NCSHA Blogs
President Directs Treasury and HUD to Develop Housing Finance Reform Plans
President Trump earlier today issued a memorandum ordering relevant federal agencies to develop proposals for reforming various aspects of the housing finance system. Specifically, the executive memorandum directs Treasury to develop a plan for removing the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac from conservatorship and HUD to suggest changes to the housing finance programs supported through the Federal Housing Administration (FHA) and Ginnie Mae.
Banking Committee Holds First GSE Reform Hearing
The Senate Banking Committee yesterday held the first of two scheduled hearings to examine Committee Chair Mike Crapo’s (R-ID) previously released outline for reforming the government-sponsored enterprises, Fannie Mae and Freddie Mac.
IRS Publishes New MRB and MCC Purchase Price Limits and Safe Harbors
The Internal Revenue Service yesterday published Revenue Procedure 2019-14, which revises the nationwide average purchase price limits and the average area purchase price safe harbors for the Mortgage Revenue Bond and Mortgage Credit Certificate programs.
Trump Administration’s FY 2020 Budget Proposes Significant Cuts to Key Federal Housing Programs
On March 11, the White House released the first part of its Fiscal Year 2020 Budget entitled, “A Budget for a Better America; Promises Kept. Taxpayers First,” outlining the Trump Administration’s priorities and funding recommendations for the next fiscal year.
NCSHA Opportunity Zone Fund Directory Surpasses 100 Funds, Nearly $24 Billion in Investment
More than 100 funds have been launched to invest in designated Opportunity Zones, according to NCSHA’s latest Opportunity Zone Fund Directory. The 105 funds in the current directory represent nearly $24 billion in anticipated investment. Funds range in size from $1 million to $3 billion, with an average fund size of approximately $225 million.
CFPB Solicits Information for Rulemaking on PACE Loans
The Consumer Financial Protection Bureau earlier today released an Advance Notice of Proposed Rulemaking soliciting information on Property Assessed Clean Energy (PACE) loans.
FHFA Rule Requires GSEs to Align Policies to Facilitate Single Security
The Federal Housing Finance Agency earlier today released a final rule requiring the government-sponsored enterprises Fannie Mae and Freddie Mac to align their policies and procedures that could impact the prepayment speeds of their mortgage-backed securities in the to-be-announced market.
IRS Issues Final Housing Credit Compliance Monitoring Regulations
On February 26, the Internal Revenue Service (IRS) issued final regulations for Housing Credit compliance monitoring, which replace the temporary compliance monitoring regulations under which Credit agencies have been operating since 2016. The new regulations make several significant changes to compliance monitoring requirements, including in some cases increasing the number of units in a property that Credit agencies will need to monitor.
Banking Committee Approves Calabria Nomination on Party-Line Vote
The Senate Banking Committee earlier today voted to favorably report to the full Senate the nomination of Dr. Mark Calabria to serve as Director of the Federal Housing Finance Agency. Calabria’s nomination was advanced on a party-line vote of 13-12, with all Republicans voting in support and Democrats unanimously opposed.
