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.
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.
On Monday morning, March 23, the Federal Reserve announced a number of significant moves to provide liquidity to U.S. markets. The Federal Open Market Committee will purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy.
ACTION Urges Congress to Act Now to Extend Housing Credit Deadlines, Set Minimum 4 Percent Rate in Response to COVID-19
On March 18, the ACTION Campaign, a coalition of more than 2,300 organizations and businesses across the nation co-chaired by NCSHA and Enterprise Community Partners, released a statement calling on Congress to extend, by one year, three key Housing Credit deadlines required under the statute. These deadlines will be difficult, if not impossible, for many properties to meet given the slowing pace of development due to the COVID-19 crisis.
NCSHA Recommends Substantial Changes to HUD’s Proposed Rewrite of Affirmatively Furthering Fair Housing Rule
On March 16, NCSHA submitted comments to HUD on the Affirmatively Furthering Fair Housing (AFFH) proposed rule the department released earlier this year. The proposed rule, if implemented, would be a major departure from the previous AFFH final regulations that HUD published in 2015, significantly reducing HUD’s expectations of grantees’ AFFH obligations.
According to "The Gap: A Shortage of Affordable Homes" — a new report published this week by the National Low Income Housing Coalition — the United States had a shortage of 3.6 million rental homes affordable for extremely-low-income renters in 2018.
Secretary Carson Testifies on Administration’s FY 2021 Budget Request in Senate Subcommittee Hearing
HUD Secretary Ben Carson Wednesday appeared before the Senate Appropriations Subcommittee on Transportation, Housing and Urban Development, and Related Agencies to discuss the Trump Administration’s FY 2021 HUD budget request.
HUD recently posted a letter the General Deputy Assistant Secretary for Housing sent to Tribal Leaders on February 14. The letter, issued in accordance with HUD’s Government-to-Government Tribal Consultation Policy, requests feedback on regulatory changes HUD has been planning to issue for some time on using downpayment assistance in conjunction with FHA single-family mortgage insurance.
Trump Administration’s FY 2021 Budget Proposes Significant Cuts to Federal Housing and Community Development Programs
On February 10, the Trump Administration sent Congress its Fiscal Year (FY) 2021 Budget request, “A Budget for America’s Future.” The $4.8 trillion budget outlines the Trump Administration’s fiscal priorities for the coming year, including eliminating several key federal affordable housing and community development programs and arguing that states and local governments are “better positioned to comprehensively address the array of unique market challenges, local policies, and impediments that lead to housing affordability problems.”