NCSHA Blogs
Final GSE Duty to Serve Plans Include Increased Housing Credit Investments; Collaborations with HFAs
The government-sponsored enterprises Fannie Mae and Freddie Mac (the GSEs) earlier this week released their final Underserved Market Plans (the Plans) for years 2018-2020. The Plans outline how each firm intends to fulfill their obligations under the Federal Housing Finance Agency’s (FHFA) Enterprise Duty to Serve rule. Both Plans include GSE commitments to make Housing Credit investments in underserved areas and to partner with HFAs to fulfill the GSEs’ Duty to Serve obligations.
Harvard Report Finds Growth in Renter Demand Slowing Overall, but Need for Housing Assistance Among Poorest Still at Near-Record
Harvard University's Joint Center for Housing Studies (JCHS) released on December 14 its biennial report on the state of America’s rental housing, finding that while there has been an unprecedented increase in demand for rental housing over the last decade, the surge in rental household growth is now ebbing. However, the report says, the number of very low-income renter households has grown significantly in recent years—by 4.3 million between 2001 and 2015—dwarfing the increase in the number of very low-income households receiving rental assistance (an increase of merely 600,000 households) over that time period.
Conferees Agree on Final Tax Reform Bill Preserving the Housing Credit and Bond Programs
In a major victory for NCSHA, HFAs, affordable housing stakeholders, and, most importantly, those who need housing help in this country, the final tax reform legislation that House and Senate conferees agreed to last Friday retains both private activity tax-exempt bonds, including single-family and multifamily Housing Bonds, and the Low Income Housing Tax Credit. The bill also preserves the Mortgage Credit Certificate (MCC) program.
House Financial Services Committee Reports Bill on GSE Dividends, Housing Trust Fund
Earlier today, the House Financial Services Committee passed the Jumpstart GSE Reform Act, H.R. 4560, a bill introduced by Representative French Hill (R-AR) that prohibits Fannie Mae and Freddie Mac (the GSEs) from making contributions to the Housing Trust Fund (HTF) and Capital Magnet Fund (CMF) for any year that they fail to transfer all of their profits each quarter to Treasury, as the existing preferred stock purchase agreements (PSPA) between the GSEs and Treasury require.
Congress Approves FY 2018 Continuing Resolution Funding Programs Through December 22
President Trump this afternoon signed into law a Continuing Resolution (CR, H.J. Res. 123) to keep the federal government funded through December 22. The House approved the measure yesterday by a margin of 235-193, and the Senate approved it hours later by a margin of 81-14. The previous FY 2018 CR would have expired at midnight tonight.
FHA to Stop Insuring Mortgages with PACE Assessments
The Federal Housing Administration (FHA) yesterday announced that it will no longer insure new mortgages on properties with Property Assessed Clean Energy (PACE) assessments.
Congress Approves FY 2018 Continuing Resolution Funding Programs Through December 22
The House approved the measure yesterday by a margin of 235-193, and the Senate approved it hours later by a margin of 81-14. The previous FY 2018 CR would have expired at midnight tonight.
FHA Announces Increased Single-Family Loan Limits for 2018
The Federal Housing Administration (FHA) earlier today announced the county loan limits for its single-family mortgage programs for 2018 and issued a Mortgagee Letter that increases the minimum loan limit for low-price areas and the maximum loan limit for high-cost areas.
FHFA Urges Market Participants to Prepare for Common Securitization Platform
The Federal Housing Finance Agency (FHFA) earlier this week released a report providing an update on its efforts to develop a common structure and Common Securitization Platform (CSP) for mortgage-backed securities (MBS) guaranteed and sold by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The report calls on market participants to begin preparing for the transition to CSP, which FHFA says will be fully implemented in the second quarter of 2019.
Senate Passes Tax Reform Bill
In the early hours of the morning today, the Senate passed its tax reform legislation by a vote of 51-49, with all Democrats and Senator Bob Corker (R-TN) voting against the bill, and all other Republicans voting for it. As we expected, the final legislation retains both Private Activity Bonds and the Housing Credit.
