NCSHA Blogs
Banking Committee Again Advances Montgomery Nomination to Lead FHA
The Senate Banking Committee voted via voice vote this morning to favorably report the nomination of Brian Montgomery to be Commissioner of the Federal Housing Administration (FHA) and HUD Assistant Secretary for Housing. Montgomery’s nomination will now be sent to the full Senate for consideration.
FHFA 2018 Scorecards Calls for GSEs to Explore HFA Partnerships
Shortly before the end of 2017, the Federal Housing Finance Agency (FHFA) released its 2018 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions (CSS). The scorecard outlines the steps FHFA expects each of the firms to undertake next year to fulfill FHFA’s Strategic Plan for Enterprise Conservatorship, which was finalized in 2014. FHFA recently proposed an amended Strategic Plan for Fiscal Years 2018-2022, which has not yet been finalized.
NCSHA Releases New Recommended Practices in Housing Credit Administration
Last week, NCSHA issued the Task Force on Recommended Practices in Housing Credit Administration’s (Task Force) final report, which significantly strengthens many of the organization’s previous Housing Credit recommended practices and adds 13 important new practices. NCSHA’s Board of Directors approved the report at its December 2017 meeting.
President Signs Tax Reform Bill; Congress Passes New CR
This morning, President Trump signed into law the Tax Cuts and Jobs Act tax reform legislation, which preserves both the Low Income Housing Tax Credit and private activity Housing Bonds.
Final GSE Duty to Serve Plans Include Increased Housing Credit Investments; Collaborations with HFAs
The government-sponsored enterprises Fannie Mae and Freddie Mac (the GSEs) earlier this week released their final Underserved Market Plans (the Plans) for years 2018-2020. The Plans outline how each firm intends to fulfill their obligations under the Federal Housing Finance Agency’s (FHFA) Enterprise Duty to Serve rule. Both Plans include GSE commitments to make Housing Credit investments in underserved areas and to partner with HFAs to fulfill the GSEs’ Duty to Serve obligations.
Harvard Report Finds Growth in Renter Demand Slowing Overall, but Need for Housing Assistance Among Poorest Still at Near-Record
Harvard University's Joint Center for Housing Studies (JCHS) released on December 14 its biennial report on the state of America’s rental housing, finding that while there has been an unprecedented increase in demand for rental housing over the last decade, the surge in rental household growth is now ebbing. However, the report says, the number of very low-income renter households has grown significantly in recent years—by 4.3 million between 2001 and 2015—dwarfing the increase in the number of very low-income households receiving rental assistance (an increase of merely 600,000 households) over that time period.
Conferees Agree on Final Tax Reform Bill Preserving the Housing Credit and Bond Programs
In a major victory for NCSHA, HFAs, affordable housing stakeholders, and, most importantly, those who need housing help in this country, the final tax reform legislation that House and Senate conferees agreed to last Friday retains both private activity tax-exempt bonds, including single-family and multifamily Housing Bonds, and the Low Income Housing Tax Credit. The bill also preserves the Mortgage Credit Certificate (MCC) program.
House Financial Services Committee Reports Bill on GSE Dividends, Housing Trust Fund
Earlier today, the House Financial Services Committee passed the Jumpstart GSE Reform Act, H.R. 4560, a bill introduced by Representative French Hill (R-AR) that prohibits Fannie Mae and Freddie Mac (the GSEs) from making contributions to the Housing Trust Fund (HTF) and Capital Magnet Fund (CMF) for any year that they fail to transfer all of their profits each quarter to Treasury, as the existing preferred stock purchase agreements (PSPA) between the GSEs and Treasury require.
Congress Approves FY 2018 Continuing Resolution Funding Programs Through December 22
President Trump this afternoon signed into law a Continuing Resolution (CR, H.J. Res. 123) to keep the federal government funded through December 22. The House approved the measure yesterday by a margin of 235-193, and the Senate approved it hours later by a margin of 81-14. The previous FY 2018 CR would have expired at midnight tonight.
