Federal Regulations & Notices
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.
HUD Update on Allocation of CARES Act Funding for Section 8 PBRA
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 tenant rent payments resulting from reduced tenant income. They also will accommodate increases in vacancy payment claims that may occur due to COVID-19-related delays in moving in new tenants.
FHFA Announcement of Refinance and Home Purchase Eligibility for Fannie Mae and Freddie Mac Borrowers
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.
Ginnie Mae APM 20-06: Treatment of Mortgage Delinquency Ratios for Issuers Affected by COVID-19
In response to the National Emergency declared by President Trump on March 13, 2020, in connection with COVID-19, Ginnie Mae is hereby provided Issuers temporary relief from the acceptable delinquency rate threshold requirement identified in Ch. 18, Part 3, ยง C of the Mortgage-Backed Securities (MBS).
CARES Act Forbearance Fact Sheet for Borrowers with FHA, VA, or USDA Loans
The Federal Housing Administration (FHA), Department of Agriculture (USDA), and Department of Veteran Affairs (VA), have aligned to provide consumers with information that outlines their responses to forbearance and loss mitigation options available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
CARES Act Forbearance Fact Sheet for Mortgagees and Servicers of FHA, VA, or USDA Loans
The Federal Housing Administration (FHA), Department of Agriculture (USDA), and Department of Veteran Affairs (VA), have aligned to provide servicers with information that outlines their responses to forbearance and loss mitigation options available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
HUD Final Rule: Streamlining Administrative Regulations for Multifamily Housing Programs and Implementing Family Income Reviews Under the Fixing America’s Surface Transportation (FAST) Act
HUD published in the Federal Register a final rule implementing Fixing Americaโs Surface Transportation (FAST) Act legislation allowing public housing authorities (PHAs) and owners to conduct full income recertifications for families with 90 percent or more of their income from fixed income every 3 years instead of annually. The rule is effective June 8, 2020.
APM 20-05: Availability of Pass-Through Assistance Program for Participants in Ginnie Maeโs Multifamily MBS Program
Ginnie Maeโs APM 20-05 extends the COVID-19 Pass-Through Assistance Program to multifamily issuers.
HOME Investment Partnerships Program FAQs: COVID-19 and CARES Act
This HUD document provides answers to frequently asked questions about the application of the temporary eviction moratorium in Section 4024 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to the HOME program.
