• February 14, 2018

    Fannie Mae announced today in its latest earnings report that it realized a net loss in the fourth quarter of 2017, resulting in a net worth deficit of $3.7 billion as of December 31, 2017. The announcement goes on to say that, “To eliminate the company’s net worth deficit, the company expects the Director of the Federal Housing Finance Agency (FHFA) will submit a request to Treasury on the company’s behalf for $3.7 billion.”

  • February 14, 2018

    The Urban Land Institute’s Terwilliger Center for Housing is currently accepting nominations for its annual housing awards: the Jack Kemp Excellence in Affordable and Workforce Housing Awards, distinguishing developments working to create inclusive communities of opportunity, and the Robert C. Larson Housing Policy Leadership Awards, which recognize innovative state and local affordable and workforce housing policy developments.

  • February 13, 2018

    The Trump Administration yesterday released the framework of the President’s long-awaited infrastructure plan. One of the key planks of the proposal would strengthen and allow for the increased use of private activity bonds (PABs), though it is unclear how many of the provisions would impact Housing Bonds.

  • February 9, 2018

    Yesterday, the Internal Revenue Service (IRS) issued Notice 2018-17 providing guidance on Housing Credit disaster relief for Puerto Rico as a result of Hurricane Maria, expanding on the general IRS disaster relief provided in Revenue Procedure 2014-49 and Revenue Procedure 2014-50, including specific provisions on emergency housing relief, compliance monitoring reviews, and carryover allocation deadlines. The expanded relief provided by the notice is limited to Puerto Rico for purposes of recovery from Hurricane Maria.

  • February 9, 2018

    On February 9, HUD published in the Federal Register a notice allocating and providing guidance on the use of $7.39 billion in Community Development Block Grant disaster recovery (CDBG-DR) funds to certain states and territories impacted by the 2017 hurricanes. These funds were appropriated by Congress as part of a disaster aid package enacted September 8, 2017. In addition to announcing the allocations, the notice describes applicable waivers and alternative requirements, relevant statutory provisions for the CDBG-DR grants provided under the notice, the grant award process, criteria for action plan approval, and eligible disaster recovery activities.

  • February 9, 2018
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    President Trump this morning signed a two-year bipartisan budget agreement lifting the caps on federal spending for FY 2018 and FY 2019 by almost $300 billion and extending current funding levels until March 23 so that Appropriators will have time to write final FY 2018 spending bills using the new caps. The enactment of the bill ended a very brief government shutdown that began at midnight last night when the previous stopgap funding bill -- or Continuing Resolution (CR)-- expired. The House approved the measure by a margin of 240-186, after it received Senate approval by a margin of 71-28.

  • February 9, 2018
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    The U.S. House of Representatives on Thursday passed the Mortgage Choice Act (H.R. 1153). The legislation, which was introduced by Rep. Bill Huizenga (R-MI), would adjust the definition of “points and fees” in CFBP’s Ability-to-Repay/Qualified Mortgage rule to exclude insurance premiums held in escrow and title insurance charges from a company that's affiliated with the lender. This could allow more conventional loans to meet CFPB’s definition of a “Qualified Mortgage,” as they would be less likely to exceed the Rule’s 3 percent cap on points and fees.

  • February 9, 2018

    Yesterday, the Internal Revenue Service (IRS) issued Revenue Procedure 2018-16 providing guidance to state and territorial governors and the mayor of the District of Columbia on the necessary procedure for designating census tracts as Qualified Opportunity Zones (QOZ) in order to take advantage of the new Opportunity Zones program established in the recently enacted tax reform bill. The Opportunity Zones program allows taxpayers specialized tax treatment, including deferred capital gains, for investments in Opportunity Funds, which must in turn invest at least 90 percent of their assets in businesses located in certain low-income communities designated by governors as QOZs.

  • February 7, 2018

    The Federal Housing Finance Agency (FHFA) February 6 published a final rule establishing the affordable housing goals for the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac for years 2018 through 2020. The rule maintains most of the affordable single-family and multifamily housing goals and subgoals at the same levels from years 2015-2017.

  • February 2, 2018
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    Yesterday afternoon, S&P Global Ratings held a webinar to discuss the U.S. Municipal Housing Sector 2018 Outlook it distributed a few days earlier.