NCSHA Blogs
HUD Releases Housing Choice Voucher Administrative Fee Study
HUD released its Housing Choice Voucher Administrative Fee Study earlier this week, marking the first time that HUD has collected empirical data on the actual costs to administer the Housing Choice Voucher (HCV) program.
Rep. Ellison Introduces Mortgage Interest Deduction Reform Bill
Last week, Representative Keith Ellison (D-MN) introduced H.R. 1662, the Common Sense Housing Investment Act, which would replace the mortgage interest deduction with a 15 percent flat rate tax credit on interest paid on mortgages up to $500,000. The tax credit would be available to all homeowners, regardless of whether they claim the standard deduction or itemize their tax deductions.
NCSHA Urges Congressional Leaders to Maintain Tax Exemption for Municipal Bonds
Last week, NCSHA joined 50 other organizations in sending a letter to leaders of both the U.S. House of Representatives and the U.S. Senate urging them to oppose eliminating or diminishing the tax-exempt status of municipal bonds. The letter was spearheaded by the Don’t Mess with our Bonds Coalition, a coalition comprised of state and local government associations, including NCSHA, which is dedicated to protecting the tax-exemption for municipal bonds, including private activity bonds. The signatories comprise a broad array of governmental and private stakeholders.
Ed Golding to Replace Biniam Gebre as FHA Head
HUD announced yesterday that Biniam Gebre, the Acting Commissioner of the Federal Housing Administration (FHA) and Acting Assistant Secretary for the Office of Housing, will leave his position with FHA on April 7. Ed Golding, who currently serves as a senior advisor in HUD’s Office of Policy and Development of Research and has been deeply involved in the Administration’s housing finance reform policy development process, will replace Gebre as head of FHA.
FHFA Issues Final Rule on GSE Allocations to Housing Trust Fund
Yesterday, the Federal Housing Finance Agency (FHFA) released a final rule establishing certain requirements regarding Fannie Mae and Freddie Mac’s contributions to the Housing Trust Fund and the Capital Magnet Fund (the Funds). Specifically, the rule would prohibit Fannie Mae and Freddie Mac from trying to recoup their allocations to the Funds by passing along the costs to loan originators, and sets a framework by which FHFA will enforce this prohibition. The final rule is identical to an interim final rule FHFA proposed in December.
HUD Issues Proposed VAWA Rule
Earlier this week, HUD Secretary Julián Castro announced HUD's proposed regulation implementing the Violence Against Women Act (VAWA) Reauthorization of 2013 (VAWA 2013).
HUD Secretary Castro Announces New Proposed Rule on Section 3 Program
Last week, HUD Secretary Julián Castro unveiled a new proposed rule to amend the federal “Section 3” program, which requires that HUD-funded jobs and contracts, to the greatest extent possible, be directed to local low-income residents and the businesses that employ them. The program is designed to create incentives and opportunities for individuals and communities that receive HUD funding to become more self-sufficient.
House and Senate Budget Committees Approve FY 2016 Budget Plans
This week, both the House and the Senate Budget Committees reported their respective Budget Resolutions. The resolutions moved swiftly through the committees, having been released only days earlier by their Republican chairmen, Representative Tom Price (R-GA) and Senator Mike Enzi (R-WY). Both committee-passed resolutions are expected to be debated on the floor of their respective chambers the week of March 23-27.
State HFAs Awarded Over $13 Million in NFMC Funding
NeighborWorks® America announced last week that it has awarded $44.8 million in funding to support counseling for struggling homeowners to help them avoid foreclosure through the National Foreclosure Mitigation Counseling (NFMC) program. Twenty-five state HFAs were selected to receive NFMC funds, as well as 18 HUD-approved Housing Counseling Intermediaries and 68 NeighborWorks affiliates. A list of all the grants awarded is available here.
Tiberi and Neal Introduce Minimum Credit Rate Legislation
On February 26, House Ways and Means Committee members Pat Tiberi (R-OH) and Richard Neal (D-MA) introduced H.R. 1142, which would permanently establish the 9 percent and 4 percent acquisition Housing Credit rate floors. The bill, which is essentially identical to legislation Tiberi and Neal introduced in the last Congress, already has bipartisan support. Of the 18 original cosponsors, including the bill’s lead sponsors, nine are Republicans and nine are Democrats.
