The Federal Housing Finance Agency (FHFA) today released a Request for Input (RFI) seeking public input on several changes Fannie Mae has proposed to its Underserved Markets Plan for years 2018-2020.
The National Council of State Housing Agencies commends the Government Accountability Office (GAO) for its evenhanded analysis of development costs of affordable multifamily properties financed by the Low Income Housing Tax Credit (Housing Credit) program entitled “Low-Income Housing Tax Credit: Improved Data and Oversight Would Strengthen Cost Assessment and Fraud Risk Management.”
NCSHA issued the following letter in response to the U.S. Government Accountability Office’s draft report on Housing Credit development costs, “Low Income Housing Tax Credit: Improved Data and Oversight Would Strengthen Cost Assessment and Fraud Risk Management.”
GAO compiled and analyzed a database of costs and characteristics for 1,849 projects completed in 2011–2015 (the most recent data available when compiled) from 12 allocating agencies in 10 states. The agencies span five regions and accounted for about half of the Housing Credits available for award in 2015. GAO also reviewed the most recent allocating plans and related documents for 57 allocating agencies and reviewed federal requirements.
The House Ways and Means Committee released a package of three bills, which together are the House’s follow-on to last year’s Tax Cuts and Jobs Act. The bills, collectively “Tax Reform 2.0,” would make permanent the tax cuts for individuals and small businesses that were established on a temporary basis in tax reform last year, encourage retirement savings, and support business innovation. The bills do not make any direct changes to affordable housing programs, such as the Low Income Housing Tax Credit or tax-exempt private activity Housing Bonds.