NCSHA Blogs
IRS Extends Housing Credit Regulatory Relief Available During COVID-19 Pandemic
On January 11, the Internal Revenue Service (IRS) issued Notice 2022-05 extending and expanding on temporary relief for state Housing Credit agencies and owners and residents of Housing Credit...
Treasury Issues Final Rule for Fiscal Recovery Fund Program
On January 6, the U.S. Department of the Treasury issued the final rule for the State and Local Fiscal Recovery Funds (SLFRF) program authorized in the American Rescue Plan Act, which provided $350...
FHFA Establishes New, Higher Affordable Housing Goals for Fannie Mae, Freddie Mac
The Federal Housing Finance Agency (FHFA) on Wednesday published a final rule establishing updated affordable housing goals for Fannie Mae and Freddie Mac (the Enterprises). The rule sets higher benchmark levels for the single-family and multifamily housing goals and subgoals, as well as two new single-family subgoals. The new single-family goals will apply for years 2022 through 2024, while the multifamily goals apply only for 2022.
Senate Finance and Banking Committees Release Sections of the Build Back Better Act
Both the Senate Finance and the Senate Banking, Housing, and Urban Affairs Committees have released the text of their respective sections of the Build Back Better (BBB) Act. The Finance Committee’s...
NCSHA Leads Coalition Urging Treasury to Align Fiscal Recovery Fund Rules with the Housing Credit
Today, NCSHA, together with 18 other organizations representing state and local governments and affordable housing industry participants, sent a letter to Treasury Secretary Janet Yellen urging the...
NCSHA and Industry Stakeholders Urge IRS and Treasury to Finalize Housing Credit Average Income Test Rule
Today, NCSHA and 31 other affordable housing stakeholder organizations sent a letter to the Internal Revenue Service (IRS) and U.S. Department of the Treasury (Treasury) urging them to expedite...
IRS Issues Guidance on Implementation of Housing Credit 4 Percent Minimum Rate
On December 1, the Internal Revenue Service (IRS) issued Revenue Ruling 2021-20 and Revenue Procedure 2021-43 providing guidance to address ambiguities related to the application of the Housing...
CDFA Report Finds PAB Issuance at Record Highs for 2019 and 2020; Housing Bond Issuance Increases
Private activity bond (PAB) issuance reached record-high levels in 2019 before declining slightly in 2020, according to the Council of Development Finance Agencies’ (CDFA) Annual Volume Cap Report for 2019 and 2020. The report, released late last week, presents data on how states allocate and use their PAB cap each year. This report covers 2019 and 2020; CDFA did not conduct its annual survey in 2019 due to the COVID-19 pandemic. As in the previous five years, Housing Bonds, including single-family Mortgage Revenue Bonds (MRBs) and multifamily bonds, made up the bulk of PAB issuance in 2019 and 2020.
House Releases New Bill Text for Build Back Better Act; Adds Back Housing Credit Provisions
Today, the House Rules Committee released a new version of the Build Back Better (BBB) Act — otherwise known as the reconciliation bill or the social policy bill — which the committee will...
Revised Build Back Better Bill Maintains Strong Investments in Affordable Housing But Leaves Out Housing Tax Priorities
Congressional leaders on Thursday afternoon released the initial draft legislative text of the budget reconciliation legislation, formally called the Build Back Better Act (BBB). The bill is the product of months of negotiations among the Biden Administration, congressional leaders, and progressive and moderate Democratic Representatives and Senators. While subject to possible changes, the current bill includes $1.75 trillion in total government spending and tax expenditures, including $150 billion for affordable housing spending programs.
