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NCSHA Blogs

Tax Package Makes Permanent 9 Percent Minimum Housing Credit Rate

Late December 15, Speaker of the House Paul Ryan (R-WI) unveiled tax extender legislation, the Protecting Americans from Tax Hikes Act of 2015, that would renew and make permanent some of the expired tax provisions, including the 9 percent minimum Housing Credit rate, and extend for either five years or two years other expired tax provisions. The billā€”a major victory for NCSHA and other Housing Credit industry stakeholdersā€”is the result of weeks of negotiations among leaders of both parties and both chambers.

FY 2016 Omnibus Spending Bill Increases HOME Funding

In the early hours of the morning on December 16, Speaker of the House Paul Ryan (R-WI) unveiled the Fiscal Year (FY) 2016 omnibus spending bill, providing $1.1 trillion in funding for government operations, including funding for U.S. Department of Housing and Urban Development (HUD) and U.S. Department of Agriculture (USDA) Rural Housing Service programs.

FHFA Releases Proposed Duty to Serve Rule for Fannie and Freddie

Earlier today the Federal Housing Finance Agency (FHFA) released its proposed ā€œDuty to Serveā€ rule, which would require the Government-Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac to support housing for lower income families in three underserved segments of the housing finance market: manufactured housing, affordable housing preservation, and homeownership opportunities in rural areas.

Final Multiyear Transportation Bill Includes Housing Provisions

After months of deliberation both the House and Senate yesterday by wide margins passed multiyear transportation legislationā€”the Fixing Americaā€™s Surface Transportation Act (FAST). President Obama is expected to sign the bill before current authorization expires at the end of today.

Congressional Negotiators Closing in on Tax Extenders Bill Deal

House and Senate negotiators are working to reach agreement on tax legislation that would make permanent some of the currently temporary tax provisions and extend others for a finite period of time, potentially two years in most cases. Many of the temporary provisions have already expired, including a provision NCSHA supports that established a 9 percent minimum Housing Credit rate.

Moodyā€™s Report Predicts Stable Outlook for State HFAs in 2016

Last week, Moody's Investors Service (Moody's) released a report predicting a stable financial outlook in 2016 for state HFAs. The report concludes that the continued growth of state HFAs median margins (net revenue/total revenue) and strong loan production indicates a stable outlook for fiscal year (FY) 2016. Moody's says HFAs must begin to rebuild their balance sheets by adding more mortgage loan assets to their portfolios to achieve a positive outlook.

HUD Publishes 2016 QCTS and DDAs Using New Small Area DDA Methodology

Today, HUD published on its website the 2016 Difficult Development Areas (DDAs) and Qualified Census Tracts (QCTs), which are eligible for the 30 percent basis boost under the Housing Credit program. As HUD has long planned, the methodology for determining 2016 metropolitan DDAs relies on new Small Area Fair Market Rents, and thus result in 311 zip code level small area metropolitan DDAs across 45 states, the District of Columbia, and Puerto Rico. This compares to 35 full metropolitan statistical areas in 11 states plus Puerto Rico that HUD designated as DDAs in 2015.

FHAā€™s Capital Ratio Returns to Statutorily Required Level

Earlier today, HUD released its 2015 Annual Report to Congress on the Financial Status of the Federal Housing Administration's (FHA) Mutual Mortgage Insurance Fund (MMIF). The report finds that the MMIF, which funds FHA's single-family and reverse mortgage programs, has a capital ratio of 2.07 percent, slightly above the statutory minimum ratio of 2 percent. This is the first time the MMIF has met its minimum capital ratio since 2009.

Brady to Chair Ways and Means Committee

On November 4, the Republican Steering Committee voted to elect Representative Kevin Brady (R-TX) as chairman of the House Ways and Means Committee over Representative Pat Tiberi (R-OH), after newly elected House Speaker Paul Ryan (R-WI) threw his support behind Brady. The Steering Committee votes by secret ballot, so the actual vote tally is unknown.

AIA and HUD Accepting Entries for the 2016 Housing and Community Design Awards Program

The American Institute of Architects (AIA), in conjunction with HUD, recently announced that it has begun accepting entries for the 2016 Housing and Community Design Awards Program. AIA and HUD invite owners of structures and architects licensed in the United States to submit project designs of any size, budget, or style. Only projects completed after January, 1, 2011 will be considered for the awards. All entries must be submitted electronically before November 20, 2015 at 5:00 pm Eastern.