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Rep. Maxine Waters, D-California, and several colleagues in the House of Representatives today introduced three bills that would represent a historic investment in housing, urging that the legislation be included in a budget reconciliation bill that may be considered by Congress.
The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Friday’s Federal Register extending the period by 180 days for which certain 2019 and 2020 qualified census tracts (QCTs) and difficult development areas (DDAs) are effective for purposes of the low-income housing tax credit (LIHTC).
The U.S. Department of Housing and Urban Development (HUD) will publish in Friday’s Federal Register a proposed rule reinstating its previous rule on disparate impact’s role in the Fair Housing Act. The proposal would reinstate the 2013 rule that allowed evidence of discriminatory effects–including acts that were seemingly neutral, but had unequal effects–to be considered discrimination. HUD published a notice of proposed rulemaking in 2019 that would have weakened the ability to prove discrimination through disparate impact.
The U.S. Center for Disease Control and Prevention (CDC) today announced an extension of its COVID-19-related federal eviction moratorium through July 31. The extension, which was scheduled to end June 30, allows time to prevent a wave of evictions and extends the period for state and local governments to distribute emergency rental assistance.
The U.S. Department of the Treasury today released an updated frequently asked questions (FAQs) document and fact sheet to support the rapid deployment of Emergency Rental Assistance (ERA) aid by states, territories, localities and tribal governments. The updated FAQs strongly encourage partnerships with courts to prevent evictions and develop eviction-diversion programs, emphasize helping families experiencing homelessness gain access to assistance, remove language and cultural barriers in securing ERA and more.
The U.S. Supreme Court released a decision today ruling that the structure of the Federal Housing Finance Agency (FHFA) is unconstitutional and allowing the president to fire the director. The decision in Collins v. Yellen paves the way for President Joe Biden to replace FHFA Director Mark Calabria if he chooses. Calabria is an appointee of President Donald Trump. The court ruled that the Recovery Act, which placed FHFA enterprises Fannie Mae and Freddie Mac under government conservatorship, violated the Constitutional separation of powers dictate by restricting the president’s ability to remove the FHFA head.
The U.S. Department of Housing and Urban Development (HUD) will publish in Thursday’s Federal Register an interim final rule restoring certain definitions and certifications in regulations the Fair Housing Act’s requirement to affirmatively further fair housing (AFFH). The interim rule also reinstates the process by which HUD provides technical assistance and other support to funding recipients who are engaged in fair housing planning to support their certifications. The rule will go into effect July 31
The White House today released a summary, fact sheet and Greenbook on President Joe Biden’s proposed $6 trillion budget for fiscal year 2022. Of this amount, the Biden administration requests $1.67 trillion in discretionary spending, $754 billion for defense and $913 billion for nondefense, the first such request where nondefense exceeded defense in recent history.
A fact sheet released by the White House today provides details on the $318 billion for housing and community development-related provisions, including $213 billion of direct spending and $105 billion for tax proposals of the American Jobs Plan, President Joe Biden’s multi-trillion-dollar infrastructure proposal. The fact sheet specifies $55 billion for low-income housing tax credit (LIHTC) proposals and $45 billion for the national Housing Trust Fund (HTF). Other proposals include $40 billion for the public housing capital fund, $35 billion for the HOME Investments Partnership program, $17.5 billion for weatherization assistance, $12 billion for the Capital Magnet Fund and $2 billion for new project-based Section 8 assistance.
Legislation introduced in both houses of Congress would require the 11 Federal Home Loan Banks (FHLBanks) to increase their investments in affordable housing and community development. The Federal Home Loan Banks’ Mission Implementation Act (S. 1684, H.R. 3323), would double the FHLBanks’ investment in affordable housing through the Affordable Housing Program (AHP), include a 2% set-aside for tribal communities from each FHLBank’s AHP and community development program and make other changes.
