NCSHA Blogs
IRS Provides Permanent Authority to Conduct Telephonic Public Hearings for Tax-Exempt Bonds and Housing Credit QAPs
On March 18, the Internal Revenue Service (IRS) issued Revenue Procedure 2022-20, providing permanent authority to conduct telephonic public hearings for tax-exempt private activity bonds. IRS...
Adams, Rouzer, Maloney Introduce Bill to Facilitate Use of Fiscal Recovery Funds in Housing Credit Developments
At NCSHA’s Legislative Conference this week, Representative Alma Adams (D-NC) announced she and Representative David Rouzer (R-NC) had just introduced the LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence Act, H.R. 7078, which would allow states and localities to use Coronavirus State and Local Fiscal Recovery Fund resources to make long-term loans to Housing Credit developments.
Treasury, HUD Celebrate American Rescue Plan Housing Program Achievements on Law’s First Anniversary
Today marks the one-year anniversary of the enactment of the American Rescue Plan Act, which authorized the second infusion of resources into the Emergency Rental Assistance program (initially authorized and funded under the Consolidated Appropriations Act of 2021) and established the Homeowner Assistance Fund, the Coronavirus State and Local Fiscal Recovery Fund, the HOME-ARP program for housing and services assistance to households experiencing and at risk of homelessness, and Emergency Housing Vouchers program. In celebration of the law’s anniversary, the Department of the Treasury and the Department of Housing and Urban Development released fact sheets on the impact the law has had.
Congress Close to Finalizing FY 2022 Spending Bill
This week, Congress took a crucial step toward finalizing Fiscal Year (FY) 2022 appropriations. Late last night, the House of Representatives passed an omnibus appropriations bill (H.R. 2471), consisting of all 12 FY 2022 appropriations bills, including the Transportation, Housing and Urban Development (THUD) appropriations bill and the Agriculture and Rural Development appropriations bill, which provide funding for the U.S. Department of Housing and Urban Development (HUD) and U.S. Department of Agriculture (USDA) rural housing programs.
NCSHA Spearheads Legislative Effort to Enable Use of Fiscal Recovery Funds with Housing Credit
Over 80 organizations joined an NCSHA-led effort to urge Congress to amend the underlying statute of the Coronavirus State and Local Fiscal Recovery Fund (SLFRF) program to facilitate its use with the Housing Credit.
FHFA Announces Largest Allocation Yet to Housing Trust Fund and Capital Magnet Fund
Today, Federal Housing Finance Agency Acting Director Sandra L. Thompson announced the Housing Trust Fund (HTF) and the Capital Magnet Fund (CMF) will receive a total of $1.138 billion for affordable housing initiatives from Fannie Mae and Freddie Mac (the Enterprises). HTF will receive $740 million, an increase of $29 million from the previous year, and CMF will receive $398 million, an increase of $15 million from the previous year. These are the largest amounts ever provided to these programs from the Enterprises.
States, Localities Helped More Than 3 Million Households Through Emergency Rental Assistance Programs in 2021
Today, the U.S. Department of the Treasury released quarterly data on the use of the Emergency Rental Assistance (ERA) programs—both ERA 1 and ERA 2—in calendar year 2021. The data Treasury released today illustrates the notable success of the program in reaching households most in need in an expedient manner, especially given the challenges of standing up a brand new emergency program that required coordination between policy-makers, program administrators, technology providers, and landlord partners.
Congress Passes Continuing Resolution to Keep Government Running Until March 11
On February 17, the Senate passed a continuing resolution (CR) funding the federal government through March 11, giving Congress more time to finalize Fiscal Year 2022 appropriations bills.
IRS Extends Housing Credit Regulatory Relief Available During COVID-19 Pandemic
On January 11, the Internal Revenue Service (IRS) issued Notice 2022-05 extending and expanding on temporary relief for state Housing Credit agencies and owners and residents of Housing Credit...
