Federal Regulations & Notices
Senate Letter to HUD on DOGE Staff Cuts
On February 20, 2025, a group of Senators sent this letter to Housing and Urban Development Secretary Scott Turner expressing concerns over the agencyโs plans for staffing cuts, which were made based on the recommendations of the new Department of Government Efficiency.
FHA Mortgagee Letter 2025-06: Updates to Servicing, Loss Mitigation, and Claims
The Federal Housing Administration issued Mortgagee Letter 2025-06 on January 16, 2025, introducing comprehensive updates to servicing, loss mitigation, and claims processes for FHA-insured Title II forward mortgage loans
2025 Rule Updating, Streamlining HOME Investment Partnerships Program
On January 6, 2025, the U.S. Department of Housing and Urban Development finalized updates to the HOME Investment Partnerships program regulations, aiming to streamline requirements, align them with other federal housing programs, and incorporate recent statutory amendments.
Treasury Department Blog Highlights Housing Credit Best Practices to Discourage Qualified Contracts and Keep Housing Affordable Longer
On December 12, 2024, the U.S. Department of Treasury published the blog post, โHousing Crisis in Focus: LIHTC Best Practices to Discourage Qualified Contracts and Keep Housing Affordable for Longer.โ The post highlights state Housing Credit agency best practices to discourage the use of qualified contracts as a means of removing the affordability restrictions from properties before the end of their extended use periods.
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 Procedure 2024-41 (National Pool)
Revenue Procedure 2024-41 (published within Internal Revenue Bulletin 2024-47) provides the Housing Credit National Pool amounts for qualified states for calendar year 2024. Twenty-nine states received unused Housing Credit carryovers from the National Pool.
HUD Proposed Rule on HOME Program Updates and Streamlining
The Department of Housing and Urban Development issued a proposed rule to update and streamline the HOME Investment Partnerships Program.
Congressional Letter to Treasury on VAWA Housing Credit Guidance
On May 23, 2024, members of the House of Representatives, led by Representatives Gwen Moore (D-WI) and Claudia Tenney (R-NY), sent a letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel urging the U.S. Department of the Treasury and the Internal Revenue Service to promulgate guidance on the application of protections under the Violence Against Women Act for Low Income Housing Tax Credit allocators and other Housing Credit program participants, such as owners, property managers, investors, and syndicators.
IRS Revenue Procedure 2024-21: New MRB and MCC Purchase Price Limits and Safe Harbors
On April 16, 2024, the Internal Revenue Service published Revenue Procedure 2024-21, which revises the nationwide average purchase price limits and the average area purchase price safe harbors for the Mortgage Revenue Bond (MRB) and Mortgage Credit Certificate (MCC) programs. The revenue procedure establishes the new MRB and MCC purchase price limits by taking the Federal Housing Administration single-family loan limits released in November 2023 and dividing them by .878. It also sets the national average purchase price at $510,100 for computing the housing cost/income ratio, which determines which areas qualify as high cost and are eligible for an increase in MRB/MCC income limits.
