Reps. Jeb Hensarling, R-Texas, and John Delaney, D-Md., released draft legislation Sept. 6 that would wind down Fannie Mae and Freddie Mac over a five-year period and create a mortgage insurance program run through Ginnie Mae. Under the legislation, Ginnie Mae would leave the U.S. Department of Housing and Urban Development and become a stand-alone agency. Hensarling and Delaney released the text of the legislation, as well as a section-by-section summary and an overview and summary, which are all available at www.taxcredithousing.com.
The National Association of Home Builders and eight other national organizations Sept. 10 asked acting Internal Revenue Service Commissioner David Kautter to issue guidance on issues facing potential investors in the federal opportunity zones (OZ) incentive. Their letter specifically seeks a definition of qualified investments, a clarification of the oversight process for investment funds and clarification of several terms in the statute. This is the latest of several requests for guidance. The letter is available at www.novoco.com.
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