Earlier today, the Internal Revenue Service (IRS) published a final rule simplifying the public approval requirements that apply to tax-exempt Housing Bonds and other private activity bonds (PABs).
The Federal Housing Finance Agency earlier today published Fannie Mae’s modified Underserved Market Plan for 2018-2020. Fannie Mae pledges in the new plan to substantially increase its Housing Credit equity investments for properties located in rural areas over the three-year period.
Earlier today, the Federal Housing Finance Agency (FHFA) released the 2019 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions (CSS). The scorecard outlines the steps FHFA expects each of the firms to undertake next year to fulfill FHFA’s Strategic Plan for Enterprise Conservatorship, which was first published in 2014.
Late last week, the Federal Housing Administration (FHA) announced the county loan limits for its single-family mortgage programs for 2019 and issued a Mortgagee Letter that increases the minimum loan limit for low-price areas and the maximum loan limit for high-cost areas.
This morning, HUD Deputy Secretary Pamela Patenaude announced that she will be leaving the agency by the end of the calendar year.
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.
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 released a revised year-end tax package, after a previous effort introduced late last month failed to garner enough support for House passage.
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 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.