Federal Regulations & Notices
Fannie Mae Underserved Markets Plan for 2022ā24
On April 27, 2022, Fannie Mae published its approved Underserved Markets Plan for 2022ā24. The plan outlines how Fannie Mae intends to fulfill its obligations under the Federal Housing Finance Agencyās Enterprise Duty-to-Serve Rule. The Duty-to-Serve Rule requires Fannie Mae and Freddie Mac to support lending for housing for very low-, low-, and moderate-income families (those earning 100 percent of area median income or below) in three underserved segments of the housing finance market: manufactured housing, affordable housing preservation, and rural areas.
FHFA Strategic Plan for Enterprise Conservatorship for 2022ā26
The āFederal Housing Finance Agency (FHFA) published this Strategic Plan for Fiscal Years 2022ā2026 on April 14. The plan outlines FHFAās priorities as the regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. The plan sets three main goals for FHFA during the applicable time period: securing the FHLBs and GSEsā safety and soundness, responsibly stewarding FHFA's infrastructure, and fostering housing finance markets that promote equitable access to affordable and sustainable housing.
IRS Revenue Procedure 2022-21: New MRB and MCC Purchase Price Limits and Safe Harbors
On March 30, 2022, the Internal Revenue Service published Revenue Procedure 2022-21, 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 set in November 2021 and dividing them by 1.083. It also sets the national average purchase price at $368,500 for computing the housing cost/income ratio, which provides for an upward adjustment to the percentage limitation in high housing cost areas.
ERA 2 Reallocation Guidance
These documents provide information on reallocation of Emergency Rental Assistance funds authorized under the American Rescue Plan Act (ERA 2).
Treasury Draft Guidance on Homeowner Assistance Fund Annual and Quarterly Reporting
On March 30, the U.S. Department of the Treasury released draft guidance outlining the annual and quarterly reporting requirements for the Homeowner Assistance Fund (HAF). Treasury will be accepting public comments on the draft guidance until April 14, 2022.
Biden Administrationās FY 2023 Budget Request
On March 28, 2022, the Biden Administration submitted to Congress the Presidentās Budget for Fiscal Year 2023. The budget request totals $5.8 trillion and outlines the Biden Administrationās fiscal priorities, including for HUD and USDA housing programs.
NCSHAās Analysis of the Biden Administrationās FY 2023 Budget Request
This resource is NCSHAās analysis of the Biden Administrationās Fiscal Year 2023 Budget Request. The $5.8 trillion budget outlines the Biden Administrationās fiscal priorities, including for U.S. Department of Housing and Urban Development and U.S. Department of Agriculture housing programs.
IRS Notice 2022-12: 2022 Calendar Year Resident Population Figures
IRS Notice 2022-12 provides the resident population figures necessary to determine the 2022 private activity bond volume cap and the population-based component of the Low Income Housing Tax Credit.
IRS Revenue Procedure 2022-20: Guidance on Telephonic Public Hearings for Tax-Exempt Bonds, Housing Credit QAPs
On March 18, the Internal Revenue Service issued Revenue Procedure 2022-20 providing permanent authority to conduct telephonic public hearings for tax-exempt private activity bonds and Housing Credit...
