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Federal Regulations & Notices

U.S. Treasury Department Emergency Rental Assistance Frequently Asked Questions (Updated as of March 5, 2024)

This FAQ document provides guidance regarding the Emergency Rental Assistance program enacted in the Consolidated Appropriations Act of 2021.

IRS Revenue Ruling 2024-05: Qualified Disaster Zones in 2021 and 2022 and State Housing Credit Ceilings

This notice holds that if one or more of a Stateā€™s allocations, under section 305 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, to qualified disaster zones in 2021 or 2022 are returned after 2022, then the returned housing credit dollar amounts are part of the overall Returned Credit Component of a Stateā€™s housing credit ceiling in the year of return. As such, reallocations of these returned amounts are not restricted to projects located in qualified disaster zones.

HUD Notice on Changes to the Methodology Used for Calculating Section 8 Income Limits

On January 10, 2024, the U.S. Department of Housing and Urban Development (HUD) published this notice in the Federal Register setting an annual cap of 10 percent on income limit increases for housing financed by Housing Credits, private activity bonds, and various HUD programs, including Section 8. The previous cap was five percent or twice the annual percentage change in median family income. Comments on the notice will be accepted through February 9, 2024, but HUD requests that comments are limited to responses to six provided questions.

Treasury Department Interim Final Rule to Amend ‘Obligation’ in SLFRF Regulations

On November 20, 2023, the Treasury Department issued an interim final rule to amend the definition of ā€™obligationā€™ set forth in Coronavirus State and Local Fiscal Recovery Fund (SLFRF) regulations and to give additional flexibility and clarity to recipients to support their use of SLFRF funds. The rule does not alter the eligible use categories described in the 2022 SLFRF final rule or the 2023 interim final rule and does not alter existing SLFRF obligation or expenditure deadlines. Recipients must obligate SLFRF funds by December 31, 2024, and expend obligated funds by December 31, 2026.

IRS Revenue Procedure 2023-34: 2024 Housing Credit and Housing Bond Volume Caps

The Internal Revenue Serviceā€™s Revenue Procedure 2023-34 provides the 2024 per-capita and small-state minimum levels for the Low Income Housing Tax Credit and Private Activity Bonds. In 2023, states will receive the greater of $2.90 per capita or $3,360,000 in Housing Credit authority and the greater of $12 per capita or $378,230,000 in PAB volume cap.

IRS Revenue Procedure 2023-32 (National Pool)

Revenue Procedure 2022-37 (published within Internal Revenue Bulletin 2022-43) provides the Housing Credit National Pool amounts for qualified states for calendar year 2022. Twenty-seven states received unused Housing Credit carryovers from the National Pool.

HUD Administrative Notice on NSPIRE

Issued by the U.S. Department of Housing and Urban Development, this notice on the National Standards for the Physical Inspection of Real Estate (NSPIRE) addresses the process and operational requirements for public housing and multifamily housing assistance programs covered by the final rule. The notice contains policies and procedures for properties participating in inspections, submitting evidence of deficiency correction, submitting technical reviews, administrative review, and other administrative requirements associated with the final NSPIRE rule.

NCSHA Analysis of Biden Administrationā€™s FY 2024 Budget Request

This resource is NCSHAā€™s analysis of theĀ Biden Administrationā€™s Fiscal Year 2024 Budget Request. The $6.9 trillion budget outlines the Biden Administrationā€™s fiscal priorities, including for U.S. Department of Housing and Urban Development and U.S. Department of Agriculture housing programs.

FHA Mortgagee Letter 2023-05: Reduction in Annual Single-Family Mortgage Insurance Premium

On February 22, 2023, the U.S. Department of Housing and Urban Development published Mortgagee Letter 2023-05 and announced the Federal Housing Administration will reduce its annual single-family mortgage insurance premium by 0.30 percentage points, from 0.85 to 0.55 percent for most new borrowers, effective for mortgages endorsed on or after March 20, 2023.