Resources
Congressional Letter to Treasury and IRS on Average Income Test
This May 26, 2022, letter from Senators Michael Bennet (D-CO), Todd Young (R-IN), Rob Portman (R-OH), Ron Wyden (D-OR), and Mike Crapo (R-ID) and Representatives Suzan DelBene (D-WA), Jackie Walorski (R-IN), Donald Beyer (D-VA), and Richard Neal (D-MA) urges the Treasury Department and Internal Revenue Service to expedite release of the final rule on the Housing Credit Average Income Test in a manner that is workable and responsive to Housing Credit industry feedback.
HOME Coalition Letter to HUD Secretary Supporting HOME Modernization
NCSHA, along with 30 organizations, sent this letter to U.S. Department of Housing and Urban Development Secretary Marcia Fudge to commend HUD and the Biden-Harris Administration’s commitment to advancing HOME.
NCSHA Comments to the Department of Labor on Davis-Bacon Regulations
NCSHA submitted these comments to the Department of Labor’s Wage and Hour Division in response to its March 18 Notice of Proposed Rulemaking.
Fact Sheet: Fiscal Recovery Funds and the Housing Credit
This document addresses frequently asked questions about Coronavirus State and Local Fiscal Recovery Funds and the challenges of using these resources with the Housing Credit. It also describes the NCSHA-endorsed LIFELINE Act, proposed legislation that would align these two programs.
Senate LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act of 2022
This legislation, S.4181, introduced on May 11 by Senators Patrick Leahy (D-VT) and Susan Collins (R-ME), would allow state, local, territorial, and tribal governments to use Coronavirus State and Local Fiscal Recovery Funds to make long-term loans to Housing Credit developments.
Fiscal Recovery Funds Final Rule: Frequently Asked Questions
This Treasury Department document provides answers to frequently asked questions about the Coronavirus State and Local Fiscal Recovery Funds (FRF). Of particular interest to housing stakeholders are sections 1.8 (use of funds by nonprofits); 2.14 (investments in affordable housing); 2.24 (eviction prevention and housing stability); 4.2 (infrastructure costs in affordable housing); 4.9 (use of FRF for loans, including more detail on cost of the loan and revolving loan funds); 6.15 (application of Davis-Bacon Act requirements), and 13.11 (treatment of program income).
Senate Dear-Colleague Letter: HOME Investment Partnerships Program FY 2023
In April 2022, Senator Chris Coons (D-DE) circulated to his Senate colleagues this sign-on letter requesting support from the Senate Committee on Appropriations Subcommittee on Transportation, Housing and Urban Development, and Related Agencies to increase funding for the HOME Investment Partnerships program (HOME) to at least $2.1 billion for fiscal year 2023.
Federal Banking Regulators’ May 5, 2022, Joint Notice of Proposed Rulemaking on the Community Reinvestment Act
On May 5, 2022, the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a joint notice of proposed rulemaking amending the agencies’ Community Reinvestment Act (CRA) regulations. The proposal includes a new framework and updated metrics for measuring large banks’ CRA compliance and an expansion of banks’ CRA assessment areas to include areas where they do not have a physical location but are still active. It also seeks to define more clearly what community development activities are eligible for CRA credit, including what activities would count as supporting affordable housing.
Treasury Department Fact Sheet: State, Local, Tribal Government Investment of Fiscal Recovery Funds for Affordable Housing
This fact sheet provided by the Treasury Department presents examples of how state, local, and tribal governments are using Coronavirus State and Local Fiscal Recovery Fund resources for various affordable housing activities.
