COVID-19

The National Low Income Housing Coalition (NLIHC) created a searchable database and map of multifamily properties covered under the federal moratoriums to help renters know if they are protected.

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, […]

On April 14, the HUD office of Multifamily Housing Programs updated its Q&A for COVID-19, which contains information about forbearance, Section 223(f)’s, and move-in and vacancies.

HUD also published two mortgagee letters on Section 223(f) Underwriting Mitigants for Multifamily Housing Projects due to Economic Impact of COVID-19 Emergency and Implementation of the Coronavirus Aid, Relief and Economic Security (CARES) Act Forbearance.

On April 8, the Massachusetts Department of Housing and Community Development issued a FAQ document on rent increases in units with rental assistance during COVID-19 emergency.

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.

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.

Virginia Housing Development Agency (VHDA) will offer a mortgage forbearance program for VHDA financed loans, loans through the Department of Housing and Community Development and the Virginia Housing Trust Fund.

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.

The Texas Department of Housing and Community Affairs (Department) encourages developments with Special Reserve Accounts to use these funds to provide grants of assistance to tenants who have had a sudden loss of income or increased household costs due to the COVID-19 pandemic, and offers the following policy for implementation. 

The New Hampshire Housing Finance Authority’s (NHHFA) Underwriting Standards and Development Policies for Multi-Family Finance have been updated in response to feedback received and to better align the standards with current underwriting practices.

On April 8 Minnesota Governor Tim Walz signed Executive Order 20-33, which extends the state’s initial stay-at-home order through May 3.