Resources
Updated IRS FAQs on Taxability of Payments from Coronavirus State and Local Fiscal Recovery Funds
On September 28, 2022, the Internal Revenue Service updated its Frequently Asked Questions (FAQs) pertaining to the tax treatment of various benefits funded through Coronavirus State and Local Fiscal Recovery Funds (SLFRF). The new FAQs clarify that down payment assistance for home buyers funded through SLFRF is not considered federal taxable income, meaning homeowners will not have to report the assistance as income and government entities do not have to issue 1099 forms to recipients of assistance. The updated FAQs also clarify that SLFRF assistance provided to home buyers to help pay mortgage insurance premiums also does not qualify as federal taxable income.
Request for Information: Green and Resilient Retrofit Program
On September 22, 2022, the U.S. Department of Housing and Urban Development released a preview version of a Request for Information requesting comments on its new Green and Resilient Retrofit Program (GRRP). HUD is establishing the GRRP pursuant to a section of the Inflation Reduction Act providing $1 billion to HUD for energy and water efficiency retrofits and climate resilience of HUD-assisted multifamily properties.
Analysis: The Bipartisan Infrastructure Law — Implications for Affordable Housing
NCSHA commissioned UpLook Advisors to perform a high-level assessment of the 2021 Bipartisan Infrastructure Law’s implications for housing. The analysis highlights a number of new and existing...
HOME Final Rule Implementing Changes to Commitment Requirement
This regulation finalizes without change an interim rule, published in 2016, that modified the method by which the Department of Housing and Urban Development determines participating jurisdictions’ (PJs) compliance with the statutory 24-month commitment requirement for HOME Investment Partnerships program funds. Specifically, it uses a grant-specific method for determining compliance with the requirement and revised the method for administering program income to prevent PJs from losing allocated HOME funds when they expend program income.
Report: Filling Funding Gaps — How State Agencies Are Moving to Meet a Growing Threat to Affordable Housing
On September 20, 2022, NCSHA released this report, produced by Abt Associates, documenting the actions state housing finance agencies are taking to meet the growing threat to affordable housing from unprecedented cost increases in labor, materials, and financing.
NCSHA-Led Sign-on Letter to HUD on Improvements to HOME Guidance
This letter, signed by NCSHA and 20 other organizations involved in the HOME Coalition, makes recommendations to HUD on how it should improve and modernize HOME program regulations and other guidance. The letter is in response to the Administration’s commitment in its Housing Supply Action Plan to consider improvements to HOME.
Organizations Endorsing the LIFELINE Act
The listed organizations and businesses support the LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, S. 4181/H.R. 7078.
NCSHA Request for Extension of HAPSS Comment Deadline
On August 11, NCSHA submitted comments to the Department of Housing and Urban Development in response to its Request for Information on Housing Assistance Payments Contract Support Services (HAPSS), formerly known as the Performance-Based Contract Administrator (PBCA) program. In its letter, NCSHA requested HUD allow at least a 90-day comment period for stakeholders to respond; the current comment period is only 30 days after publication.
Treasury Webinar on State and Local Fiscal Recovery Funds for Affordable Housing Production and Preservation
On August 11, 2022, the Treasury Department hosted a webinar on State and Local Fiscal Recovery Funds guidance for housing production and preservation. The guidance increases flexibility to use recovery funds to fully finance long-term affordable housing loans and expands presumptively eligible uses to further maximize the availability of recovery funds for affordable housing.
