Today, the Internal Revenue Service published Rev. Proc 2019-44, which provides the per capita and small state minimum levels for the Low Income Housing Tax Credit (Housing Credit) and Private Activity Bonds (PAB). In 2020, states will receive the greater of $2.81 per capita or $3,217,500 in Housing Credit authority, slight increases over the 2019 Housing Credit authority levels of $2.76 per capita or $3,166,875. The per capita PAB volume cap will be $105 per capita, the same amount as in 2019, but the small state minimum for PAB volume cap will increase to $321,775,000 from $316,745,000.
On October 31, NCSHA sent comments to IRS on how it can improve Low Income Housing Tax Credit (Housing Credit) disaster relief guidance provided in Revenue Procedures 2014-49 and 2014-50.
According to a report released today by the Federal Housing Finance Agency (FHFA), the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac in 2018 met all their affordable housing goals and their obligations under the Enterprise Duty-to-Serve Rule. The report, which FHFA submits to Congress each year, summarizes the GSEs’ 2018 affordable housing activities.
New FHFA Strategic Plan and Scorecard Lay Path for GSEs to Exit Conservatorship, Support Administration Reform Plan
The government-sponsored enterprises Fannie Mae and Freddie Mac will be expected to prepare for a responsible end to their conservatorships and to help to implement the Trump Administration’s housing finance reform proposals under the Federal Housing Finance Agency’s newly-released Strategic Plan for 2019 and Enterprise Scorecard for 2020
The Federal Housing Finance Agency yesterday released a Request for Information seeking public input on several changes Fannie Mae and Freddie Mac have proposed to their respective Underserved Market Plans for years 2018 – 2020.
Private activity bond issuance increased slightly from 2017 to 2018, according to the Council of Development Finance Agencies’ Annual Volume Cap Report for 2018.
Today, NCSHA released revamped model forms for Housing Credit compliance monitoring, developed in collaboration with its members and stakeholders. NCSHA’s Recommended Practices in Housing Credit Administration encourage Housing Credit agencies to adopt model forms, which help standardize compliance monitoring practices across states and create efficiencies for development owners and other Housing Credit industry professionals.
The U.S. Department of Housing and Urban Development announced late yesterday the recipients of just over $42 million in Housing Counseling program grants for FY 2019. HUD’s announcement says the funding will go to 207 different housing counseling agencies, including 19 state HFAs who will receive a combined $8.5 million in grants.
Investment capital targeted to economically distressed communities designated as Opportunity Zones continues to increase, according to analysis of NCSHA’s latest Opportunity Zone Fund Directory, released today.
Federal Housing Finance Agency Director Mark Calabria and Treasury Secretary Steven Mnuchin announced earlier today that they have agreed to allow the government-sponsored enterprises Fannie Mae and Freddie Mac to retain additional capital. The agreements amend the Preferred Stock Purchase Agreements both GSEs entered into with Treasury as a condition for receiving federal assistance in 2008