COVID-19

House Financial Services 2021 COVID-19 Relief Draft Bill

This draft legislation, which the House Financial Services Committee will mark up on February 10, includes the housing provisions expected to be included in the 2021 COVID-19 relief legislation.

Homeowner Assistance Fund (S.254)

This legislation, introduced by Senator Jack Reed (D-RI) with lead cosponsors Sherrod Brown (D-OH), and Patrick Leahy (D-VT), would authorize a $75 billion Homeowner Assistance Fund at the Department of the Treasury, which would be administered at the state level to help struggling homeowners avoid foreclosure and utility shut-offs.

NCSHA Letter on Housing Needs in 2021 COVID-19 Relief Legislation

This February 4, 2021, NCSHA letter to congressional leadership urges them to provide $25 billion in homeownership aid and an additional $25 billion in rental assistance in the COVID-19 relief package.

NCSHA Letter to Biden Administration on Emergency Rental Assistance Program Guidance Recommendations

This January 25, 2021, letter details the recommendations NCSHA made to the Treasury Department for guidance related to the $25 billion Emergency Rental Assistance program.

IRS Notice: 2021-10 Opportunity Zones COVID-19 Relief Extension

This notice extends the relief provided by IRS Notice 2020-39 and provides additional relief for Qualified Opportunity Funds and their investors in response to the COVID-19 pandemic. Notice 2021-10 specifically provides relief from the 180-day Opportunity Zone investment requirement, the 30-month substantial improvement period, the 90 percent investment standard, the 12-month reinvestment period for Opportunity Funds, and other program requirements.

IRS Notice 2021-12: Housing Credit Coronavirus Relief Guidance Extension and Expansion

This notice extends and expands temporary relief originally provided under previous Notice 2020-23 and Notice 2020-53 from certain requirements under Section 42 of the Internal Revenue Code for Housing Credit properties in response to the ongoing COVID-19 pandemic. Notice 2021-17 provides further clarification on the implementation of this Notice. The deadline extensions and waivers provided in this Notice have since expired; however, the IRS issued a subsequent Notice, Notice 2022-05 providing further extension and expanding on the guidance in this Notice.

American Rescue Plan

This document outlines President-Elect Biden’s proposal for a comprehensive COVID-19 relief platform, including housing aid.

NCSHA Statement to Trump Administration on Emergency Rental Assistance Program Guidance Recommendations

This statement, which NCSHA sent on January 8, 2021, to Trump Administration’s Treasury Department officials contains NCSHA’s initial recommendations on the guidance grantees would need to implement the Emergency Rental Assistance program.

U.S. Department of the Treasury Emergency Rental Assistance Program Website

The Emergency Rental Assistance Program makes available billions to assist households that are unable to pay rent and utilities due to the COVID-19 pandemic. The funds are provided directly to states, U.S. Territories, local governments, and Indian tribes. Grantees use the funds to provide assistance to eligible households through existing or newly created rental assistance programs. Access essential information on the official program website.