NCSHA Blogs
FHFA Holds Duty to Serve Roundtable, Mary Tingerthal Participates
On April 20, the Federal Housing Finance Agency (FHFA) held a roundtable with leading affordable housing, consumer protection, civil rights, and environmental organizations to solicit their input on FHFA’s proposed “Duty to Serve” rule. NCSHA was represented at the roundtable by Minnesota Housing Commissioner and NCSHA Board member Mary Tingerthal. Other participants included representatives from Enterprise Community Partners, Center for American Progress, National Housing Conference, National Housing Trust, National Low Income Housing Coalition, Poverty & Race Research Action Council, Leadership Conference on Civil & Human Rights, National Fair Housing Alliance, and NeighborWorks America. NCSHA staff accompanied Mary to the roundtable.
Senate Appropriations Committee Passes FY 2017 HUD Funding Bill
The Senate Appropriations Committee on April 21 unanimously approved its Fiscal Year (FY) 2017 Transportation, Housing and Urban Development (THUD) funding bill. The THUD Appropriations Subcommittee reported the bill April 19. The full Committee adopted the bill with only minor amendments to the Subcommittee-passed bill, which did not change its HUD program funding levels.
Senators Cantwell and Schumer Press for Expanded Housing Credit Authority at New York City Event
Senators Maria Cantwell (D-WA) and Charles Schumer (D-NY) were joined by New York City Housing Development Corporation President Gary Rodney, New York State Homes and Community Renewal Commissioner and Chief Executive Officer James Rubin, and other New York Housing Credit stakeholders for a rally today in support of expanding the Housing Credit at a New York City Credit-financed supportive housing development for young people aging out of foster care.
Treasury Announces Allocation of $1 Billion in Hardest Hit Funding
The U.S. Treasury Department announced today its final allocation of new funding for the Hardest Hit Fund program (HHF). Thirteen HFAs participating in HHF will receive a combined $1 billion in additional funding to support homeowner assistance and neighborhood stabilization programs. Treasury also released a FAQs document on the new funding allocations.
Senate Approves Measure to Consider Energy Efficiency in FHA Mortgage Underwriting Process
The Senate passed an amendment yesterday that would allow lenders to account for a home's energy efficiency and expected monthly utility bill savings when determining borrowers' eligibility for Federal Housing Administration (FHA) insured single-family loans.
Representative Kuster Introduces Bill to Preserve Rental Assistance for Certain USDA Section 515 Properties
Last week, Representative Ann McLane Kuster (D-NH) introduced the Rural Housing Preservation Act of 2016, H.R. 4908, which seeks to provide relief to rural multifamily developments financed under the U.S. Department of Agriculture (USDA) Section 515 Rural Rental Housing Loan Program that will lose rental assistance in the future due to pre-paid or maturing mortgages.
Senate Banking Committee Chair Asks GAO and CBO to Examine GSEs
Yesterday, Senate Banking Committee Chair Richard Shelby (R-AL) requested that both the Government Accountability Office (GAO) and the Congressional Budget Office (CBO) compose reports on matters relating to the Federal Housing Finance Agency (FHFA) and the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. In a press release announcing the requests, Shelby suggests that the reports will help Congress adequately oversee FHFA and the GSEs and, “ensure that Congress takes steps to protect American taxpayers from risk.”
IRS Publishes MRB Purchase Price Limits and Safe Harbors for 2016
On April 15, the Internal Revenue Service (IRS) released Revenue Procedure 2016-25, which establishes the nationwide average purchase price limits and average area purchase price safe harbors for the Mortgage Revenue Bond (MRB) and Mortgage Credit Certificate (MCC) programs.
House Financial Services Committee Advances Bill to Subject CFPB Funding to Congressional Review
The House Financial Services Committee on April 13 voted to favorably report the Taking Account of Bureaucrats’ Spending Act of 2015, H.R. 1486, which would authorize Congress to set annual funding levels for the Consumer Financial Protection Bureau (CFPB).
FHFA Announces Limited Principal Reduction Plan for Underwater Fannie and Freddie Borrowers
The Federal Housing Finance Agency (FHFA) announced yesterday a new program under which Fannie Mae and Freddie Mac will forgive certain borrowers’ outstanding mortgage principal to help them stay in their homes. The new Principal Reduction Modification program marks the first time that FHFA has allowed Fannie Mae and Freddie Mac to offer struggling borrowers principal reductions.
