NCSHA Blogs
FHFA Announces GSEs Will Extend Multifamily Forbearance Agreements, Tenant Protections
Today, the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac (the Enterprises) will allow servicers of Enterprise multifamily loans to extend forbearance agreements for multifamily property owners for up to three additional months, for a total forbearance period of up to six months. This extension is available for owners of qualified properties with Enterprise-backed multifamily mortgages experiencing financial hardships due to the coronavirus National Emergency.
Senators Wyden and Cantwell Introduce Legislation Paralleling Housing Credit Provisions in House Infrastructure Bill
Today, Senate Finance Committee Ranking Member Ron Wyden (D-OR) and Senator Maria Cantwell (D-WA) introduced standalone Senate companion legislation to the Housing Credit provisions included in the Moving Forward Act (H.R. 2), the infrastructure legislation released in the House earlier this week. The bill, The Emergency Affordable Housing Act of 2020, does not have a bill number at this time; however, the bill text, a one-page summary, and a more detailed summary are all available.
CFPB Proposes to Remove DTI Limit and Implement Price Thresholds for QM Loans
The Consumer Financial Protection Bureau on Monday released a proposed rule amending its Ability-to-Repay/Qualified Mortgage underwriting guidelines. The proposal rescinds the 43 percent debt-to-income ratio limit loans must meet to qualify as Qualified Mortgages and creates a new price-based threshold for Qualified Mortgage loans.
House Democrats’ Infrastructure Bill Includes Housing Credit and PAB Expansion, Program Changes; Increased Housing Program Funding; New Single-Family Tax Credit
House Democratic leaders recently released the details of their new $1.5 trillion infrastructure legislation, the Moving Forward Act (H.R. 2). The bill text, a section-by-section summary, and a fact sheet posted June 22 reveal the bill would invest substantially in roads, bridges, schools, broadband access, and affordable housing.
Mayors Press Congress to Enact 4 Percent Minimum Rate, Lower 50 Percent Test in the Next Coronavirus Relief Legislation
On June 1, 67 mayors representing communities across 28 states and the District of Columbia sent a letter to House and Senate leaders urging Congress to establish a minimum 4 percent rate for bond-financed properties and lower the “50 percent test” financed-by threshold that bond-financed Credit properties must meet to receive 4 percent Housing Credits in the next coronavirus relief legislation. Mayors from both parties signed the letter. The letter was coordinated by the ACTION Campaign, a coalition of more than 2,300 organizations and businesses across the nation co-chaired by NCSHA and Enterprise Community Partners.
Treasury Opens FY 2020 Funding Round of the Capital Magnet Fund
On May 28, the U.S. Department of the Treasury's Community Development Financial Institutions Fund began accepting applications for the FY 2020 funding round of the Capital Magnet Fund.
OCC Finalizes New CRA Regulations; Comptroller Otting Resigns
The Office of the Comptroller of the Currency (OCC) on May 20 approved a final rule substantially amending its Community Reinvestment Act regulations. The final rule is generally consistent with the proposed rule OCC released late last year but includes some changes in response to public comments.
NCSHA and Novogradac Release Analysis Showing Effect of Lowering 50 Percent Test for Bond-Financed Housing Credit Developments
This week, NCSHA published a report showing how lowering the “financed-by” threshold — commonly referred to as the 50 percent test — for bond-financed Housing Credit projects would impact available Private Activity Bond cap and could increase multifamily affordable housing production. Under current law, multifamily developments financed with tax-exempt housing bonds are eligible to receive the so-called 4 percent Housing Credit if the bonds finance at least 50 percent of total project costs, including land. The credits for such developments do not decrease the state in question’s Housing Credit volume cap. The report considers the outcomes that lowering the financed-by threshold would have if set at 40 percent, 33 percent, and 25 percent. Novogradac conducted the analysis, which NCSHA commissioned.
House Democrats Unveil $3 Trillion-Plus Coronavirus Package with Rent, Mortgage, Liquidity Assistance
On May 12, House Democrats released the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, which would provide more than $3 trillion for coronavirus relief in programs across government agencies, including significant funding for affordable housing. Republicans rejected the proposal immediately, which they view as more of a Democratic wish list than the opening bid in negotiations for a fifth coronavirus relief package.
FHA Commissioner Nominee Dana Wade Enjoys Bipartisan Support at Senate Banking Committee Hearing
The Senate Banking Committee convened Tuesday to consider the nomination of Dana Wade for Federal Housing Administration Commissioner and Assistant Secretary for Housing at HUD.
