Federal / Agency News
Comments on NMTC Program Allocation Application Due March 1
The Community Development Financial Institutions (CDFI) Fund is soliciting public comments on its calendar year (CY) 2021 New Markets Tax Credit (NMTC) Programs Allocation Application.
Congress Passes COVID Relief, FY 2021 Omnibus Appropriations Bill
On Monday, December 21, Congress passed a sweeping $1.4 trillion package to fund the government through September 30, 2021 plus $900 billion in Coronavirus aid. Many, many thanks to our members and partners who kept up the drumbeat all year long to get important housing priorities included in the bill.
HUD Publishes 2020 Map Guide
HUD published its updated 2020 Multifamily Accelerated Processing (MAP) Guide, which becomes effective January 21, 20201. In addition to some reorganization and streamlining throughout, the updated MAP Guide includes:
• The integration of the Federal Housing Administration (FHA) Multifamily Closing Guide, previously a separate document;
• A new chapter specific to energy efficiency and FHA’s Green Mortgage Insurance Premium (MIP) program; and
• Expanded appendices that provide access to tools and forms.
Comments on IRS/Treasury’s Average Income Test Proposed Rule Due Dec. 29
NH&RA created a customizable template letter for developers to submit comments to the Internal Revenue Service (IRS) and Department of the Treasury (Treasury) on their Average Income Test proposed rule. Comments are due by December 29 and should be submitted here.
Congress Inches Closer to Bipartisan COVID-19 Aid Package Containing $25 Billion in Rental Assistance
The $748 billion aid package is widely seen as the one that will advance; it contains $25 billion in rental assistance and extends the CDC eviction moratorium through January 31, 2020. Any one individual household is eligible to receive up to 18 months of assistance for arrearages and future rent payments. Importantly, landlords and owners may apply on behalf of tenants. Thank you to the many NH&RA members that contributed to the development of the NH&RA’s COVID-19 housing assistance advocacy letter, several of the asks in that letter are included in the legislative text!
Reps. Reed and Sewell Introduce NMTC Legislation
Representatives Terri Sewell (D-AL) and Tom Reed (R-NY) introduced legislation to increase the NMTC allocation by $3.5 billion over four years, allow investors to carry back those credits for five years, exempt the NMTC from the 75 percent general business credit limitation, among other provisions.
Biden to Nominate Marcia Fudge as HUD Secretary
Several news outlets are reporting that President-elect Joe Biden will nominate Rep. Marcia Fudge (D-OH) as HUD secretary. Fudge was first elected to federal office in 2008, is the member of the House Agriculture Committee, a member (and former chair) of the Congressional Black Caucus and served as mayor of Warrensville Heights, OH from 2000 to 2008.
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,