NCSHA Blogs
IRS Extends Housing Credit Placed-In-Service and Other Deadlines at NCSHA’s Request
Today, the Internal Revenue Service released Notice 2022-52, which builds on previous notices related to COVID-19 relief the IRS has provided to Housing Credit agencies and their industry partners,...
Average Income Test Final Rule Appears to Facilitate Practical Implementation of the New Set-Aside in Housing Credit Developments
Today, the U.S. Department of the Treasury and the Internal Revenue Service published final and temporary regulations providing guidance on the Low Income Housing Tax Credit (Housing Credit) Average...
Administration Announces Progress on Housing Supply Action Plan, Release of Housing Credit Average Income Rule and Deadline Extensions
This morning the Biden-Harris Administration published a progress report on its efforts to advance the agenda items in the Housing Supply Action Plan released last May, including the announcement of today’s imminent publication of the final rule for the Housing Credit Average Income Test (AIT) minimum set-aside and Internal Revenue Service guidance extending the placed-in-service deadlines for certain Housing Credit developments, as well as other deadline extensions for which NCSHA has been advocating. NCSHA will publish blogs later today analyzing the AIT final rule and the deadline extensions.
New Treasury Guidance Adds Flexibility for Unobligated ERA 2 Dollars
On Wednesday, the U.S. Department of the Treasury updated its Frequently Asked Questions guidance for the Emergency Rental Assistance (ERA) program to enumerate flexibilities provided under the American Rescue Plan Act for ERA 2 dollars that are unobligated as of October 1, 2022. The updated FAQs allow such funds to be used for the construction, rehabilitation, or preservation of affordable housing projects and the operation of affordable housing projects that were constructed, rehabilitated, or preserved using ERA 2 funds.
Senate Appropriations Committee Releases FY 2023 Spending Bills
Yesterday, the Senate Appropriations Committee released twelve FY 2023 appropriations bills, including the FY 2023 Transportation, Housing and Urban Development, and Related Agencies (THUD) and Department of Agriculture, Rural Development, Food and Drug Administration, and Related Agencies (USDA) appropriations bills.
Treasury Department Boosts Affordable Housing with Fiscal Recovery Funds
The Treasury Department today announced new guidance that will significantly increase the ability of state, local, and tribal governments to use Coronavirus State and Local Fiscal Recovery Funds to directly support the development of affordable housing and help lower housing costs.
House Appropriations Committee Passes FY 2023 Spending Bill
Last week, the House Appropriations Committee passed the Transportation, Housing and Urban Development, and Related Agencies fiscal year 2023 appropriations bill, which would increase annual funding levels for U.S. Department of Housing and Urban Development (HUD) programs in FY 2023. The bill would provide $62.7 billion for HUD programs and activities, $9 billion more than the FY 2022 enacted level and $1.1 billion above President Biden’s FY 2023 budget request.
State of the Nation’s Housing 2022 Report Highlights Housing Affordability Challenges
Last week, the Joint Center for Housing Studies of Harvard University released its annual report “The State of the Nation’s Housing 2022.” The report finds that, after record-breaking increases in home prices and rents in 2021, the housing market is likely to cool in 2022 as higher interest rates settle the home buyer market and the increase in construction of new apartments brings some relief to renters. However, the report indicates that the combination of higher interest rates, insufficient housing supply, and price surges for gas, food, and other necessities is expected to have a greater impact on lower-income households and households of color, especially as funding from emergency government support during the pandemic winds down.
Financial Services Committee Advances Bill to Establish Down Payment Assistance Program
The House Financial Services Committee voted Thursday afternoon to favorably report legislation, the Downpayment Toward Equity Act (H.R. 4495), that would establish a grant program to provide down payment and other home purchase assistance to underserved home buyers. NCSHA supported the legislation, which was introduced by Committee Chair Maxine Waters (D-CA), and worked with Committee staff to strengthen it.
Cortez Masto and Moore Introduce Legislation to Strengthen MRBs and MCCs
Senator Catherine Cortez Masto (D-NV) and Representative Gwen Moore (D-WI) earlier today introduced the Affordable Housing Bond Enhancement Act. This legislation, which NCSHA has worked on closely with the senator’s and congresswoman’s offices, will expand the HFAs’ ability to provide affordable homeownership by strengthening the Mortgage Revenue Bond (MRB) and Mortgage Credit Certificate (MCC) programs.
