Treasury Department

The Senate confirmed Dr. Janet Yellen as Treasury Secretary in an 84-15 vote, she is the first woman to ever hold the position. Secretary Yellen was the third cabinet official to be confirmed by the Senate, indicating President Joe Biden’s focus on the economy. Dr. Yellen previously served as chair of the Federal Reserve from […]

Affordable housing, evictions, housing finance reform, and the LIHTC came up several times during the confirmation hearing for Treasury Secretary nominee Dr. Janet Yellen. During her questioning Senator Maria Cantwell (D-WA) reiterated the importance of affordable housing saying, “I look forward to working with you to increase Affordable Housing Tax Credits.”

The Department of the Treasury released FAQs for the new $25 billion emergency rental assistance (ERA), which: requires applicants for assistance to provide third-party source documentation evidencing income and their experience of unemployment or financial hardship due directly or indirectly to COVID-19; clarifies that applicants who occupy a federally-subsidized or mixed-use property, including LIHTC properties, […]

The Department of the Treasury released guidance on its new $25 billion Emergency Rental Assistance (ERA) program. Eligible grantees (states and local governments with populations of more than 200,000) will have until January 12 to provide payment information and sign the acceptance of award terms in order to receive the money by January 26. Eligible […]

NH&RA created a customizable template letter for developers to submit comments to the Internal Revenue Service (IRS) and Department of the Treasury (Treasury) on their Average Income Test proposed rule. Comments are due by December 29 and should be submitted here.

President-elect Joe Biden named several members of his economic team this past week. As expected in previous reports, Biden nominated Janet Yellen to serve as Treasury secretary. He also named…

President-elect Joe Biden intends to nominate Janet Yellen to serve as his administration’s Treasury Secretary, according to media reports. If confirmed, Yellen would be the first woman to hold that position. She previously served as Federal Reserve Chair from 2014-18 under the Obama Administration, and was a Federal Reserve Board Governor, President of the San Francisco Federal Reserve Bank and Chair of the Council of Economic Advisers in the Clinton Administration.

NH&RA joined with 139 other organizations to support the National Council of State Housing Agencies’ (NCSHA) letter to the Internal Revenue Service (IRS) and Department of the Treasury calling for an extension to the temporary COVID-related LIHTC relief.

The Affordable Housing Tax Credit Coalition (AHTCC) is circulating a sign-on letter to support the National Council of State Housing Agencies’ (NCSHA) letter to the Internal Revenue Service (IRS) and Department of the Treasury calling for an extension to the temporary COVID-related LIHTC relief. The deadline to sign-on is Friday, November 20. NH&RA joined the […]

The U.S. Government Accountability Office (GAO) recently published a report on Opportunity Zones (OZ’s), which calls on Congress to consider providing Treasury with authority and responsibility to collect data and report on OZ’s performance.

The jockeying for cabinet and leadership positions within a Biden administration is well underway. We’ll keep a running list of names that are rumored to be in consideration, but note that this list already is out-of-date the second it is published, and that NH&RA is not endorsing any potential candidate, but rather relaying the potential candidates that we’re aware of.

The House Committee on Financial Services will hold a virtual roundtable at 3:00 pm ET on September 3 on Dismantling Barriers to Housing for America’s Seniors and People with Disabilities.