NCSHA Blogs
Senator Reed Introduces Housing Assistance Fund Bill
On May 6, Senator Jack Reed (D-RI) introduced legislation, S. 3620, to authorize and fund a $75 billion Housing Assistance Fund that would provide flexible resources directly to state housing finance agencies (HFAs) so they can help households — both homeowners and renters — struggling due to the economic impacts of the COVID-19 pandemic to remain in their homes. NCSHA has been working with Senator Reed’s office to raise support for the proposal, which is one of our topmost priorities.
How the Fed Can Protect the Housing Market – and Why It Should
While the CARES Act stimulus bill recently signed into law provided short-term, temporary relief from monthly mortgage and rent payments for millions of Americans, the law still requires those...
FHFA Announces Relief for GSE Mortgage Servicers
FHFA announced today that it would limit to four months the time period Fannie Mae and Freddie Mac (the GSEs) mortgage servicers must make monthly payments on home loans despite reduced or missed payments from borrowers. Under the policy, once a servicer has advanced four months of missed payments on a single-family loan, it will have no further obligation to advance scheduled monthly principal and interest payments for that loan. This applies to all GSE servicers.
IRS Provides Short-Term Extensions to Certain Housing Credit, Housing Bond Deadlines Due to COVID-19
On April 10, the Internal Revenue Service published Notice 2020-23 providing additional relief for taxpayers affected by the coronavirus pandemic. The notice provides that taxpayers have until July 15, 2020, to perform specified time-sensitive actions due to be performed on or after April 1, 2020, and before July 15, 2020. While the notice does not specifically reference any Housing Credit or Housing Bond deadlines, it applies the July 15 deadline to all time-sensitive actions included in IRS Revenue Procedure 2018-58, which includes numerous deadlines related to these programs.
HUD Issues COVID-19 Guidance, Waivers for HOME Program
HUD has published two memoranda providing guidance, including suspensions of statutory provisions and other regulatory waivers, for the HOME Investment Partnerships program and HOME Tenant-Based Rental Assistance to help participating jurisdictions respond to housing needs during the COVID-19 pandemic. The HOME and HOME TBRA guidance covers nearly every recommendation NCSHA made to HUD in our March 30 letter on Community Planning and Development programs’ needs during the COVID-19 pandemic.
Ginnie Mae Releases New COVID-19 Pass-Through Assistance Program
On Friday, Ginnie Mae released its promised Pass-Through Assistance Program related to COVID-19 (PTAP/C19). Under the program, Ginnie Mae will provide pass-through payments to single-family issuers...
HUD Publishes Report on Housing Credit Tenant Characteristics
The U.S. Department of Housing and Urban Development has published "Understanding Whom the LIHTC Serves: Data on Tenants in LIHTC Units as of December 21, 2017." The report provides demographic data about Housing Credit tenants, including race, ethnicity, family composition, age, income, use of rental assistance, disability status, and monthly rent burden, as required by the Housing and Economic Recovery Act of 2008. HUD typically publishes this report annually; however, publication last year — which would have covered data through the end of 2016 — was delayed due to the government shutdown in early 2019. HUD ultimately decided to wait until 2020 to publish the report, which covers both 2016 and 2017 tenant data submissions from state Housing Credit agencies.
NCSHA Calls on HUD to Provide Regulatory Relief for HOME, HTF, and ESG Programs
NCSHA, on March 30, sent a letter to the U.S. Department of Housing and Urban Development urging the department to waive certain program rules, extend deadlines, and make other accommodations for Community Planning and Development programs necessary to help grantees address housing needs resulting from the COVID-19 pandemic. Our recommendations focus on the HOME Investment Partnerships Program, the Housing Trust Fund, and Emergency Solutions Grants.
Housing Assistance Fund Concept Has Congressional Backers in Both Chambers
While it was not included in the third coronavirus relief legislative package currently moving through Congress, support is growing for the creation of a Housing Assistance Fund that would provide resources to state HFAs to help them assist struggling homeowners avoid home mortgage default and foreclosure. NCSHA has been working with Senators Sherrod Brown (D-OH) and Jack Reed (D-RI), who has been taking the lead in advancing the idea in the Senate.
NCSHA Urges IRS, Treasury to Establish Emergency Measures Related to Housing Credit Administration During COVID-19 Pandemic
NCSHA, on March 23, sent the Internal Revenue Service and U.S. Department of the Treasury a letter urging them to take immediate action to provide necessary accommodations for the Low Income Housing Tax Credit program due to the COVID-19 pandemic. These measures are essential as social distancing, which is critical to safeguarding the health of Housing Credit residents and those who work in the industry, is resulting in severe disruptions to Housing Credit production and ongoing property operations.
