NCSHA Blogs
IRS Expands Housing Credit Disaster Relief for Puerto Rico and Solicits Public Comment on Existing Disaster Relief Guidance
Yesterday, the Internal Revenue Service (IRS) issued Notice 2018-17 providing guidance on Housing Credit disaster relief for Puerto Rico as a result of Hurricane Maria, expanding on the general IRS disaster relief provided in Revenue Procedure 2014-49 and Revenue Procedure 2014-50, including specific provisions on emergency housing relief, compliance monitoring reviews, and carryover allocation deadlines.
Congress Passes Budget Deal, New Stopgap Funding
President Trump this morning signed a two-year bipartisan budget agreement lifting the caps on federal spending for FY 2018 and FY 2019 by almost $300 billion and extending current funding levels until March 23 so that Appropriators will have time to write final FY 2018 spending bills using the new caps.
House Passes Mortgage Choice Act
The U.S. House of Representatives on Thursday passed the Mortgage Choice Act (H.R. 1153). The legislation, which was introduced by Rep. Bill Huizenga (R-MI), would adjust the definition of “points and fees” in CFBP’s Ability-to-Repay/Qualified Mortgage rule to exclude insurance premiums held in escrow and title insurance charges from a company that's affiliated with the lender.
IRS Issues Guidance to Governors on Procedure for Designating Census Tracts as Qualified Opportunity Zones
Yesterday, the Internal Revenue Service (IRS) issued Revenue Procedure 2018-16 providing guidance to state and territorial governors and the mayor of the District of Columbia on the necessary procedure for designating census tracts as Qualified Opportunity Zones (QOZ) in order to take advantage of the new Opportunity Zones program established in the recently enacted tax reform bill.
FHFA Publishes Final GSE Affordable Housing Goals for 2018-2020
The Federal Housing Finance Agency (FHFA) February 6 published a final rule establishing the affordable housing goals for the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac for years 2018 through 2020. The rule maintains most of the affordable single-family and multifamily housing goals and subgoals at the same levels from years 2015-2017.
Office of the Comptroller of the Currency to Consider Modifications to Community Reinvestment Act Regulations
On February 2, the Office of the Comptroller of the Currency (OCC) announced that within the next 30 days it will publish for public comment an advance notice of proposed rule-making to modify and improve regulations related to the Community Reinvestment Act (CRA). Specifically, Comptroller of the Currency Joseph Otting said he would like to provide greater simplification and clarity, including clear benchmarks by which to measure the success of financial institutions in meeting their obligations under CRA. The Treasury Department last year also announced its intention to draft recommendations for improvements to CRA. The Treasury recommendations are likely to come out sometime early this year.
S&P Global Releases Report, Holds Webinar on Housing Sector, HFAs
Yesterday afternoon, S&P Global Ratings held a webinar to discuss the U.S. Municipal Housing Sector 2018 Outlook it distributed a few days earlier.
Draft Housing Finance Reform Proposal Leaks
Earlier this week, a draft housing finance reform proposal being developed by Senators Bob Corker (R-TN) and Mark Warner (D-VA) began circulating in Washington. Corker’s and Warner’s offices confirmed the leaked draft’s authenticity but stressed that it does not reflect recent changes they have made to the legislation.
HUD Seeking Nominations for Secretary’s Award for Healthy Homes
Through the Office of Lead Hazard Control and Healthy Homes (OLHCHH), and in partnership with the National Environmental Health Association (NEHA), HUD is now accepting nominations for the HUD Secretary’s Award for Healthy Homes.
Congressional Leaders Announce Changes to Key Committee Rosters
In the wake of recent elections and resignations, House and Senate leaders have appointed new members to several congressional committees. An updated set of these key congressional committee rosters can be found here.
