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Federal Regulations & Notices

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.

Treasury Notice on ERA 2 Final Undrawn Funds Assessment

This notice, published December 2, 2022, by the Treasury Department, modifies prior guidance on ERA 2 reallocation to state Treasury will not conduct the optional Final Undrawn Funds Assessment described in the previous guidance until at least June 2023, if at all.

IRS Revenue Procedure 2022-38: 2023 Housing Credit and Housing Bond Volume Caps

The Internal Revenue Serviceā€™s Revenue Procedure 2022-38 provides the 2023 per-capita and small-state minimum levels for the Low Income Housing Tax Credit and Private Activity Bonds. In 2022, states will receive the greater of $2.75 per capita or $3,185,000 in Housing Credit authority and the greater of $120 per capita or $358,845,000 in PAB volume cap.

35 Senators Sign Reed-Moran Letter Asking HUD to Withdraw, Rethink PBCA Procurement

Thirty-five Senators (25 Democrats and 10 Republicans) signed a letter led by Senators Jack Reed (D-RI) and Jerry Moran (R-KS) asking the U.S. Department of Housing and Urban Development to ā€œwithdraw HUDā€™s draft solicitation for Housing Assistance Payments (HAP) Contract Support Services and work with key partners to develop a proposal that recognizes the value of state-based program administration, improves efficiency, and achieves the best outcomes for property owners, tenants, and HUD.ā€

53 Representatives Sign Langevin Letter Asking HUD to Withdraw, Rethink PBCA Procurement

Fifty-three Representatives (46 Democrats and seven Republicans) signed a letter led by Representative James Langevin (D-RI) urging the U.S. Department of Housing and Urban Development to ā€œwithdraw the draft solicitation in favor of developing a proposal with key partners that recognizes the value of state-based program administration, improves efficiency, and achieves the best outcomes for property owners, tenants, and HUD.ā€

IRS Notice 2022-52: Housing Credit Coronavirus Relief Guidance Extension and Expansion

This notice extends and expands temporary relief originally provided under Notice 2020-23, Notice 2020-53, Notice 2021-12, and Notice 2022-05 from certain requirements under Section 42 of the Internal Revenue Code for Housing Credit properties in response to the ongoing COVID-19 pandemic.

Average Income Test Final and Temporary Regulations

This final rule sets forth guidance on the Housing Credit Average Income Test (AIT) minimum set-aside and also includes temporary regulations related to reporting on AIT compliance.

Updated IRS FAQs on Taxability of Payments from Coronavirus State and Local Fiscal Recovery Funds

On September 28, 2022, the Internal Revenue Service updated its Frequently Asked Questions (FAQs) pertaining to the tax treatment of various benefits funded through Coronavirus State and Local Fiscal Recovery Funds (SLFRF). The new FAQs clarify that down payment assistance for home buyers funded through SLFRF is not considered federal taxable income, meaning homeowners will not have to report the assistance as income and government entities do not have to issue 1099 forms to recipients of assistance. The updated FAQs also clarify that SLFRF assistance provided to home buyers to help pay mortgage insurance premiums also does not qualify as federal taxable income.

Request for Information: Green and Resilient Retrofit Program

On September 22, 2022, the U.S. Department of Housing and Urban Development released a preview version of a Request for Information requesting comments on its new Green and Resilient Retrofit Program (GRRP). HUD is establishing the GRRP pursuant to a section of the Inflation Reduction Act providing $1 billion to HUD for energy and water efficiency retrofits and climate resilience of HUD-assisted multifamily properties.