Resources
Underserved Mortgage Markets Coalition Press Release on FHFA Proposed Fair Lending Oversight Rule
On April 19, 2023, NCSHA signed onto a press release by the Underserved Mortgage Markets Coalition (UMMC) regarding the Federal Housing Finance Agency’s proposed rule on Fair Lending Oversight. The press release expresses support for FHFA’s proposal to codify into federal regulations the requirement that Fannie Mae and Freddie Mac publish and maintain Equitable Housing Finance Plans.
IRS Revenue Procedure 2023-22: New MRB and MCC Purchase Price Limits and Safe Harbors
On April 19, 2023, the Internal Revenue Service published Revenue Procedure 2023-22, 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 December 2022 and dividing them by .883. It also sets the national average purchase price at $503,300 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.
IRS Revenue Procedures 2023-32 and 2024-18 (National Pool)
Revenue Procedure 2022-37 (published within Internal Revenue Bulletin 2022-43) provides the Housing Credit National Pool amounts for qualified states for calendar year 2022. Twenty-seven states received unused Housing Credit carryovers from the National Pool.
NCSHA Comments to USDA on Single-Family Housing Guaranteed Loan Program Proposed Rule
NCSHA submitted comments on March 28, 2023, to the U.S. Department of Agriculture on a proposed rule for the Single-Family Housing Guaranteed Loan Program.
House Dear Colleague Letter: HOME Investment Partnerships Program FY 2024
Congresswoman Joyce Beatty (D-OH) circulated this sign-on letter to her colleagues in March 2023. Addressed to Chair Tom Cole (R-OK) and Ranking Member Mike Quigley (D-IL), the letter urges the Subcommittee on Transportation, Housing and Urban Development, and Related Agencies to increase funding for the HOME Investment Partnerships program to at least $2.5 billion for fiscal year 2024.
Senate Dear Colleague Letter: HOME Investment Partnerships Program FY24
Senator Chris Coons (D-DE) circulated this sign-on letter to his colleagues in the Senate in March 2023. The letter urges the Subcommittee on Transportation, Housing and Urban Development, and Related Agencies to increase funding for the HOME Investment Partnerships Program to at least $2.1 billion for fiscal year 2024.
HOME Coalition Sign-On Letter: FY 2024 Funding for HOME
On March 23, 2023, NCSHA, along with 749 national, state, and local organizations, sent this letter to Chair Brian Schatz (D-HI) and Ranking Member Cindy Hyde-Smith (R-MS) of the Senate Appropriations Subcommittee on Transportation, Housing, and Urban Development (THUD) and Chair Tom Cle (R-OK) and Ranking Member Mike Quigley (D-IL) of the House Appropriations THUD Subcommittee to express strong support for $2.5 billion in funding for the HOME Investment Partnerships program in Fiscal Year 2024.
Joint Letter to OMB on BABA’s Impact on Affordable Housing
NCSHA and 23 other organizations sent this March 23, 2023, letter to the White House expressing concern over the impacts on affordable housing development and the cost of housing of the revised implementation guidance for the Build America, Buy America Act provisions of the Infrastructure Investment and Jobs Act.
NCSHA Comments on OMB Proposed Rule on BABA
On March 13, 2023, NCSHA submitted comments to the Office of Management and Budget on certain provisions of the Build America, Buy America (BABA) Act.
