NCSHA Blogs
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.
Treasury Department Boosts Affordable Housing with Fiscal Recovery Funds
The Treasury Department today announced new guidance that will significantly increase the ability of state, local, and tribal governments to use Coronavirus State and Local Fiscal Recovery Funds to directly support the development of affordable housing and help lower housing costs.
House Appropriations Committee Passes FY 2023 Spending Bill
Last week, the House Appropriations Committee passed the Transportation, Housing and Urban Development, and Related Agencies fiscal year 2023 appropriations bill, which would increase annual funding levels for U.S. Department of Housing and Urban Development (HUD) programs in FY 2023. The bill would provide $62.7 billion for HUD programs and activities, $9 billion more than the FY 2022 enacted level and $1.1 billion above President Biden’s FY 2023 budget request.
