NCSHA Blogs
Due to Tax Reform’s Impact, Fannie Mae Realizes 4Q Losses, Prompting Need for Treasury Assistance
Fannie Mae announced today in its latest earnings report that it realized a net loss in the fourth quarter of 2017, resulting in a net worth deficit of $3.7 billion as of December 31, 2017.
Trump Administration Releases FY 2019 Budget Proposal Eliminating HOME and Other Federal Housing Programs
On February 12, the Administration sent Congress its formal Fiscal Year (FY) 2019 Budget request, “Efficient, Effective, Accountable: An American Budget”. The FY 2019 Budget reduces the overall “federal footprint of housing assistance” by eliminating several key programs, including the HOME Investment Partnerships Program (HOME), the Community Development Block Grant (CDBG), the Public Housing Capital Fund, the Choice Neighborhoods Initiative, the Self-Help and Assisted Homeownership Opportunity Program (SHOP), and Section 4 Capacity Building for Community Development and Affordable Housing. Please see NCSHA’s statement on the Administration’s FY 2019 Budget.
Trump Administration Releases Infrastructure Plan
The Trump Administration yesterday released the framework of the President’s long-awaited infrastructure plan. One of the key planks of the proposal would strengthen and allow for the increased use of private activity bonds (PABs), though it is unclear how many of the provisions would impact Housing Bonds.
HUD Releases CDBG-DR Notice for 2017 Disasters
On February 9, HUD published in the Federal Register a notice allocating and providing guidance on the use of $7.39 billion in Community Development Block Grant disaster recovery (CDBG-DR) funds to certain states and territories impacted by the 2017 hurricanes. These funds were appropriated by Congress as part of a disaster aid package enacted September 8, 2017. In addition to announcing the allocations, the notice describes applicable waivers and alternative requirements, relevant statutory provisions for the CDBG-DR grants provided under the notice, the grant award process, criteria for action plan approval, and eligible disaster recovery activities.
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. The enactment of the bill ended a very brief government shutdown that began at midnight last night when the previous stopgap funding bill -- or Continuing Resolution (CR)-- expired. The House approved the measure by a margin of 240-186, after it received Senate approval by a margin of 71-28.
Trump Administration Releases FY 2019 Budget Proposal Eliminating HOME and Other Federal Housing Programs
On February 12, the Administration sent Congress its formal Fiscal Year (FY) 2019 Budget request, “Efficient, Effective, Accountable: An American Budget”.
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.
