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NCSHA Blogs

Senators Leahy, Collins Introduce Legislation to Facilitate Use of Fiscal Recovery Funds with Housing Credit

On May 11, 2022, Senators Patrick Leahy (D-VT) and Susan Collins (R-ME) introduced the LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, which would allow state, local, territorial, and tribal governments to use Coronavirus State and Local Fiscal Recovery Funds to make long-term loans to Housing Credit developments. The bill is companion legislation to the House version of the LIFELINE Act (H.R. 7078), introduced by Representatives Alma Adams (D-NC) and David Rouzer (R-NC) in March.

White House Announces Federal Agency Equity Action Plans

U.S. Department of Housing and Urban Development (HUD) Secretary Marcia Fudge joined White House officials and other Cabinet Secretaries to announce Equity Action Plans created by more than 90...

Treasury Details ERA 2 Reallocation Process, Announces Grantees Have Spent or Obligated $30 Billion

Today, the U.S. Treasury Department published its plans for reallocation of unspent dollars from the Emergency Rental Assistance program authorized under the American Rescue Plan Act (ERA 2).

White House FY 2023 Budget Proposes Major Increases in Housing Funding and New Programs to Increase Housing Supply

Today, the Biden Administration submitted to Congress the Presidentā€™s Budget for Fiscal Year (FY) 2023, outlining the administrationā€™s fiscal priorities for the coming year. The Budget includes substantial investments in housing to advance efforts to end homelessness, increase housing supply, expand homeownership opportunities for underserved borrowers, increase climate resilience and energy efficiency, strengthen communities facing underinvestment, and address and prevent housing-related discrimination.

IRS Provides Permanent Authority to Conduct Telephonic Public Hearings for Tax-Exempt Bonds and Housing Credit QAPs

On March 18, the Internal Revenue Service (IRS) issued Revenue Procedure 2022-20, providing permanent authority to conduct telephonic public hearings for tax-exempt private activity bonds. IRS...

Adams, Rouzer, Maloney Introduce Bill to Facilitate Use of Fiscal Recovery Funds in Housing Credit Developments

At NCSHAā€™s Legislative Conference this week, Representative Alma Adams (D-NC) announced she and Representative David Rouzer (R-NC) had just introduced the LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence Act, H.R. 7078, which would allow states and localities to use Coronavirus State and Local Fiscal Recovery Fund resources to make long-term loans to Housing Credit developments.

Treasury, HUD Celebrate American Rescue Plan Housing Program Achievements on Law’s First Anniversary

Today marks the one-year anniversary of the enactment of the American Rescue Plan Act, which authorized the second infusion of resources into the Emergency Rental Assistance program (initially authorized and funded under the Consolidated Appropriations Act of 2021) and established the Homeowner Assistance Fund, the Coronavirus State and Local Fiscal Recovery Fund, the HOME-ARP program for housing and services assistance to households experiencing and at risk of homelessness, and Emergency Housing Vouchers program. In celebration of the lawā€™s anniversary, the Department of the Treasury and the Department of Housing and Urban Development released fact sheets on the impact the law has had.

Congress Close to Finalizing FY 2022 Spending Bill

This week, Congress took a crucial step toward finalizing Fiscal Year (FY) 2022 appropriations. Late last night, the House of Representatives passed an omnibus appropriations bill (H.R. 2471), consisting of all 12 FY 2022 appropriations bills, including the Transportation, Housing and Urban Development (THUD) appropriations bill and the Agriculture and Rural Development appropriations bill, which provide funding for the U.S. Department of Housing and Urban Development (HUD) and U.S. Department of Agriculture (USDA) rural housing programs.

NCSHA Spearheads Legislative Effort to Enable Use of Fiscal Recovery Funds with Housing Credit

Over 80 organizations joined an NCSHA-led effort to urge Congress to amend the underlying statute of the Coronavirus State and Local Fiscal Recovery Fund (SLFRF) program to facilitate its use with the Housing Credit.

FHFA Announces Largest Allocation Yet to Housing Trust Fund and Capital Magnet Fund

Today, Federal Housing Finance Agency Acting Director Sandra L. Thompson announced the Housing Trust Fund (HTF) and the Capital Magnet Fund (CMF) will receive a total of $1.138 billion for affordable housing initiatives from Fannie Mae and Freddie Mac (the Enterprises). HTF will receive $740 million, an increase of $29 million from the previous year, and CMF will receive $398 million, an increase of $15 million from the previous year. These are the largest amounts ever provided to these programs from the Enterprises.