News
Will The GSEs Be Attractive Enough To Equity Investors For A Successful Recapitalization?
A new blog and paper by Don Layton with the Joint Center for Housing Studies of Harvard University explore whether the Federal Housing Finance Agency’s (FHFA) plans and actions are consistent with making the Fannie Mae and Freddie Mac (collectively, the Government Sponsored Enterprises or GSEs) attractive enough to equity investors, and – given the need to raise such unprecedentedly large amounts of equity – to do so globally and broadly.
HUD Updates FAQs
On October 14, HUD issued a further update to its Frequently Asked Questions for subsidized multifamily housing programs to clarify and extend certain interim procedures and tie in the Centers for Disease Control and Prevention’s order creating a national eviction moratorium for nonpayment of rent.
Court Provides Preliminary Injunction, Stay on HUD’s Disparate Impact Rule
The U.S. District Court for the District of Massachusetts issued a stay and preliminary injunction to prevent HUD from implementing its new Disparate Impact rule. The suit claimed the new rule violates the Administrative Procedure Act (APA) and drew support and declarations from over a dozen community-based organizations.
CDFI Funds Releases CY 2020 NMTC Application, Updated FAQs
The Community Development Financial Institutions Fund (CDFI Fund) posted an updated calendar year (CY) 2020 New Markets Tax Credit (NMTC) Program Allocation Application Frequently Asked Questions (FAQs) document and a revised CY 2020 NMTC Program Allocation Application.
Philadelphia Fed Estimates an Accumulation of $7.2 Million in Back Rent by December 2020
A new report from the Federal Reserve Bank of Philadelphia, Household Rental Debt During COVID-19, estimates that by December 2020, 1.3 million renter households will owe $7.2 billion in rent, which is around $5,400 each.
Mayor de Blasio Partially Restores HPD Cuts
New York Mayor Bill de Blasio (D) announced restoration of $466 million of housing cuts in FY2021 to the city’s department of Housing Preservation and Development (HPD). Mayor de Blasio’s decision to reverse course and restore HPD’s 2021 capital budget will produce roughly 11,000 units of affordable housing, at a time when those homes are […]
Philadelphia Fed Updates Rental Housing Affordability Data Tool
The Federal Reserve Bank of Philadelphia updated its Rental Housing Affordability Data Tool for households in Pennsylvania, Delaware and New Jersey. The newly updated data suggest that housing insecurity was widespread among lower-income renters in the Third District even prior to the Coronavirus pandemic and the associated economic downturn.
Updates on CRA Reform: Senate Votes Down CRA Disapproval Bill, Fed’s Proposal Published in Federal Register
On Monday, the Senate voted down a motion to consider the House-passed resolution of disapproval (H.J. Res. 90) to nullify the Office of the Comptroller of the Currency’s new rule on Community Reinvestment Act (CRA). The Federal Reserve’s advanced notice of proposed rulemaking was officially published in the Federal Register. Comments are due by February 16, 2021; NH&RA will submit comments and encourages our members to do so as well.
Rep. Clark Introduces Legislation to Exempt Public Housing Rehab from Bond Cap
Representative Katherine Clark (D-MA) introduced the Support Allowing Volume Exception for (SAVE) Federally-Assisted Housing Act, a targeted effort to address the national shortage of affordable housing units by freeing up the availability of private activity bonds used to support the preservation, improvement or replacement of federally-assisted housing facilities.
CDC Issues Eviction Moratorium Guidance
The Centers for Disease Control and Prevention (CDC) released new resources on its eviction moratorium, including a declaration template and FAQs, prepared in consultation with the Department of Health and Human Services, HUD and the Department of Justice.
Dav Vandenbroucke Retires from AHS, HUD
After 28 years of federal service working on the American Housing Survey (AHS), Dav Vandenbroucke’s last working day will be Wednesday, October 14. Vandenbroucke was the senior economist at HUD and leaves the AHS in the capable hands of George Carter and Portia Hemphill.
NLHA Report on the Impacts of COVID-19 On Affordable Housing Providers
A new report from the National Leased Housing Association warns, “in the long run, the negative impacts on housing providers, if not addressed, will result in lower housing supply, reduced renter mobility and foregone benefits to low- and moderate-income communities. However, if housing providers can recover financially and restore investments in new housing developments, including affordable housing, the industry can play an important role in the economic recovery from COVID-19.”