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NCSHA Washington Report | May 22, 2020

Just when it looked like there might be a short pause to the frantic federal policymaking in response to COVID-19, this week saw two financial regulators make moves that, while not aimed at the...

OCC Finalizes New CRA Regulations; Comptroller Otting Resigns

The Office of the Comptroller of the Currency (OCC) on May 20 approved a final rule substantially amending its Community Reinvestment Act regulations. The final rule is generally consistent with the proposed rule OCC released late last year but includes some changes in response to public comments.

FHFA Releases Re-Proposed Capital Rule for the Enterprises

Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) announced that it is seeking comments on a notice of proposed rulemaking that establishes a new regulatory capital framework for...

OCC Finalizes Rule to Strengthen and Modernize Community Reinvestment Act Regulations

Washington — The Office of the Comptroller of the Currency (OCC) today released a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act (CRA).

NCSHA Washington Report | May 15, 2020

With encouraging news in such short supply these days, it’s frustrating to find any dark linings in what look like silver clouds. Last Friday’s report from the National Multifamily...

NCSHA and Novogradac Release Analysis Showing Effect of Lowering 50 Percent Test for Bond-Financed Housing Credit Developments

This week, NCSHA published a report showing how lowering the “financed-by” threshold — commonly referred to as the 50 percent test — for bond-financed Housing Credit projects would impact available Private Activity Bond cap and could increase multifamily affordable housing production. Under current law, multifamily developments financed with tax-exempt housing bonds are eligible to receive the so-called 4 percent Housing Credit if the bonds finance at least 50 percent of total project costs, including land. The credits for such developments do not decrease the state in question’s Housing Credit volume cap. The report considers the outcomes that lowering the financed-by threshold would have if set at 40 percent, 33 percent, and 25 percent. Novogradac conducted the analysis, which NCSHA commissioned.

House Democrats Unveil $3 Trillion-Plus Coronavirus Package with Rent, Mortgage, Liquidity Assistance

On May 12, House Democrats released the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, which would provide more than $3 trillion for coronavirus relief in programs across government agencies, including significant funding for affordable housing. Republicans rejected the proposal immediately, which they view as more of a Democratic wish list than the opening bid in negotiations for a fifth coronavirus relief package.

Secretary Carson Congratulates Brian Montgomery on Deputy Secretary Confirmation

Washington - U.S. Department of Housing and Urban Development Secretary Ben Carson today applauded the confirmation of Brian D. Montgomery to serve as Deputy Secretary of the U.S. Department of...

HUD Allocates Third Wave of CARES Act Funding Providing $1 Billion for Communities to Bolster Coronavirus Response and Relief Efforts

Washington - The U.S. Department of Housing and Urban Development Secretary Ben Carson today announced the allocation of a third wave in CARES Act coronavirus relief funding totaling $1 billion...

Inside House Democrats’ Whopping $1.2 Trillion+ Coronavirus Relief Proposal

House Democrats could bring their phase 4 coronavirus relief package (CARES 2) to the floor for a vote as early as this week — but, for now, at least, it's going nowhere.

NCSHA Washington Report | May 8, 2020

Since so much about COVID-19 is unprecedented in our lifetime, like today’s jobs numbers, it’s necessary to demand unprecedented responses from our federal government. When a solution to...

FHA Commissioner Nominee Dana Wade Enjoys Bipartisan Support at Senate Banking Committee Hearing

The Senate Banking Committee convened Tuesday to consider the nomination of Dana Wade for Federal Housing Administration Commissioner and Assistant Secretary for Housing at HUD.