Sen. Catherine Cortez Masto, D-Nevada, introduced legislation to redirect Troubled Assets Relief Program (TARP) funding to the national Housing Trust Fund (HTF). The Affordable Housing Production Act (S. 1674) would direct leftover or unspent TARP funds to the HTF. Sens. Alex Padilla, D-California; Dianne Feinstein, D-California; Jeff Merkley, D-Oregon; and Bernie Sanders, I-Vermont; were co-sponsors with Cortez Masto. Companion legislation was introduced in the House of Representatives by Rep. Norma J. Torres, D-California.
The U.S. Department of Housing and Urban Development (HUD) today posted its first set of frequently asked questions (FAQs) for the emergency housing vouchers. Those 70,000 vouchers were recently allocated to nearly 700 public housing authorities, funded by the American Rescue Plan Act of 2021.
The Federal Housing Finance Agency (FHFA) today published the proposed Underserved Markets Plan for Fannie Mae and Freddie Mac for 2022-2024. The plans cover Jan. 1, 2022, through Dec. 31, 2024. The Housing and Economic Recovery Act of 2008 requires Fannie and Freddie to serve three specific underserved markets by increasing the liquidity of mortgage financing for families with very-low, low and moderate incomes. Those markets are manufactured housing, affordable housing preservation and rural housing. FHFA will accept public input on the proposed plans during a 60-day public input period that ends July 19.
The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Wednesday’s Federal Register proposing to adjust which documents are required while processing and completing a Rental Assistance Demonstration (RAD) conversion. The notice adjusts HUD’s documents to reflect updates to RAD requirements. Comments will be accepted through June 16.
The U.S. Department of Housing and Urban Development (HUD) published a notice that outlines requirements for public housing authorities (PHAs) who will be invited to administer 70,000 vouchers.
The Novogradac Rent & Income Limit Calculator© has been updated to include fiscal year (FY) 2021 rent and income limit data that was released April 1 by the U.S. Department of Housing and Urban Development (HUD). Using the HUD-published data, the Novogradac Rent & Income Limit Calculator© will calculate low-income housing tax credit (LIHTC) rent and income limits for every county and every metropolitan statistical area in the United States.
The U.S. Department of Treasury and the U.S. Department of Housing and Urban Development (HUD) today announced the allocation of an additional $21.6 billion in emergency rental assistance (ERA) allocation. The allocations are made under the American Rescue Plan for Emergency Rental Assistance.
Legislation introduced in both houses of Congress today would leverage federal funding to build or rehabilitate homes for lower- and middle-income families, provide $10 billion in grants to local governments that reform land use rules that restrict production of affordable housing and provide down payment grants to first-time homebuyers living in formerly redlined or officially segregated areas. The American Housing and Economic Mobility Act was introduced with lead sponsors Rep. Emanuel Cleaver II, D-Missouri, and Sen. Elizabeth Warren, D-Massachusetts.
A bipartisan group of legislators introduced the Affordable Housing Credit Improvement Act of 2021 (AHCIA) today in both chambers of Congress. Novogradac estimates the primary unit financing provisions of the bill could finance as much as 2 million additional affordable rental homes over 10 years. The legislation would lower the financed-by threshold for private activity bonds (50% test) from 50% to 25% starting in 2022; increase 9% LIHTC authority by 25% in 2021 and 2022; extend the discretionary 30% basis boost for 9% LIHTC properties to PAB-financed properties; provide a 30% basis boost for properties in rural and Native American areas; and more.
The U.S. Department of Housing and Urban Development (HUD) last week released guidance to public housing authorities (PHAs) and their partners concerning the new Faircloth-to-Rental Assistance Demonstration (RAD) process and how to make submissions to HUD. A factsheet released by HUD says the Faircloth-to-RAD pathway could result in 220,000 units of new deeply affordable housing units. The “Faircloth” limits are based on a cap in the number of public housing units the federal government will create. Many PHAs operate fewer deeply rental-assisted units than their limit. In a Faircloth-to-RAD transaction, PHAs can develop public housing units using HUD’s public housing mixed-finance program and convert the property to a long-term Section 8 contract after construction. HUD has streamlined and merged the mixed-finance development and RAD conversion process.
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