NCSHA Blogs
Treasury Awards $336.4 Million for Affordable Housing Through Capital Magnet Fund
On June 22, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced the recipients of the FY 2021 Capital Magnet Fund awards. 27 nonprofit housing organizations and 32 CDFIs – including five HFAs – will receive a total of $336.4 million for the development and preservation of affordable housing targeted to low-, very low-, and extremely low-income families.
White House Releases Comprehensive Housing Supply Action Plan
The White House issued a Housing Supply Action Plan (the Plan) that includes both legislative and administrative actions to address the imbalance between supply of and demand for housing, with a goal of closing America’s housing supply shortfall in five years.
Federal Banking Regulators Propose CRA Overhaul
Last week, the three major federal banking regulators — the Federal Deposit Insurance Corporation, the Federal Reserve, and the Office of the Comptroller of the Currency — released a proposed...
Senators Leahy, Collins Introduce Legislation to Facilitate Use of Fiscal Recovery Funds with Housing Credit
On May 11, 2022, Senators Patrick Leahy (D-VT) and Susan Collins (R-ME) introduced the LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, which would allow state, local, territorial, and tribal governments to use Coronavirus State and Local Fiscal Recovery Funds to make long-term loans to Housing Credit developments. The bill is companion legislation to the House version of the LIFELINE Act (H.R. 7078), introduced by Representatives Alma Adams (D-NC) and David Rouzer (R-NC) in March.
White House Announces Federal Agency Equity Action Plans
U.S. Department of Housing and Urban Development (HUD) Secretary Marcia Fudge joined White House officials and other Cabinet Secretaries to announce Equity Action Plans created by more than 90...
Treasury Details ERA 2 Reallocation Process, Announces Grantees Have Spent or Obligated $30 Billion
Today, the U.S. Treasury Department published its plans for reallocation of unspent dollars from the Emergency Rental Assistance program authorized under the American Rescue Plan Act (ERA 2).
White House FY 2023 Budget Proposes Major Increases in Housing Funding and New Programs to Increase Housing Supply
Today, the Biden Administration submitted to Congress the President’s Budget for Fiscal Year (FY) 2023, outlining the administration’s fiscal priorities for the coming year. The Budget includes substantial investments in housing to advance efforts to end homelessness, increase housing supply, expand homeownership opportunities for underserved borrowers, increase climate resilience and energy efficiency, strengthen communities facing underinvestment, and address and prevent housing-related discrimination.
IRS Provides Permanent Authority to Conduct Telephonic Public Hearings for Tax-Exempt Bonds and Housing Credit QAPs
On March 18, the Internal Revenue Service (IRS) issued Revenue Procedure 2022-20, providing permanent authority to conduct telephonic public hearings for tax-exempt private activity bonds. IRS...
Adams, Rouzer, Maloney Introduce Bill to Facilitate Use of Fiscal Recovery Funds in Housing Credit Developments
At NCSHA’s Legislative Conference this week, Representative Alma Adams (D-NC) announced she and Representative David Rouzer (R-NC) had just introduced the LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence Act, H.R. 7078, which would allow states and localities to use Coronavirus State and Local Fiscal Recovery Fund resources to make long-term loans to Housing Credit developments.
Treasury, HUD Celebrate American Rescue Plan Housing Program Achievements on Law’s First Anniversary
Today marks the one-year anniversary of the enactment of the American Rescue Plan Act, which authorized the second infusion of resources into the Emergency Rental Assistance program (initially authorized and funded under the Consolidated Appropriations Act of 2021) and established the Homeowner Assistance Fund, the Coronavirus State and Local Fiscal Recovery Fund, the HOME-ARP program for housing and services assistance to households experiencing and at risk of homelessness, and Emergency Housing Vouchers program. In celebration of the law’s anniversary, the Department of the Treasury and the Department of Housing and Urban Development released fact sheets on the impact the law has had.
