Federal / Agency News
Biden Names Additional Appointees
President-elect Joe Biden named several members of his economic team this past week. As expected in previous reports, Biden nominated Janet Yellen to serve as Treasury secretary. He also named…
NH&RA Joins CHCDF Letter to Appropriations for FY 2021 Budget
NH&RA joined with 39 other national organizations in a letter to Congressional appropriations organized by the Campaign for Housing and Community Development Funding (CHCDF), which urges Congress to adopt full and robust fiscal year (FY) 2021 appropriations for housing and community development programs as soon as possible.
Biden Nominates Jared Bernstein As A Member of the Council of Economic Advisers
From 2009 to 2011, Bernstein was the chief economist and economic adviser to Vice President Joe Biden, executive director of the White House Task Force on the Middle Class and a member of President Obama’s economic team.
Biden Taps Yellen for Treasury Secretary
President-elect Joe Biden intends to nominate Janet Yellen to serve as his administration’s Treasury Secretary, according to media reports. If confirmed, Yellen would be the first woman to hold that position. She previously served as Federal Reserve Chair from 2014-18 under the Obama Administration, and was a Federal Reserve Board Governor, President of the San Francisco Federal Reserve Bank and Chair of the Council of Economic Advisers in the Clinton Administration.
Continued Availability of COVID-19 Supplemental Payments for HUD-Assisted Properties
HUD’s Office of Multifamily Housing published Housing Notice (HN) 2020-11, opening a second application period for owners of Multifamily-assisted properties to apply for CARES Act supplemental funds to offset property expenditures to safely serve residents in light of COVID-19. The notice allows owners to submit payment requests for expenses incurred through November 30, 2020. Requests are due to HUD or the Contract Administrator by December 11, 2020,
NH&RA Joins Family Self-Sufficiency Industry Comment Letter
NH&RA joined with 33 other organizations to submit comments on HUD’s proposed rule on its Family Self-Sufficiency (FSS) program. The comments are aimed at expanding the scope and impact of the FSS program so that it can support a broader share of families living in federally subsidized housing to build savings and reach their goal.
Sign-On by Nov. 20 to Support IRS COVID-Related LITHC Accommodations
The Affordable Housing Tax Credit Coalition (AHTCC) is circulating a sign-on letter to support the National Council of State Housing Agencies’ (NCSHA) letter to the Internal Revenue Service (IRS) and Department of the Treasury calling for an extension to the temporary COVID-related LIHTC relief. The deadline to sign-on is Friday, November 20. NH&RA joined the […]
$10 Billion Invested in RAD-Converted Public Housing
In just seven years since the first public housing property converted under the Rental Assistance Demonstration (RAD), Public Housing Agencies (PHAs) and their partners have cleared another major milestone—surpassing more than $10 billion for the improvement and replacement of converting public housing properties.
GAO OZ Report: Improved Oversight Needed to Evaluate Tax Expenditure Performance
The U.S. Government Accountability Office (GAO) recently published a report on Opportunity Zones (OZ’s), which calls on Congress to consider providing Treasury with authority and responsibility to collect data and report on OZ’s performance.
FHFA Announces 2021 Multifamily Loan Purchase Caps for Fannie Mae, Freddie Mac
The Federal Housing Finance Agency (FHFA) announced that the 2021 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the Enterprises) will be $70 billion for each Enterprise. NH&RA applauds the increased caps and looking forward to working with FHFA, Fannie Mae and Freddie Mac to ensure sufficient liquidity in the multifamily mortgage market during this economic downturn.
Freddie Mac CEO Announces Jan. 8 Departure
On November 9, Freddie Mac CEO David Brickman notified the company’s board of directors that he would resign as CEO, effective January 8. Michael Hutchins has been appointed interim President of the company effective November 16, 2020.
Post-Election Legislative Landscape
The Senate returned this week and hit the ground running with Fiscal Year (FY) 2021 appropriations. Funding for the federal government runs out on December 11 and both Republicans and Democrats have stated their desire for full FY 2021 appropriation, as opposed to another short-term or long-term continuing resolution. A COVID-19 relief package and a tax bill are widely seen as the other must-dos during the lame-duck session. All three legislative vehicles provide opportunities to attach LIHTC priorities. We’ll continue to monitor the latest developments and engage our members when action is needed.