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Search Results for: Income Averaging

NCSHA Joins Coalition in Letter to FHA Commissioner on FHA Single-Family Borrower Guidelines

This letter, signed by a 19-member coalition that included NCSHA, urges  FHA Commissioner Dana Wade to revise the FHA single-family guidelines with those of other federal agencies to allow for the use of the actual monthly student loan payment amount in the DTI calculation or reduce FHA’s 1% requirement to 0.5%.

Affordable Housing Credit Improvement Act (AHCIA, S.1703/H.R. 3077) Cosponsorship List by State

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.

House Member Sign-On Letter to Leadership Supporting Housing Credit Provisions in Coronavirus Relief Legislation

Representatives Suzan DelBene (D-WA) and Jackie Walorski (R-IN) are circulating this House of Representatives member sign-on letter in support of inclusion of the Low Income Housing Tax Credit priorities in the next coronavirus relief bill. The letter will be sent to House leadership.

National Low Income Housing Coalition | Out of Reach: The High Cost of Housing 2020

On July 14, 2020, the National Low Income Housing Coalition released the 2020 edition of its annual report documenting the gap between renters’ incomes and the cost of housing.

IRS/Treasury REG-123027-19 Housing Credit Compliance Monitoring Regulations Proposed Rule

This document provides proposed regulations relating to the sample size Housing Credit Agencies must monitor for program compliance, both physical inspections and low-income certification reviews.  It allows agencies to monitor the lesser of 20 percent of the units in a building or the number provided in the Minimum Unit Sample Size Reference Chart.

Mortgage Credit Certificate Program Q&A

What is the Mortgage Credit Certificate (MCC) Program? The MCC program is a home buyer assistance program designed to help lower‐income families afford home ownership. The program allows home buyers to claim a dollar‐for‐dollar tax credit for a portion of mortgage interest paid per year, up to $2,000. The remaining mortgage interest paid may still be calculated as an itemized deduction.

State Housing Finance Agencies: At the Center of the Affordable Housing System

Ten years after the Great Recession forced the federal government to make major changes to the nation’s housing system, state housing finance agencies have become more important than at any other time in their history to the system’s ability to make affordable housing available in America. This new report explains how.

Managing Compliance After COVID-19 (HC Connected Conference Session)

HC Connected Conference Session: The impact of the pandemic on Housing Credit compliance will be profound. Explore the effect of unemployment benefits and Treasury stimulus checks on tenant qualification, long-term policy issues related to eviction moratoriums, implications of extended noncompliance correction periods, and the impact of potentially dramatic decreases in income limits and maximum rents.

Maintaining Compliance During a Public Health Crisis (HC Connected Conference Session)

HC Connected Conference Session: During this session, we explore approaches to maintaining Housing Credit compliance during a pandemic. Discuss the impact of delayed tenant income re-certifications and physical inspections on owner compliance responsibilities, property management practices, and noncompliance correction, as well as new compliance and management practices that embrace the social distancing norm.