Resources
Featured HAF Program: Illinois Homeowner Assistance Fund
The Illinois Homeowner Assistance Fund Program (ILHAF) provides direct financial assistance to prevent mortgage delinquencies, defaults, displacements, and foreclosures for income-eligible homeowners experiencing pandemic-related hardships in Illinois. The state is now accepting applications from homeowners for grants of up to $30,000 to eliminate or reduce past-due mortgage and property tax payments.
Global Minimum Tax Sign-On Letter
This April 5, 2022, letter, signed by 30 national organizations including NCSHA, raises concerns about the potential impact of the OECD Pillar II Model Rules implementing a global minimum tax on community development financing tools, including the Housing Credit and tax-exempt bonds.
IRS Revenue Procedure 2022-21: New MRB and MCC Purchase Price Limits and Safe Harbors
On March 30, 2022, the Internal Revenue Service published Revenue Procedure 2022-21, 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 set in November 2021 and dividing them by 1.083. It also sets the national average purchase price at $368,500 for computing the housing cost/income ratio, which provides for an upward adjustment to the percentage limitation in high housing cost areas.
ERA 2 Reallocation Guidance
These documents provide information on reallocation of Emergency Rental Assistance funds authorized under the American Rescue Plan Act (ERA 2).
Treasury Draft Guidance on Homeowner Assistance Fund Annual and Quarterly Reporting
On March 30, the U.S. Department of the Treasury released draft guidance outlining the annual and quarterly reporting requirements for the Homeowner Assistance Fund (HAF). Treasury will be accepting public comments on the draft guidance until April 14, 2022.
Biden Administration’s FY 2023 Budget Request
On March 28, 2022, the Biden Administration submitted to Congress the President’s Budget for Fiscal Year 2023. The budget request totals $5.8 trillion and outlines the Biden Administration’s fiscal priorities, including for HUD and USDA housing programs.
NCSHA’s Analysis of the Biden Administration’s FY 2023 Budget Request
This resource is NCSHA’s analysis of the Biden Administration’s Fiscal Year 2023 Budget Request. The $5.8 trillion budget outlines the Biden Administration’s fiscal priorities, including for U.S. Department of Housing and Urban Development and U.S. Department of Agriculture housing programs.
Senators’ Letter to Treasury on ERA 2 Reallocation Policy
A bipartisan group of 12 Senators led by Joe Manchin (D-WV) and Shelley Moore Capito (R-WV) sent this March 23 letter to the Treasury Department requesting that every state and locality that has a plan to expend their ERA 2 funding by the statutory deadline in 2025 should have access to the full funding levels initially allocated by Congress.
Characteristics of Mortgage Borrowers During the COVID-19 Pandemic: CFPB Office of Research Special Issue Brief
On March 23, 2022, the Consumer Financial Protection Bureau (CFPB) released a new COVID-19 Special Issue Brief exploring the characteristics, including demographics, of mortgage borrowers in forbearance or delinquent during the COVID-19 pandemic. The report, an update on the May 2021 release, includes new data for mortgage borrowers who remained in forbearance in January 2022.
