NCSHA Blogs
OCC, Federal Reserve Weigh in on CRA Changes
Top federal banking regulators recently expressed support for modernizing Community Reinvestment Act (CRA) regulations.
IRS Issues New Housing Credit Per Capita and State Minimum Caps to Account for Increase
IRS issued Rev. Proc 2018-22, modifying the 2018 Housing Credit per capita and small state minimum volume cap amounts to reflect the increase in authority we achieved as part of the Consolidated Appropriations Act of 2018 (omnibus spending bill).
Mulvaney Pushes for CFPB Reforms During House, Senate Hearings
Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney this week appeared before the House Financial Services Committee and the Senate Banking Committee to discuss the Bureau’s Semi-Annual Report to Congress.
NCSHA Recommends Improvements to IRS Housing Credit Disaster Relief Guidance
NCSHA sent comments to the IRS on how it can improve its Low Income Housing Tax Credit (Housing Credit) disaster relief guidance provided in Revenue Procedures 2014-49 and 2014-50. NCSHA’s letter is in response to IRS’s request for comments in Notice 2018-17, which also provided additional guidance on Housing Credit disaster relief specific to Puerto Rico’s recovery from Hurricane Maria.
President Signs Executive Order on Reducing Poverty by Promoting Opportunity and Economic Mobility
On April 10, President Trump signed an Executive Order titled “Reducing Poverty in America by Promoting Opportunity and Economic Mobility,” ordering several federal agencies, including HUD, to review their public assistance programs and propose new policies and regulations to enhance self-sufficiency and economic mobility.
Treasury, IRS Officially Designate Opportunity Zones for 18 States and Territories
The U.S. Department of the Treasury (Treasury) and Internal Revenue Service (IRS) formally designated Qualified Opportunity Zones (QOZ) in 15 states and three U.S. territories.
HUD Accepting Nominations for the Housing Counseling Federal Advisory Committee
The U.S. Department of Housing and Urban Development (HUD) earlier today published a notice in the Federal Register soliciting nominations for eight individuals to serve on the Housing Counseling Federal Advisory Committee (HCFAC).
NCSHA Develops Income Averaging Q&A
To assist Housing Credit allocating agencies and other program stakeholders navigate the implementation of the new Housing Credit income averaging option, NCSHA has developed an Income Averaging Q&A with answers to frequently asked questions about it.
Treasury Proposes Substantial Revisions to CRA Regulations
The U.S. Treasury Department yesterday released a memorandum to federal banking regulators—the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Federal Reserve—recommending changes to their Community Reinvestment Act (CRA) regulations.
