Testimony, Comments, Correspondence
NCSHA joined more than 43 national, local, and business organizations in signing a coalition letter to congressional leaders expressing unified support for legislation to provide emergency rental assistance to tenants negatively affected by the COVID-19 pandemic and laying out principles to guide the development of such legislation.
On March 27 and April 7, respectively, National Association of REALTORS (NAR) President Vince Malta and NAR’s Mortgage Group sent letters to Treasury Secretary Steven Mnuchin, Federal Reserve Board Chair Jerome Powell, and Federal Housing Finance Agency Director Mark Calabria calling on them to maintain market liquidity and stability in light of growing forbearance requests and COVID-19’s impact on mortgage markets.
This memorandum summarizes NCSHA’s federal policy agenda related to the COVID-19 crisis on behalf of its member state housing finance agencies (HFAs), as of April 28, 2020. The first section summarizes our top legislative priorities for forthcoming fiscal stimulus legislation. The second section summarizes our priorities for federal policy and regulatory action.
Federal Housing Finance Agency (FHFA) Director Mark Calabria sent this letter describing actions FHFA has taken in response to the COVID-19 crisis and commenting on his views regarding possible further FHFA actions to address mortgage servicers’ and other real estate companies’ liquidity concerns.
NCSHA co-signed this April 23 Campaign for Housing and Community Development Funding (CHCDF) letter urging congressional leadership to include resources for affordable housing and community development programs in future coronavirus relief legislation.
On March 23, NCSHA sent a letter to the Internal Revenue Service outlining the steps state Housing Credit allocating agencies and the Housing Credit industry need IRS to take to extend program deadlines and provide other accommodations in light of the severe disruptions the COVID-19 pandemic is having on development and construction activities and the ongoing operations of existing Housing Credit properties. This matrix compares the accommodations NCSHA is requesting to those allowed under existing IRS Revenue Procedures 2014-49 and 2014-50, which provide relief in instances of Presidentially-declared Major Disasters, and to recent IRS Notice 2020-23, which extends certain program deadlines until July 15, 2020.
Support for NCSHA’s Letter to IRS, Treasury on Emergency Housing Credit Program Measures Due to COVID-19 Pandemic
On March 23, 2020, NCSHA sent a letter calling on the Internal Revenue Service and U.S. Department of the Treasury to take immediate steps to ease Housing Credit deadlines and provide other needed program accommodations due to social distancing during the COVID-19 pandemic. Here are three letters supporting NCSHA’s call to action.
On April 8, NCSHA sent a letter to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) in response to their joint January 9 Advanced Notice of Proposed Rulemaking and Request for Comments on proposed amendments to Community Reinvestment Act regulations.
On April 7, NCSHA sent this letter to Senate Majority Leader Mitch McConnell (R-KY), House Speaker Nancy Pelosi (D-CA), Senate Minority Leader Charles Schumer (D-NY), and House Minority Leader Kevin McCarthy (R-CA) outlining the steps Congress should take following passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to support affordable housing efforts. The letter includes recommendations for further statutory action, as well as requests for congressional support of NCSHA proposals to the Federal Reserve, U.S. Department of the Treasury, and U.S. Department of Housing and Urban Development related to implementation of provisions in the CARES Act.