COVID-19
Letter to FHFA Director Requesting Longer Comment Period on ECF Rule
In response to the Notice of Proposed Rulemaking for the re-proposed Enterprise Regulatory Capital Framework, on June 30, 2020, NCSHA joined 16 other national associations and organizations in sending to FHFA Director Mark Calabria this request to increase the comment period from 60 to 120 days, to October 28, 2020.
FHA’S Office of Single Family Housing “Drafting Table”
On this HUD.gov page, the Federal Housing Administration's (FHA) Office of Single Family Housing Drafting Table periodically posts policy drafts or other supplemental documents for industry and stakeholder feedback.
NCSHA Joins Affordable Housing Advocates in Letter to FHA and FHFA on Forbearance
On June 24, 2020, NCSHA joined a broad coalition of 36 affordable housing advocates, associations, and industry stakeholders on this letter addressed to HUD Secretary Carson and FHFA Director Calabria, and additionally sent to Treasury Secretary Mnuchin, National Economic Council Director Lawrence Kudlow, and the leadership of the Senate Banking, Housing, and Urban Affairs Committee and the House Financial Services Committee. The letter urged that FHA rescind and revise its 20 percent indemnification requirement for validly underwritten loans that go into forbearance post-closing but before the loans are insured. The letter also asked that FHFA rescind and revise the loan level price adjustments (of 500 or 700 basis points) for early payment forbearance loans it previously announced for loans sold to Fannie Mae and Freddie Mac, as they are contributing to marketwide credit overlays.
HOME COVID-19 Funding Request Letter
On June 25, 2020, one hundred and eighty national, state, and local organizations, including NCSHA, sent this letter to House and Senate Transportation, Housing, and Urban Development Appropriations Subcommittee leadership requesting $14 billion for the HOME Investment Partnerships Program in the next COVID-19 relief package.Ā
FHFA Report to Congress 2019
On June 15, 2020, the Federal Housing Finance Agency (FHFA) issued this report highlighting the actions the agency has taken related to the COVID-19 National Emergency. The document also provides an organizational overview of FHFA, discusses Dr. Calabriaās legislative recommendations, and reports on FHFAās annual examinations of Fannie Mae and Freddie Mac and the Federal Home Loan Banks.
Coalition Letter to HUD Secretary Regarding FHA Policy on Lender COVID-19 Forbearance Indemnification
On June 9, 2020, NCSHA and several other housing organizations, representing a broad cross-section of the housing and financial services industries, wrote HUD Secretary Carson to express their concern with the recently announced Federal Housing Administration (FHA) policy requiring lenders to provide 20 percent indemnification (of the original loan amount) for up to two years to borrowers in forbearance due to COVID-19-related hardship after closing and prior to FHA insuring their loans.
Mayorsā Letter to Congress Urging Enactment of Housing Credit Provisions in the Next Coronavirus Relief Legislation
On June 1, 2020, 67 mayors sent this letter to congressional leadership urging them to enact a minimum 4 percent Housing Credit rate and lower the 50 percent test in the next coronavirus relief legislation. The ACTION Campaign, co-chaired by NCSHA and Enterprise Community Partners, coordinated the letter.
IRS Notice 2020-39 Extends Deadlines, Provides Guidance on Opportunity Zone Investment in Response to COVID-19
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, the working capital safe harbor, the 12-month reinvestment period for Opportunity Funds, and other program requirements.
Wyden Press Release on Affordable Housing Priorities for Next COVID-19 Relief Package
Senate Finance Committee Ranking Member Ron Wyden (D-OR) today announced that he will press to include Housing Credit enhancements in the next coronavirus relief bill, including many of NCSHAās priorities. Senator Wydenās priorities for the next bill include suspending Housing Credit compliance requirements and deadlines for 12 months, as NCSHA has requested of IRS; setting a minimum 4 percent rate for bond-financed properties and other changes to augment equity in those deals; closing the Qualified Contract loophole; providing resources to help Housing Credit property owners if tenants are unable to pay their rents; allowing investors to begin receiving credits on time, even if properties are struggling with lease-up; and providing additional support to properties that serve extremely low-income households, including those who are formerly homeless, to cover the costs of services.
