Federal Regulations & Notices
CARES Act Mortgage Forbearance: What You Need to Know
This video, available on the CFPB website along with additional consumer-focused resources, outlines important details about mortgage forbearance, which can help consumers get back on their feet during short-term financial difficulty.
Mortgage Servicer Funding Facility
Policymakers are considering ways to ensure the mortgage servicing industry, the central plumbing of the U.S. housing financial system, remains functional during the COVID-19 crisis. The CARES Act...
NCSHA Proposed Treasury-Federal Reserve Housing Bond Facility
These documents include a summary and term sheet for a Housing Bond Facility that the Treasury and the Federal Reserve System could establish to address COVID-19-related dislocations in the market for housing bonds.
IRS Notice 2020-10 (2020 Population Figures)
Notice 2020-10 advises State and local housing credit agencies that allocate low-income housing tax credits under § 42 of the Internal Revenue Code, and States and other issuers of tax-exempt private activity bonds under § 141, of the population figures to use in calculating: (1) the 2020 calendar year population-based component of the State housing credit ceiling (Credit Ceiling) under § 42(h)(3) (C)(ii); (2) the 2020 calendar year volume cap (Volume Cap) under § 146; and (3) the 2020 volume limit (Volume Limit) under§ 142(k)(5).
IRS Revenue Ruling 2020-4: Income Limits Computation for Average Income Test
IRS Revenue Ruling 2020-4 provides guidance on the calculation for Housing Credit income limits at 20, 30, 40, 50, 60, 70, and 80 percent of area median income, for purposes of the Housing Credit Average Income Test under Section 42(g)(1)(C).
HUD Affirmatively Furthering Fair Housing Proposed Rule
HUD issued a proposed rule to reform its regulations of the Fair Housing Act’s requirement to Affirmatively Further Fair Housing (AFFH). The proposed rule replaces the AFFH rule published in 2015, implementation of which the Secretary in 2018 suspended.
U.S. Court of Appeals Decision in Inclusive Communities Project, Inc. vs. Department of Treasury, Office of the Comptroller of the Currency
The Fifth Circuit Appeals Court dismissed a suit brought by the Inclusive Communities Project (ICP) against the Department of the Treasury and Office of the Comptroller of the Currency on the grounds that ICP does not have standing. ICP had sued the federal agencies under the Fair Housing Act, alleging that they failed to regulate the Low Income Housing Tax Credit program to affirmatively further fair housing.
IRS Revenue Procedure 2019-44, 2020 Housing Credit and Housing Bond Volume Caps
Rev. Proc. 2019-44 provides the 2020 per capita and small-state minimum levels for the Low Income Housing Tax Credit and Private Activity Bonds (PABs). In 2020, states will receive the greater of $2.81 per capita or $3,217,500 in Housing Credit authority and the greater of $105 per capita or $321,775,000 in PAB volume cap.
2020 Housing Credit and PAB Volume Caps
The IRS released the 2020 volume caps for Housing Credit and Private Activity Bonds (PABs).
