Resources
NCSHA Recommendations to IRS on 2024-2025 Priority Guidance Plan
On May 31, 2024, NCSHA sent the Internal Revenue Service and U.S. Department of Treasury recommendations on the 2024–2025 Priority Guidance Plan. These recommendations encompassed various enhancements and modifications to the Housing Credit and Housing Bond programs, all aimed at ensuring ongoing efficient state management of these initiatives.
ACTION Campaign Letter to IRS on 2024–2025 Priority Guidance Plan
On May 31, 2024, the ACTION Campaign, which is co-led by NCSHA and Enterprise Community Partners, sent a letter to the Internal Revenue Service and U.S. Department of the Treasury regarding the 2024–2025 Priority Guidance Plan. The letter made several recommendations to the plan including implementing Violence Against Women Act protections for Housing Credit tenants, providing more flexibility for properties suffering casualty loss, including relocation expenses in rehabilitation expenditures, and better restricting of planned foreclosures.
HUD Proposed Rule on HOME Program Updates and Streamlining
The Department of Housing and Urban Development issued a proposed rule to update and streamline the HOME Investment Partnerships Program.
Congressional Letter to Treasury on VAWA Housing Credit Guidance
On May 23, 2024, members of the House of Representatives, led by Representatives Gwen Moore (D-WI) and Claudia Tenney (R-NY), sent a letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel urging the U.S. Department of the Treasury and the Internal Revenue Service to promulgate guidance on the application of protections under the Violence Against Women Act for Low Income Housing Tax Credit allocators and other Housing Credit program participants, such as owners, property managers, investors, and syndicators.
NCSHA Comments on Freddie Mac Single-Family Closed-End Second Mortgages
NCSHA submitted comments to the Federal Housing Finance Agency in response to a request for comment on the proposed Enterprise product entitled "Freddie Mac Single-Family Closed-End Second Mortgages."
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.
