Search Results for: Income Averaging
Statements, notices, and websites issued by state Housing Finance Agencies (HFAs) regarding policies and processes developed in response to the COVID-19 situation, including compliance guidance, inspection processes, and notices of closures.
HUD Final Rule: Streamlining Administrative Regulations for Multifamily Housing Programs and Implementing Family Income Reviews Under the Fixing America’s Surface Transportation (FAST) Act
HUD published in the Federal Register a final rule implementing Fixing America’s Surface Transportation (FAST) Act legislation allowing public housing authorities (PHAs) and owners to conduct full income recertifications for families with 90 percent or more of their income from fixed income every 3 years instead of annually. The rule is effective June 8, 2020.
On May 1, HUD’s Office of Multifamily Housing released updated COVID-19 questions and answers covering issues related to project financing, forbearance, the CARES Act moratorium on evictions, additional resources provided by the CARES Act, income verification, and asset management.
Policymakers are considering ways to ensure the mortgage servicing industry, the central plumbing of the U.S. housing financial system, remains functional during the COVID-19 crisis. The CARES Act...
The U.S. Department of Housing and Urban Development published this report of demographic data about tenants living in Housing Credit properties, including race, ethnicity, family composition, age, income, use of rental assistance, disability status, and monthly rent burden. The publication of this data is required under the Housing and Economic Recovery Act of 2008.
This document tracks the members of Congress who have cosponsored the Affordable Housing Credit Improvement Act (S. 1703/H.R. 3077) to amend the Internal Revenue Code of 1986 to reform the Low Income Housing Tax Credit.
In its March 2020 report, “The Gap: A Shortage of Affordable Homes,” the National Low Income Housing Coalition (NLIHC) found that there are just 36 affordable and available rental homes for every 100 eligible low-income renter households nationwide. The report also highlights that 71 percent of the lowest-income renter households are severely cost-burdened, spending more than half of their incomes on housing, and at a high risk of experiencing eviction and homelessness. According to NLIHC, as housing disparities increase, states are less prepared to accommodate the demand for adequate, affordable homes for their lowest-income renters.
This online reference guide includes links to reference materials useful for HFA Housing Credit program administrators.
IRS Revenue Ruling 2020-4 provides guidance on the calculation for Housing Credit income limits at 20, 30, 40, 50, 60, 70, and 80 percent of area median income, for purposes of the Housing Credit Average Income Test under Section 42(g)(1)(C).