In response to the COVID-19 pandemic, IRS Notice 2020-39 extends the deadline to invest in a Qualified Opportunity Fund until December 31, 2020, for all taxpayers if the 180th day after a capital gain is recognized between April 1, 2020, and December 31, 2020. This notice also provides guidance on the 30-month substantial improvement test, […]
On May 28, 2020, HUD announced it would complete funding actions to provide $800 million of CARES Act supplemental appropriations to approximately 16,500 properties with Section 8 project-based rental assistance contracts to maintain normal operations. These resources, in addition to amounts appropriated under the Fiscal Year 2020 appropriations act, will help compensate owners for decreased […]
Read More… from HUD Update on Allocation of CARES Act Funding for Section 8 PBRA
Senate Finance Committee Ranking Member Ron Wyden (D-OR) announced that he will press to include Housing Credit enhancements in the next coronavirus relief bill, including many of NCSHA’s priorities. Senator Wyden’s priorities for the next bill include suspending Housing Credit compliance requirements and deadlines for 12 months, as NCSHA has requested of IRS; setting a […]
When FHFA released the draft of its lengthy notice of proposed rulemaking for Fannie Mae and Freddie Mac capital requirements, it also provided this Fact Sheet summary document. […]
As part of its response to the coronavirus national emergency, FHFA announced that Fannie Mae and Freddie Mae will, temporarily, purchase loans originated to borrowers in forbearance, and that enhanced due diligence will be required to do so. […]
This document provides talking points HFAs and their partners can use to advocate for the enactment of the Emergency Rental Assistance and Rental Market Stabilization Act. […]
NCSHA staff prepared the attached memorandum to summarize the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act under consideration in the House of Representatives. The bill would provide more than $3 trillion for coronavirus relief in programs across government agencies, including state and local assistance; additional individual payments; and significant funding for education, public […]
On May 14, 2020, a group of Senators wrote Treasury Secretary Mnuchin and Federal Reserve System Board Chair Powell to encourage them to take further action to stabilize the municipal bond market to ensure state and local governments have access to needed medium- and long-term financing in the midst of the COVID-19 pandemic. View Letter […]
Read More… from Senators’ May 14 Letter to Treasury and the Federal Reserve on Municipal Bonds
On behalf of its state Housing Finance Agency (HFA) members, NCSHA wrote Ginnie Mae this letter on May 14, 2020, expressing appreciation for the steps it has taken to provide assistance to single-family and multifamily loan servicers affected by COVID-19, asking it to reconsider and amend key aspects of those programs, and urging it to […]
