Newsroom
IRS Extends Housing Credit and Bond Deadlines, Provides Other Guidance on COVID-19
On July 1, the Internal Revenue Service published Notice 2020-53 providing temporary relief to owners and residents of Housing Credit and tax-exempt bond financed developments in response to the COVID-19 pandemic. The notice provides relief to agencies that administer the Housing Credit and tax-exempt bond programs and addresses nearly all of the issues raised in the letter NCSHA sent to IRS in March requesting COVID-19 relief.
IRS, Treasury Issue Proposed Rule Relaxing Compliance Monitoring Sample Sizes
In a massive victory for NCSHA, IRS and Treasury today published a proposed rule repealing the Housing Credit compliance monitoring sample size methodology that the Service and the department adopted in final regulations issued in February 2019. Those regulations, which NCSHA strongly opposed, would have gone into practical effect no later than January 1, 2021. Instead, the proposed rule IRS and Treasury released today reinstates previous policy in place from 2016 until IRS published the 2019 regulations.
All Qualified Alaskans Who Applied for Housing Relief To Receive It
Up to $1,200 in mortgage and rent relief was made available to eligible Alaskans through the federal CARES Act in response to COVID-19 hardship. Applications were accepted by Alaska Housing Finance Corporation from across the state for a two-week period from June 15-26, 2020. “When I directed Alaska Housing Finance Corporation to create a $10 million program to help prevent homelessness, we didn’t know what kind of response we would get. Today, the program is fully subscribed.
Housing Agency Promotes Becker and Mollman
NDHFA has promoted Kim Becker and Terri Mollman to leadership positions in its homeownership division. The state agency offers homebuyer education, affordable home financing, and down payment and closing costs assistance to low- to moderate-income households, primarily first-time homebuyers, to help them become successful homeowners. “We are excited to have Kim and Terri take on new roles at the agency,” said Dave Flohr, NDHFA executive director. “They are both dedicated, hardworking members of our team and will do a great job in their new positions.”
Affordable Housing Development Assistance Available
North Dakota Housing Finance Agency (NDHFA) is accepting applications for affordable housing development assistance available through the federal Low Income Housing Tax Credit (LIHTC) and National Housing Trust Fund (HTF) programs. “North Dakota Housing Finance Agency administers development programs that help our communities provide for the housing needs of their most vulnerable populations,” said Dave Flohr, NDHFA executive director.
WHEDA Foundation Now Accepting Housing Grant Applications
Wisconsin organizations that provide emergency shelter, transitional residences and extremely low-income housing are encouraged to apply for grants from the WHEDA Foundation. Administered by the Wisconsin Housing and Economic Development Authority, the WHEDA Foundation grants improve housing for community members with complex challenges such as developmental disabilities, domestic abuse, incomes at or below 30 percent of the area median income, youth homelessness and chronic mental illness. Grants of up to $40,000 are available in two categories, emergency/transitional housing and permanent housing.
Affordability Extended for Lower-Income Senior Citizens at Newton Housing Community as a Result of $8.1 Million in MassHousing Financing
MassHousing has provided $8.1 million in affordable housing financing to the non-profit Newton Community Development Foundation (NCDF), to preserve and extend the affordability for lower-income senior citizens for at least 20 years at the 43-unit Casselman House in Newton. “We were pleased to work with NCDF to preserve and extend affordability for these lower-income seniors in Newton,” said MassHousing Executive Director Chrystal Kornegay.
GAO Report Finds Increased Housing Affordability, Quality Challenges
The U.S. Government Accountability Office has published the first in what will be a series of reports analyzing the housing market, including whether the existing housing stock meets the needs of the American people. This first report describes trends in the rental housing market between 2001 and 2017, looking at the share of the population that rents, renters’ demographic characteristics, the affordability of the housing stock to renters, and rental housing conditions.
FHFA Announces GSEs Will Extend Multifamily Forbearance Agreements, Tenant Protections
Today, the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac (the Enterprises) will allow servicers of Enterprise multifamily loans to extend forbearance agreements for multifamily property owners for up to three additional months, for a total forbearance period of up to six months. This extension is available for owners of qualified properties with Enterprise-backed multifamily mortgages experiencing financial hardships due to the coronavirus National Emergency.
Affordability Extended for Lower-Income Households at New Bedford Housing Community as a Result of $19.9 Million in MassHousing Financing
MassHousing has provided $19.9 million in affordable housing financing to Kempton New Bedford Limited Partnership to preserve and extend the affordability for lower-income households for at least 20 years at the 157-unit Bedford Towers in New Bedford. “Bedford Towers has been a longstanding source of quality affordable housing for lower-income individuals and families in New Bedford,” said MassHousing Executive Director Chrystal Kornegay. “This transaction will ensure that these homes will remain affordable to the residents there for at least 20 more years, while also allowing for some improvements to the property.”
FHFA Provides Tenant Protections
Washington, D.C.– Today, to help renters in multifamily properties stay in their homes and to support multifamily property owners during the coronavirus national emergency, the Federal Housing...
Governor Hogan Announces $30 Million in Funding For Eviction Prevention Assistance
Governor Larry Hogan today announced the commitment of $30 million in new funding to prevent evictions and help Marylanders affected by the COVID-19 pandemic. "Too many Marylanders have faced undue financial hardships during this unprecedented crisis, including the inability to pay their rent," said Governor Hogan. "While our eviction moratorium has helped families remain in safe and stable housing through the pandemic, we are also maximizing federal resources to help as many renters as possible."
