The number of funds created to invest in the nearly 9,000 economically distressed communities designated as Opportunity Zones continues to grow, according to analysis of NCSHA’s latest Opportunity Zone Fund Directory. The 130 funds listed in the current directory expect to raise more than $28 billion for Opportunity Zone investment. The directory includes 13 new funds and details on each fund’s size, geographic focus, and investment focus.
NCSHA Urges IRS to Rescind Housing Credit Compliance Monitoring Rule Changes, Work with States to Develop Alternative
On May 6, NCSHA sent a letter to the Internal Revenue Service detailing the profound negative impact recent amendments to the Low Income Housing Tax Credit compliance monitoring regulations will have on the program and urging IRS to work with NCSHA and its members to find a better alternative.
House Appropriations Subcommittee Approves FY 2020 HUD Bill with Significant Funding Increases for HOME and Other HUD Programs
On May 23, the House Appropriations Subcommittee on Transportation, Housing, and Urban Development approved its Fiscal Year 2020 funding bill, which provides $50.1 billion for HUD programs, $5.9 billion more than the FY 2019 enacted level and $13.4 billion more than the Administration’s FY 2020 budget request.
On April 30, the House Financial Services Committee held a hearing entitled “Housing America: Assessing the Infrastructure Needs of America’s Housing Stock,” exploring the need to produce and preserve affordable housing as part of the nation’s infrastructure and strategies to improve affordability.
The Federal Housing Finance Agency (FHFA) yesterday released a Progress Report outlining the various activities Fannie Mae and Freddie Mac undertook in 2018 to meet FHFA’s regulatory objectives for the firms.
On April 17, the Department of Housing and Urban Development (HUD) released a proposed rule for Congressional review that would prohibit “mixed status families” from receiving federal housing assistance through HUD’s Public Housing, Project-Based Rental Assistance, and Housing Choice Voucher programs.
HUD Delays New Down Payment Assistance Requirements for 90 Days; NCSHA to Continue Seeking Clarification
At the request of NCSHA and other industry associations, the Federal Housing Administration (FHA) earlier today issued Mortgagee Letter 2019-07 (ML 2019-07). ML 2019-07 officially delays the implementation of HUD’s recently announced documentation requirements for government down payment assistance programs (ML 2019-06) by 90 days.
On April 16, the National Housing Conference released its 2018 Paycheck to Paycheck report and database highlighting housing affordability challenges for workers in 81 occupations living in 259 metropolitan areas in the United States.
Concurrent with publication of new proposed regulations on Opportunity Zones, the Treasury Department published a Request for Information (RFI) to seek public input on the development of information collection and tracking related to Opportunity Zone investments. In the RFI, Treasury notes the purpose of information collection and tracking is to measure the effectiveness of the Opportunity Zone policy in achieving its stated goals and to ensure that the investment remains an attractive option for investors.
The Treasury Department released a highly anticipated second set of proposed regulations April 17 providing guidance on Opportunity Zone provisions of Internal Revenue Code section 1400Z-2. The regulations clarify certain issues addressed in the first set of proposed regulations last October and provide additional guidance on significant new issues.