Today, NCSHA submitted comments to the Internal Revenue Service (IRS) urging it to make changes to the Low Income Housing Tax Credit (Housing Credit) Average Income Test (AIT) minimum set-aside regulations the Service put forth in a recent Notice of Proposed Rulemaking. NCSHA worked closely with Housing Credit leaders in Congress on developing the concept of the AIT and drafting the legislative language, which first appeared in the Affordable Housing Credit Improvement Act of 2016 and was eventually enacted as part of the Consolidated Appropriations Act of 2018. Unfortunately, the IRS AIT proposed rule sets what NCSHA believes to be an unnecessarily rigid standard for meeting the AIT minimum set-aside, creating excessive risk to investors and likely negatively impacting interest in AIT properties. It also stymies practical implementation of the AIT by preventing owners from changing unit income designations over time, even if such changes are needed to comply with other housing program rules or if the lack of such flexibility creates conflicts with fair housing- and accessibility-related laws.
The California Housing Finance Agency (CalHFA) is pleased to announce the start of the National Mortgage Settlement Counseling Program, offering free housing counseling to help Californians concerned about their housing situation. CalHFA designed and implemented the new program to respond to overwhelming need as COVID-19 and the related economic disruption have exacerbated an already precarious housing situation for millions of California families.
Governor Tim Walz, Lieutenant Governor Peggy Flanagan and Minnesota Housing Commissioner Jennifer Leimaile Ho announced in an online presentation today that the Minnesota Housing board of directors approved staff recommendations of $195 million to create and preserve 2,387 homes throughout the state, including rental units and single-family homes. Full details on all of the selected and advancing developments, including maps and videos, are available online at www.mnhousing.gov/sites/np/2020selections.
Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) announced its 2021 affordable housing goals for Fannie Mae and Freddie Mac (the Enterprises). Due to the economic uncertainty...
The Pennsylvania Department of Banking and Securities (DoBS) and Pennsylvania Housing Finance Agency (PHFA) are urging homeowners struggling to pay their mortgages to take advantage of options to lower or pause payments before some federal protections end on Dec. 31, 2020. The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows borrowers with a federally backed mortgage to request forbearance to defer or lower their payments for up to 180 days if they have been directly or indirectly affected by COVID-19. The CARES Act also prohibits negative credit score reporting for homeowners using this forbearance option.
MassHousing Closes on $26.4 Million in Financing for the Refinancing and Substantial Renovation of the 248-Unit Powdermill Village in Westfield
MassHousing has closed on $26.4 million in affordable housing financing to the non-profit Affordable Housing and Services Collaborative, Inc., to support the refinancing and major rehabilitation of the 248-unit Powdermill Village in Westfield. Powdermill Village was constructed in the 1970s and was last renovated in 2000. AHSC has planned more than $28 million in improvements to substantially rehabilitate the 12 two- and three-story buildings at the property, including one building that was partially destroyed by a fire in April 2018.
Late yesterday, the so-called 908 Coalition—a bipartisan group of centrist Senators and members of the House Problem Solvers Caucus—released the text of its $908 billion coronavirus relief plan, split into two separate bills. The first bill is a $748 billion package that includes $25 billion for emergency rental assistance and spending on other programs and has wide support on both sides of the aisle. The second bill includes the two pieces of the plan that have met with resistance from some on the Hill: liability protection—favored by Republican leadership but opposed by Democratic leadership—and $160 billion in funding for state and local governments—favored by Democratic leadership but opposed by Republican leadership.
On December 30, 2020, the Florida Housing Finance Corporation (Florida Housing) is set to close the Coronavirus Relief Fund (CRF) program. With over $200 million committed, this initiative was launched in July 2020 to assist Floridians impacted by the COVID-19 pandemic. Through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), these funds are directed to assist residents living in Florida Housing’s multifamily and special needs developments, as well as Florida residents needing mortgage and rental assistance as a result of the pandemic.
The North Dakota Industrial Commission (Commission) announced today that six projects have received funding commitments from the North Dakota Housing Finance Agency (NDHFA) to support the construction or rehabilitation of more than 200 affordable housing units. During its most recent funding round, NDHFA allocated $3.25 million in federal tax credit authority through the Low Income Housing Tax Credit (LIHTC) program. When syndicated, the credits will generate approximately $29 million in project equity. NDHFA also awarded $2.76 million through the National Housing Trust Fund (HTF).
HUD recently issued two new memoranda to revise, extend, and update the pair of memoranda issued on April 10, 2020, suspending certain statutory and regulatory requirements for the HOME Investment Partnership program and HOME-Assisted Tenant-Based Rental Assistance for Emergency and Short-Term Assistance in response to the COVID-19 pandemic.
This week, as state housing finance agencies worked urgently to deliver federal emergency assistance in the remaining days federal rules allow, NCSHA worked relentlessly to secure additional aid...
Secretary Holt Announces Owen McEvoy as New Deputy Secretary at the Maryland Department of Housing and Community Development
Maryland Department of Housing and Community Development (DHCD) Secretary Kenneth C. Holt today announced that Owen McEvoy will serve as Deputy Secretary for the Department. Prior to his current role, McEvoy served as DHCD's Director of Public Information where he managed a team of marketing, communications, outreach, business development and customer service professionals. During his tenure, he directed a series of business development and marketing campaigns that have enabled the Maryland Mortgage Program to achieve more than $1 billion in mortgage reservations.