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Michael Bright to Step Down as Head of Ginnie Mae

HUD last night announced that Ginnie Mae Executive Vice President and Chief Operations Officer Michael Bright will be stepping down on January 16.  Bright has also requested that President Trump withdraw his nomination to serve as President of Ginnie Mae.

Financial Services Committee Explores Housing Finance Reform Plan

On December 21, the House Financial Services Committee held its last hearing of the 115th Congress to discuss draft legislation designed to reform the housing finance system.

NCSHA Submits Comments to IRS on Proposed Opportunity Zone Regulations

On December 28, NCSHA submitted official comments to the Internal Revenue Service (IRS) on proposed regulations implementing Opportunity Zone (OZ) provisions of Internal Revenue Code section 1400Z-2.

NCSHA Opportunity Zone Fund Directory Expands to 63 Funds, Nearly $16 Billion in Investment

NCSHA released an updated edition of its Opportunity Zone Fund Directory today, including details on 63 Qualified Opportunity Funds (QOFs) formed to attract Opportunity Zone investment in designated high-poverty neighborhoods. The directory’s latest edition includes 11 new QOFs and details on each fund’s management, organization, size, investment focus, and geographic focus.

IRS Amends PAB Public Notice Requirements; Sets Special Standards for MRBs

Earlier today, the Internal Revenue Service (IRS) published a final rule simplifying the public approval requirements that apply to tax-exempt Housing Bonds and other private activity bonds (PABs).

FHFA Publishes Modified Fannie Mae Duty-to-Serve Plan

The Federal Housing Finance Agency earlier today published Fannie Mae’s modified Underserved Market Plan for 2018-2020. Fannie Mae pledges in the new plan to substantially increase its Housing Credit equity investments for properties located in rural areas over the three-year period.

FHFA Releases 2019 Scorecard for GSEs

Earlier today, the Federal Housing Finance Agency (FHFA) released the 2019 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 first published in 2014.

FHA Announces Increased Single-Family Loan Limits for 2019

Late last week, the Federal Housing Administration (FHA) announced the county loan limits for its single-family mortgage programs for 2019 and issued a Mortgagee Letter that increases the minimum loan limit for low-price areas and the maximum loan limit for high-cost areas.

Patenaude to Leave HUD by End of Year

This morning, HUD Deputy Secretary Pamela Patenaude announced that she will be leaving the agency by the end of the calendar year.

Trump to Nominate Mark Calabria for FHFA Director

President Donald Trump last night announced that he will nominate Mark Calabria, chief economist to Vice President Mike Pence, to serve as director of the Federal Housing Finance Agency (FHFA).  If confirmed, Calabria would replace Mel Watt, whose five-year term as Director expires on January 4, 2019.

White House Announces New Council on Opportunity Zones

President Donald Trump signed an executive order creating the White House Opportunity and Revitalization Council. The group, chaired by U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson, includes representatives from 13 federal agencies. The Council will coordinate federal efforts relating to Opportunity Zones and work to prioritize such neighborhoods for grant funding, loan guarantees, infrastructure spending, and other federal initiatives.

House Republicans Revise End-of-Year Tax Bill

House Republicans released a revised year-end tax package, after a previous effort introduced late last month failed to garner enough support for House passage.