Resources

Underserved Mortgage Markets Coalition Press Release on FHFA Fair Lending Final Rule

On May 1, 2024, NCSHA signed onto a press release by the Underserved Mortgage Markets Coalition (UMMC) regarding the Federal Housing Finance Agency’s April 29 Final Rule on Fair Lending, Fair Housing, and Equitable Housing Finance Plans. The press release applauds FHFA for publishing the rule, which codifies into federal regulations the requirement that Fannie Mae and Freddie Mac publish and maintain Equitable Housing Finance Plans. The plans outline how each firm will support equitable and sustainable housing opportunities. UMMC also urges FHFA to adapt several policies to increase transparency and accountability regarding Fannie Mae and Freddie Mac’s equitable housing activities.

NCSHA Joins Letter in Support of H.R. 6785

NCSHA and several other leading affordable housing groups signed this April 26, 2024, letter to the House Financial Services Subcommittee leadership expressing support for H.R. 6785, the Rural Housing Service Reform Act of 2023.

NCSHA’s Comments on HUD Build America, Buy America RFI

NCSHA sent this letter to the US Department of Housing and Urban Development in response to their Request for Information regarding Iron, Steel, Construction Materials, and Manufactured Products Used in Housing Programs Pursuant to the Build America, Buy America Act issued on February 13, 2024.

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.

NCSHA Comments on Revisions to USDA Handbook Loss Mitigation Chapters

On April 10, 2024, NCSHA submitted comments to the U.S. Department of Agriculture on Rural Development’s (RD) proposed revisions to Chapters 17, 18 and 19 of Handbook 1-3555. While NCSHA is generally in support of the changes RD has proposed, the comments recommend RD not incorporate language that requires an increase in loan term as there could be significant negative consequences for state Mortgage Revenue Bond programs.

HOME FY25 THUD Appropriations Request

The HOME Coalition and more than 800 national, state, and local organizations sent a letter to the House and Senate THUD subcommittees to express strong support for $2.5 billion in FY25 funding for the HOME Investment Partnerships Program.

NCSHA’s Analysis of the Biden Administration’s FY 2025 Budget Request

This resource is NCSHA’s analysis of the Biden Administration’s Fiscal Year 2025 Budget Request. The $7.3 trillion budget outlines the administration’s fiscal priorities, including for U.S. Departments of Housing and Urban Development and Agriculture housing programs and several new housing programs.

Congressional Sign-On Letter: Performance-Based Contract Administration

This February 29, 2024, letter, signed by 22 members of Congress, expresses support for Section 251 of the Senate-passed Transportation, Housing, and Urban Development Appropriations Act of 2024. By directing the U.S. Department of Housing and Urban Development to use cooperative agreements when selecting new Performance-Based Contract administrators, this provision would support Project-Based Rental Assistance stakeholders, including housing finance agencies.

Project-Based Section 8 Rental Assistance FAQs