Industry News

President Biden Unveils $1.9 Trillion American Rescue Plan

President Joe Biden recently unveiled his COVID-19 and economic recovery plan. Of interest to our members, the sweeping $1.9 trillion plan calls for another round of $1,400 stimulus payments to individuals, an eviction moratorium on federal guaranteed mortgages until September 30, 2021, an additional $30 billion for rental assistance ($5 billion of which is dedicated to home energy and water costs and arrears), $5 billion in emergency assistance to help secure housing for people experiencing or at risk of homelessness.

Housing Featured During Treasury Secretary Confirmation Hearing

Affordable housing, evictions, housing finance reform, and the LIHTC came up several times during the confirmation hearing for Treasury Secretary nominee Dr. Janet Yellen. During her questioning Senator Maria Cantwell (D-WA) reiterated the importance of affordable housing saying, “I look forward to working with you to increase Affordable Housing Tax Credits.”

IRS Extends COVID-Related LIHTC, Opportunity Zones Relief

Internal Revenue Service Notice 2021-12 extends the temporary relief for qualified LIHTC projects. The 10 percent test for carryover allocations and the 24-month minimum rehabilitation expenditure period are extended until September 30. The deadline for income recertifications and compliance monitoring is extended until October 1 and the placed-in-service deadline is extended to December 31.

Member News

NH&RA Welcomes New Member DREAM Collaborative – We Look Forward to Working with You!

DREAM Collaborative is a diverse and minority-owned architecture firm committed to bringing a broader perspective to the design process to better understand and serve the needs of our clients. We believe that a symphony of voices leads to more innovative thinking and ultimately to better business outcomes.

NH&RA Past Board Chair John Kelly to Retire from Nixon Peabody

John Kelly, senior counsel and partner at Nixon Peabody International LLP, said he would retire as of Jan. 31. Kelly has more than 30 years of experience in affordable housing and has been a longtime advocate at both the state and federal level.

Vesta Renovation Wins Redevelopment Award

Vesta Corp. said its renovation of Park Yellowstone Apartment Homes in Houston was recently awarded the Texas Apartment Association’s Affordable Housing Redevelopment Award for creativity and innovation in affordable housing.