Resources
HUD Update on Allocation of CARES Act Funding for Section 8 PBRA
On May 28, 2020, HUD announced it would complete funding actions to provide $800 million of CARES Act supplemental appropriations to approximately 16,500 properties with Section 8 project-based rental assistance contracts to maintain normal operations. These resources, in addition to amounts appropriated under the Fiscal Year 2020 appropriations act, will help compensate owners for decreased tenant rent payments resulting from reduced tenant income. They also will accommodate increases in vacancy payment claims that may occur due to COVID-19-related delays in moving in new tenants.
Wyden Press Release on Affordable Housing Priorities for Next COVID-19 Relief Package
Senate Finance Committee Ranking Member Ron Wyden (D-OR) today announced that he will press to include Housing Credit enhancements in the next coronavirus relief bill, including many of NCSHA’s priorities. Senator Wyden’s priorities for the next bill include suspending Housing Credit compliance requirements and deadlines for 12 months, as NCSHA has requested of IRS; setting a minimum 4 percent rate for bond-financed properties and other changes to augment equity in those deals; closing the Qualified Contract loophole; providing resources to help Housing Credit property owners if tenants are unable to pay their rents; allowing investors to begin receiving credits on time, even if properties are struggling with lease-up; and providing additional support to properties that serve extremely low-income households, including those who are formerly homeless, to cover the costs of services.
FHFA Summary of Draft Notice of Proposed Rulemaking Relating to Enterprise Capital Standards
When FHFA released the draft of its lengthy notice of proposed rulemaking for Fannie Mae and Freddie Mac capital requirements, it also provided this Fact Sheet summary document.
FHFA Announcement of Refinance and Home Purchase Eligibility for Fannie Mae and Freddie Mac Borrowers
As part of its response to the coronavirus national emergency, FHFA announced that Fannie Mae and Freddie Mae will, temporarily, purchase loans originated to borrowers in forbearance, and that enhanced due diligence will be required to do so.
Why Congress Should Enact the Emergency Rental Assistance and Rental Market Stabilization Act
This document provides talking points HFAs and their partners can use to advocate for the enactment of the Emergency Rental Assistance and Rental Market Stabilization Act.
NCSHA Summary of House HEROES Act
NCSHA staff prepared the attached memorandum to summarize the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act under consideration in the House of Representatives. The bill would provide more than $3 trillion for coronavirus relief in programs across government agencies, including state and local assistance; additional individual payments; and significant funding for education, public health, and affordable housing; and make other housing-related changes.
Senators’ May 14 Letter to Treasury and the Federal Reserve on Municipal Bonds
On May 14, 2020, a group of Senators wrote Treasury Secretary Mnuchin and Federal Reserve System Board Chair Powell to encourage them to take further action to stabilize the municipal bond market to ensure state and local governments have access to needed medium- and long-term financing.
NCSHA May 14 Letter to Ginnie Mae on Its Pass-Through Assistance Programs and Loan Delinquency Ratio Requirements
On behalf of its state Housing Finance Agency (HFA) members, NCSHA wrote Ginnie Mae this letter expressing appreciation for the steps it has taken to provide assistance to single-family and multifamily loan servicers affected by COVID-19, asking it to reconsider and amend key aspects of those programs, and urging it to issue guidance as soon as possible that would hold harmless state HFAs from the effects of Ginnie Mae’s delinquency ratio calculations during the COVID-19 pandemic.
Ginnie Mae APM 20-06: Treatment of Mortgage Delinquency Ratios for Issuers Affected by COVID-19
In response to the National Emergency declared by President Trump on March 13, 2020, in connection with COVID-19, Ginnie Mae is hereby provided Issuers temporary relief from the acceptable delinquency rate threshold requirement identified in Ch. 18, Part 3, § C of the Mortgage-Backed Securities (MBS).
