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Tuesday, January 19, 2021

The U.S. Department of the Treasury today published a frequently asked questions document concerning the Emergency Rental Assistance (ERA) program that was established by the Consolidated Appropriations Act, 2021. The FAQ addresses 14 questions, including definitions, requirements for participation and information required for recordkeeping. 

Friday, January 15, 2021

The Internal Revenue Service (IRS) today issued a notice extending temporary relief for low-income housing tax credit (LIHTC) properties from COVID-19-related difficulties and providing new relief. Notice 2021-12 extends certain deadlines in previous notices from Dec. 31, 2020. Among the extensions are the 10% test for carryover allocations and the 24-month minimum rehabilitation expenditure period, both of which are extended until Sept. 30.

Thursday, January 14, 2021

President-elect Joe Biden released a $1.9 trillion COVID-19 relief plan today that includes an extension of the eviction and foreclosure moratoriums and continue applications for forbearance on federally guaranteed mortgages until Sept. 30.

Wednesday, January 13, 2021

Iowa Gov. Kim Reynolds released a proposed fiscal year 2022-23 budget this week that includes a state low-income housing tax credit (LIHTC), doubling the state workforce housing tax credit and increasing funding for the state housing trust funds. Reynolds’ $8.1 billion proposal includes a $15 million annual allocation for a new state LIHTC incentive and a boost for the workforce housing tax credit from $25 million annually to $50 million, with a doubling of the small-cities set-aside from $10 million to $20 million.

Tuesday, January 12, 2021

A bill introduced in the Indiana Senate would create a state low-income housing tax credit (LIHTC) for a percentage of the federal 4% LIHTCs received by properties. S.B. 214 would make the state LIHTC transferrable and the credit could be carried forward up to nine years. 

Tuesday, January 12, 2021

Legislation pre-filed in Virginia and scheduled to be introduced Wednesday would create a state low-income housing tax credit (LIHTC) equal to the amount of the federal LIHTC that a development receives.

Monday, January 11, 2021

California Gov. Gavin Newsom proposes an investment of $8 billion in housing resources as part of his 2021-22 budget proposal. His initial proposed budget includes a third round of $500 million in low-income housing tax credits (LIHTCs); $750 million to extend Homekey, the state’s program to acquire hotels, motels and other facilities to provide permanent housing for people experiencing homelessness; and $2.6 billion in federal COVID-19 relief to state and local jurisdictions for rental assistance. The California budget proposal will be updated in May and must be adopted by the state Legislature before July 1.

Wednesday, January 6, 2021

U.S. Department of the Treasury today published details concerning the $25 billion available through the Emergency Rental Assistance program, including a deadline of Tuesday, Jan. 12, at 11:59 p.m. ET to ensure payments are made within a 30-day period. Treasury also published grantee award terms and a submission form.

Tuesday, January 5, 2021

The Federal Housing Finance Agency (FHFA) today published the 2021 Underserved Markets Plans for Fannie Mae and Freddie Mac.

Monday, December 28, 2020

California Treasurer Fiona Ma announced last week that the California Debt Limit Allocation Committee (CDLAC) and the California Tax Credit Allocation Committee (CTCAC) adopted regulations to streamline the process to finance housing using low-income housing tax credits (LIHTCs) and tax-exempt bonds.

Monday, December 28, 2020

President Donald J. Trump signed fiscal year 2021 spending legislation Sunday that includes a permanent minimum 4% low-income housing tax credit (LIHTC), a five-year extension of the new markets tax credit (NMTC) and extensions of renewable energy tax credits. The $1.4 trillion omnibus fiscal year spending legislation includes a $1.2 billion allocation of non-COVID disaster LIHTCs for 11 states and Puerto Rico, a one-year extension of the renewable energy production tax credit (PTC) at 60% of its original amount and a two-year extension of the renewable energy tax investment tax credit (ITC) at a 26% rate. The NMTC is now authorized through 2025. 

Monday, December 21, 2020

A permanent minimum 4% low-income housing tax credit (LIHTC) rate, a five-year extension of the new markets tax credit (NMTC) and an extension of phase-down provisions for the renewable energy investment tax credit (ITC) and production tax credit (PTC) are included in a $1.4 trillion omnibus fiscal year 2021 (FY 2021) spending and $900 billion COVID-19 relief bill that will be considered by Congress today. 

Wednesday, December 16, 2020

The Federal Housing Finance Agency (FHFA) today announced affordable housing goals for 2021 for government-sponsored entities (GSEs) Fannie Mae and Freddie Mac. 

Friday, December 4, 2020

The Office of the Comptroller of the Currency (OCC) today published a notice of proposed rulemaking requesting comment on its approach to determine Community Reinvestment Act (CRA) measurement thresholds.

Tuesday, December 1, 2020

A $908 billion COVID-19 relief stimulus proposal introduced by a bipartisan group of Senators includes $25 billion in emergency rental assistance. The proposal, introduced at a news conference Tuesday, also includes funding for state and local governments, federal unemployment benefits, an extension of the Paycheck Protection Plan and other provisions.

Monday, November 30, 2020

President-elect Joe Biden today formally nominated Janet Yellen to be his Secretary of the Treasury. Yellen, the chairwoman of the Federal Reserve from 2014-2018, would be the 78th Treasury Secretary and first woman to hold the position if confirmed by the U.S. Senate.

Tuesday, November 24, 2020

A group of more than 140 organizations submitted a letter to the Internal Revenue Service (IRS), requesting deadline extensions and other accommodations for the low-income housing tax credit (LIHTC) due to the COVID-19 pandemic.

Tuesday, November 24, 2020

The Internal Revenue Service published in Monday’s Federal Register a notice and request for comment on IRS Form 8823, Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition. The IRS is recommending no changes to the form. Comments are due Jan. 22, 2021.

Thursday, November 19, 2020

The ongoing affordable housing crisis, COVID-19 pandemic, social unrest and effects of climate change combine to require a “comprehensive re-envisioning of national housing policy,” according to the “The State of the Nation’s Housing 2020,” an annual report released today by the Joint Center for Housing Studies of Harvard University.

Tuesday, November 17, 2020

The Federal Housing Finance Agency (FHFA) announced today a combined $140 billion multifamily loan purchase cap for Fannie Mae and Freddie Mac–$70 billion for each government-sponsored enterprise (GSE). At least 50 percent of the GSE multifamily loans are required to be used for affordable housing, up from a 37.5 percent requirement in 2020.