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.
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.
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 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.
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).
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.
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.
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.
This morning, HUD Deputy Secretary Pamela Patenaude announced that she will be leaving the agency by the end of the calendar year.
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.
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 released a revised year-end tax package, after a previous effort introduced late last month failed to garner enough support for House passage.