Resources
IRS Revenue Procedure 2021-45: 2022 Housing Credit and Housing Bond Volume Caps
Internal Revenue Service Revenue Procedure 2021-45 provides the 2022 per capita and small state minimum levels for the Low Income Housing Tax Credit (Housing Credit) and Private Activity Bonds (PABs). In 2022, states will receive the greater of $2.60 per capita or $2,975,000 in Housing Credit authority and the greater of $110 per capita or $335,115,000 in PAB volume cap.
CHCDF Sign-On Letter to Congress Urging Enactment of the Build Back Better Act
On November 10, 2021, the Campaign for Housing and Community Development Funding, of which NCSHA is a member, sent this letter to congressional leadership urging them to quickly enact the $154 billion investments in critical housing and community development investments in the Build Back Better Act.
IRS Revenue Procedure 2021-47: Tax Treatment and Reporting Requirements for HAF Assistance
Internal Revenue Service Revenue Procedure 2021-47 addresses the federal tax status and reporting requirements for assistance payments made to homeowners through the Homeowner Assistance Fund (HAF). The Revenue Procedure states that assistance payments made to homeowners under HAF are not considered gross income for federal tax purposes, but instead qualify as disaster relief payments. Consequently, beneficiaries will not have to pay taxes on qualified assistance received through HAF.
NCSHA Letter to HUD on FHA Proposed 40-Year Loan Modification
On October 29, 2021, NCSHA sent this letter to the U.S. Department of Housing and Urban Development (HUD) to discuss the negative impact that the Federal Housing Administration proposed 40-year loan modification would have on the state HFA Mortgage Revenue Bond programs and request that HUD either exempt state HFAs from this requirement or permit them to request and be granted a waiver.
NCSHA Letter to OCC on Proposed Community Reinvestment Act Reforms
On October 29, 2021, NCSHA submitted this letter to the Office of the Comptroller of the Currency (OCC) on its September 2021 proposed rule to amend its Community Reinvestment Act (CRA) regulations finalized in June 2020. In the letter, NCSHA expressed support for OCC’s proposal which would effectively rescind its current CRA rules and replace them with its previous CRA regulations while it works with other federal banking regulators to develop common CRA rules. NCSHA argues that the current CRA guidance could reduce bank investments in Housing Credits, Housing Bonds, and other needed community and economic development activities.
Treasury Responses to ERA Reporting Questions Submitted by NCSHA
This October 28, 2021, document communicates the Treasury Department’s responses to some of the questions NCSHA submitted on October 20 regarding quarterly ERA reporting.
Request for Reallocated ERA 1 Funds Form
Emergency Rental Assistance (ERA) program grantees who have obligated 65 percent or more of their ERA 1 as of September 30, 2021, may submit this form to the Treasury Department requesting additional ERA 1 funds from the excess funds Treasury has recaptured from other grantees.
ERA Program Improvement Plan Form
Emergency Rental Assistance (ERA) program grantees who have obligated less than 65 percent of their ERA 1 grant as of September 30, 2021, must submit this Program Improvement Plan form to the Treasury Department.
Obligated ERA 1 Funds Certification Form
Emergency Rental Assistance (ERA) program grantees are required to submit this certification to the Treasury Department indicating the amount of their ERA 1 grant they have obligated through September 30, 2021.
