NCSHA Summary of Coronavirus Relief Legislation
The U.S. Senate passed unanimously on March 25, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, after reaching agreement among Democratic, Republican, and White House negotiators. The House is expected to pass the bill on March 27.
This memorandum summarizes the housing-specific provisions in the bill, including supplemental appropriations for HUD and other housing programs, increased liquidity for state and local municipal bond issuers, and forbearance for homeowners and multifamily properties. The bill also gives the HUD Secretary broad authority to waive existing program regulations if necessary. It does not include the Housing Assistance Fund NCSHA and others sought, extensions of Housing Credit procedural deadlines NCSHA has asked IRS to implement, or provisions from the Affordable Housing Credit Improvement Act.