Federal Regulations & Notices
Homeowner Assistance Fund: Frequently Asked Questions on Reporting Requirements
The U.S. Department of the Treasury, on December 8, 2021, published a Frequently Asked Questions document regarding the reporting requirements Homeowner Assistance Fund-administering agencies must adhere to.
Homeowner Assistance Fund: Guidance on Required Interim Report
The U.S. Department of the Treasury, on December 8, 2021, published guidance for Homeowner Assistance Fund-administering agencies regarding the interim report they are required to submit to Treasury by Monday, February 28, 2022.ย
IRS Revenue Procedure 2021-43: Extends Safe Harbors, Provides Guidance for 4 Percent Properties
IRS Revenue Procedure 2021-43 provides safe harbors for determining whether an exempt facility bond issue that is issued after December 31, 2020, or an allocation of a housing credit dollar amount...
IRS Revenue Ruling 2021-20: 4 Percent Floor Application to Housing Credit Buildings
IRS Revenue Ruling 2021-20 provides guidance regarding whether the 4 percent applicable percentage (4 percent floor) under ยง 42(b)(3) of the Internal Revenue Code applies to the low-income buildings described in the revenue ruling.
U.S. Treasury Departmentโs Emergency Rental Assistance Program (ERA1 and ERA2) Interim Report, January 1 โ October 30, 2021
This downloadable Excel workbook shows Emergency Rental Assistance (ERA1 and ERA2) dollars paid and number of households assisted by state and local grantees over the reporting periods of January 1 - March 31, April 1 โ April 30, May 1 โ May 31, June 1 โ June 30, July 1 โ July 31, August 1 โ August 31, September 1 โ September 30, 2021, and October 1 - October 30.ย
IRS Revenue Procedure 2021-45: 2022 Housing Credit and Housing Bond Volume Caps
Internal Revenue Service Revenue Procedure 2021-45 provides the 2022 per capita and small state minimum levels for the Low Income Housing Tax Credit (Housing Credit) and Private Activity Bonds (PABs). In 2022, states will receive the greater of $2.60 per capita or $2,975,000 in Housing Credit authority and the greater of $110 per capita or $335,115,000 in PAB volume cap.
IRS Revenue Procedure 2021-47: Tax Treatment and Reporting Requirements for HAF Assistance
Internal Revenue Service Revenue Procedure 2021-47 addresses the federal tax status and reporting requirements for assistance payments made to homeowners through the Homeowner Assistance Fund (HAF). The Revenue Procedure states that assistance payments made to homeowners under HAF are not considered gross income for federal tax purposes, but instead qualify as disaster relief payments. Consequently, beneficiaries will not have to pay taxes on qualified assistance received through HAF.
Treasury Responses to ERA Reporting Questions Submitted by NCSHA
This October 28, 2021, document communicates the Treasury Departmentโs responses to some of the questions NCSHA submitted on October 20 regarding quarterly ERA reporting.
Request for Reallocated ERA 1 Funds Form
Emergency Rental Assistance (ERA) program grantees who have obligated 65 percent or more of their ERA 1 as of September 30, 2021, may submit this form to the Treasury Department requesting additional ERA 1 funds from the excess funds Treasury has recaptured from other grantees.
