists federal programs that can help rural communities, organizations and residents impacted by COVID-19.

The Texas Department of Housing and Community Affairs (Department) extended the deadline to submit all parts of the Annual Owner’s Compliance Report and the Annual Financial Certification to July 15, 2020.

Household stimulus payments provided by the CARES Act are not to be included in calculations of income. (issued by states) are to be treated as income, as is customary under program rules. The Ohio Housing Finance Agency is providing an initial 30-day correction period for Annual Owner Certifications (AOC).

The Ohio Housing Finance Agency (OHFA) will grant Carryover Allocation relief to eligible projects on a case-by-case basis. To be eligible, projects must have a demonstrated and documented need and must meet the requirements outlined in Rev. Proc. 2014-49.

NJHMFA has obtained the approval of the Governor as well as unanimous consent of the NJHMFA Board to suspend the rent increase rules for the duration of Executive Order 103. The suspension is effective as of April 16, 2020.

The Michigan State Housing Development Authority is extending the May 1, 2020 LIHTC application deadline until June 1, 2020.

Florida Housing strongly urges property owners and managers of properties funded by Florida Housing to suspend rent increases during the COVID-19 pandemic. April 2, Governor Ron DeSantis issued Executive Order 20-94, providing targeted, temporary relief from certain mortgage foreclosures and evictions for 45 days.

The California Department of Housing and Community Development’s (HCD) Asset Management and Compliance Branch created guidance related to asset management and compliance functions for projects in HCD’s portfolio. The guidance will be in effect beginning April 16, 2020 and re-evaluated on a continual basis.