Access the latest Washington Report: Read More


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.

NCSHA Opportunity Zone Fund Directory Expands to 54 Funds, $15 Billion in Investment

NCSHA released a significantly expanded edition of its Opportunity Zone Fund Directory today, including details on 54 Qualified Opportunity Funds (QOFs) formed to attract Opportunity Zone investment in designated high-poverty neighborhoods.

House End of Year Tax Bill Includes Housing Credit Veterans Fix

House Republicans released tax legislation addressing retirement savings, extenders of expiring tax provisions, disaster relief, and technical tax corrections. The bill is the first step in what are likely to be negotiations over an end-of-the-year tax package. The bill includes a provision NCSHA has sought to clarify that preferences and/or restrictions for veterans in Housing Credit properties, including bond-financed properties, are not a violation of the Credit or Bond programs’ general public use rules.

Federal Banking Regulators Propose to Raise Appraisal Requirement Threshold

On November 20, the federal banking regulators — the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) — released a proposed rule that would increase the appraisal exemption for single-family mortgage loans for all federally regulated banks. The agencies will accept public comments until 60 days after the notice is published in the Federal Registrar, which is expected shortly. 

FHFA Finalizes Amendments to FHLB Affordable Housing Program

The Federal Housing Finance Agency (FHFA) November 20 released a final rule amending the Federal Home Loan Banks’ (FHLB) Affordable Housing Program (AHP). The rule gives the FHLBs more flexibility in administering and targeting their AHP programs to meet specific housing needs.

NCSHA Urges OCC to Ensure CRA Continues to Support Housing Credit and Bond Investments

Any changes made to the Community Reinvestment Act regulations should encourage banks to continue investing in Housing Credits and Housing Bonds, NCSHA argues in a comment letter submitted yesterday to the Office of the Comptroller of the Currency.

FHA Report Says Greater Clarity Needed on Down Payment Assistance Programs

The economic value of the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund (MMIF) improved in fiscal year (FY) 2018, according to FHA’s 2018 Report to Congress.

IRS Publishes 2019 State Housing Credit and Private Activity Bond Cap Amounts

IRS issued Revenue Procedure 2018-57, providing 2019 per capita and small state minimum volume cap amounts for the Low Income Housing Tax Credit (Housing Credit) and Private Activity Bonds (PAB).