NCSHA Blogs
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.
Senate Unveils Remaining FY 2022 Appropriations Bills Including THUD Appropriations
The Senate Appropriations Committee released nine FY 2022 appropriations bills on October 18, including the Transportation, Housing and Urban Development (THUD) appropriations bill, which provides funding for U.S. Department of Housing and Urban Development (HUD) programs.
Treasury Issues Guidance on Emergency Rental Assistance Reallocation
Today, the U.S. Treasury Department published the framework for reallocation of Emergency Rental Assistance (ERA) program funds authorized by the Consolidated Appropriations Act of 2021 (ERA 1). That legislation, which provided the first $25 billion in ERA resources, requires Treasury to identify “excess funds” from amounts grantees have not obligated beginning September 30, 2021, and reallocate those resources to grantees who have obligated at least 65 percent of their initial ERA 1 allocation.
HUD Extends COVID-Related HOME Waivers and Extensions
The U.S. Department of Housing and Urban Development (HUD) on Wednesday posted a memorandum that extends and revises several suspensions and waivers of HOME Investment Partnerships Program (HOME) regulations HUD previously issued in response to the COVID-19 pandemic. HUD originally published the waivers and program rule suspensions in April 2020 and updated the information in a memo issued in December 2020 that extended the waivers and exemptions through September 2021. NCSHA urged HUD to extend these exemptions and waivers in response to needs caused by the ongoing pandemic.
Treasury Issues Preliminary Information About Reallocation of Emergency Rental Assistance
On September 24, Treasury Department Deputy Secretary Adewale O. Adeyemo sent a letter to Emergency Rental Assistance (ERA) program grantees providing preliminary information on how the department will conduct the statutorily required reallocation of ERA funding provided under the Consolidated Appropriations Act of 2021 (ERA 1). Congress requires Treasury, beginning September 30, 2021, to reallocate grantees’ unobligated funds that it determines to be “excess” to other ERA 1 grantees who have obligated at least 65 percent of their funds.
NCSHA, Other Stakeholders Support House Efforts to Preserve Affordability of Housing Credit Properties
NCSHA and 28 other affordable housing stakeholder organizations this week wrote House Ways and Means Committee Chairman Richard Neal (D-MA) with thanks for his leadership to protect the long term affordability of Housing Credit properties in reconciliation tax legislation the committee is finalizing today. In addition to its historic expansion of Housing Credit authority, the bill would close the Housing Credit “qualified contract” loophole and strengthen the ability of mission-driven Housing Credit project sponsors to maintain control of properties when challenged by real estate firms whose interests may undermine their rent-restricted affordability in the future.
