NCSHA Blogs
More Than 2,500 Groups Sign ACTION Letter Pressing for Action on Housing Credit Priorities in Lame Duck Session
Today, more than 2,500 organizations and businesses from every state in the nation joined a letter spearheaded by the ACTION Campaign urging Congress to expand the reach of the Housing Credit during the final weeks of the calendar year.
FHA Annual Report Touts Agency’s Covid-19 Loss Mitigation Activities, Lending to Disadvantaged Communities
The Federal Housing Administration earlier today released its 2022 Annual Report to Congress. The report finds FHA continued to play a critical role in supporting home financing for first-time home buyers and other underserved borrowers in fiscal year 2022. Also outlined are FHA’s efforts to help homeowners impacted by Covid-19 and the improving status of FHA’s Mutual Mortgage Insurance Fund.
FHFA Approves New Credit Score Models for GSE Loans
The Federal Housing Finance Agency (FHFA) announced earlier this week that it had officially approved the use of two new credit scoring models by the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac: the FICO10T model and the VantageScore 4.0 model.
FHFA Announces Elimination of GSE Upfront Fees for HFA Loans, Other Affordable Mortgages
The Federal Housing Finance Agency announced this week that government sponsored enterprises Fannie Mae and Freddie Mac will soon eliminate upfront fees for single-family mortgage loans assisting low- and moderate-income home buyers, including Fannie Mae HFA Preferred and Freddie Mac HFA Advantage loans. The GSEs will increase fees for most cash-out refinance loans.
IRS Extends Housing Credit Placed-In-Service and Other Deadlines at NCSHA’s Request
Today, the Internal Revenue Service released Notice 2022-52, which builds on previous notices related to COVID-19 relief the IRS has provided to Housing Credit agencies and their industry partners,...
Average Income Test Final Rule Appears to Facilitate Practical Implementation of the New Set-Aside in Housing Credit Developments
Today, the U.S. Department of the Treasury and the Internal Revenue Service published final and temporary regulations providing guidance on the Low Income Housing Tax Credit (Housing Credit) Average...
Administration Announces Progress on Housing Supply Action Plan, Release of Housing Credit Average Income Rule and Deadline Extensions
This morning the Biden-Harris Administration published a progress report on its efforts to advance the agenda items in the Housing Supply Action Plan released last May, including the announcement of today’s imminent publication of the final rule for the Housing Credit Average Income Test (AIT) minimum set-aside and Internal Revenue Service guidance extending the placed-in-service deadlines for certain Housing Credit developments, as well as other deadline extensions for which NCSHA has been advocating. NCSHA will publish blogs later today analyzing the AIT final rule and the deadline extensions.
New Treasury Guidance Adds Flexibility for Unobligated ERA 2 Dollars
On Wednesday, the U.S. Department of the Treasury updated its Frequently Asked Questions guidance for the Emergency Rental Assistance (ERA) program to enumerate flexibilities provided under the American Rescue Plan Act for ERA 2 dollars that are unobligated as of October 1, 2022. The updated FAQs allow such funds to be used for the construction, rehabilitation, or preservation of affordable housing projects and the operation of affordable housing projects that were constructed, rehabilitated, or preserved using ERA 2 funds.
Senate Appropriations Committee Releases FY 2023 Spending Bills
Yesterday, the Senate Appropriations Committee released twelve FY 2023 appropriations bills, including the FY 2023 Transportation, Housing and Urban Development, and Related Agencies (THUD) and Department of Agriculture, Rural Development, Food and Drug Administration, and Related Agencies (USDA) appropriations bills.
