NCSHA Blogs
House Republican Tax Reform Bill Eliminates Tax-Exempt PABs, Retains the Housing Credit Without Changes
House Republican leaders on November 2 released their tax reform bill, the Tax Cuts and Jobs Act, H.R. 1, in advance of a Committee mark-up scheduled to begin November 6 at 12:00 p.m. The bill eliminates tax-exempt private activity bonds (PABs), including both multifamily and single-family Housing Bonds, for bonds issued after 2017. In addition to eliminating tax-exempt PABs, the bill repeals the related Mortgage Credit Certificate (MCC) program.
FHFA Housing Report Finds that GSEs Met Most Affordable Housing Goals in 2016
According to the Federal Housing Finance Agency (FHFA) Annual Housing Report for 2017 released today, Freddie Mac met its 2016 affordable housing goals and Fannie Mae met its multifamily goals but had a mixed record on its single-family goals. The report covers all Fannie Mae’s and Freddie Mac’s (collectively, the Government-Sponsored Enterprises, or GSEs) affordable housing activities in 2016.
Senate Committee Considers Montgomery Nomination for FHA Commissioner
The Senate Banking Committee today held a hearing to consider President Trump’s nomination of Brian Montgomery to be Commissioner of the Federal Housing Administration (FHA) and HUD Assistant Secretary for Housing.
Congress Adopts 2018 Budget Resolution; Paves the Way for Tax Reform
Earlier today, by a margin of 216 to 212, the House of Representatives approved the Fiscal Year (FY) 2018 Budget Resolution, as passed by the Senate on October 19. By adopting the Senate’s Budget Resolution, the House avoided the need for a conference committee to work out differences between the House- and Senate-passed versions of the Budget Resolution.
Mortgage Industry Representatives Urge Lawmakers to Retain Federal Role in Housing Finance
Maintaining a federal role in the housing finance system is vital to ensure access to credit for all borrowers, mortgage industry representatives told the House Subcommittee on Housing and Insurance during a hearing held yesterday to consider private sector perspectives on housing finance reform.
Carson Hearing Focuses on FHA, HUD’s Budget, Hurricane Relief Efforts
At a recent House Financial Services Committee oversight hearing, HUD Secretary Ben Carson outlined his new “FORWARD” Initiative; responded to a series of questions about the Federal Housing Administration, HUD’s Fiscal Year (FY) 2018 Budget, and the agency’s disaster relief efforts; and repeated statements he has made in the past supporting the Housing Credit.
Secretary Carson Signals Intent to Pare Back Penalties for FHA Lending Errors
HUD Secretary Ben Carson yesterday said that his agency is working with the Department of Justice (DOJ) to clarify rules regarding penalties for lenders making Federal Housing Administration (FHA) loans.
Volume Caps for the Housing Credit and Private Activity Bonds Increase in 2018
This week, IRS published Revenue Procedure 2017-58, which sets out 2018 inflation adjustments for various tax provisions, including the Low Income Housing Tax Credit (Housing Credit) volume cap and the private-activity tax-exempt bond volume cap. In 2018, each state’s Housing Credit authority will be $2.40 per capita or $2,765,000 for the small state minimum. This is an increase over 2017, during which each state received $2.35 per capita or the small state minimum of $2,710,000.
Administration Proposes Reforms and Debt Relief for Flood Insurance Program
The Trump Administration yesterday called on Congress to forgive a portion of the National Flood Insurance Program’s (NFIP) debt. The Administration also proposed that Congress enact several reforms to NFIP to improve its solvency and encourage private participation in the flood insurance market.
