NH&RA Hosts COVID-19 Member Town Hall
NH&RA is hosting a members-only town hall to provide a forum for affordable housing owners and operators to share COVID-19 best practices on Thursday, March 26 from 3:00-4:30 pm EDT.
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New Procedures for Budget Based Rent Adjustments for PRAC Properties
The Office of Multifamily Housing at HUD released new procedures related to budget-based rent adjustments, which increase replacement reserve deposits for properties assisted under Section 202 Project Rental Assistance Contracts (PRACs).
Read MorePBS’s East Lake Meadows Raises Critical Questions on Race, Poverty
The Public Broadcasting Service (PBS) recently aired its new documentary, East Lake Meadows: A Public Housing Story. Stories from East Lake Meadow residents in Atlanta reveal hardship and resilience, and raise critical questions about race, poverty and who is deserving of public assistance.
Read MoreGuidance on Deferring Tax Payments Due to COVID-19 Outbreak
Following President Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest.
Read MoreFHFA Requires Multifamily Properties in Forbearance to Suspend Evictions
The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will offer multifamily property owners mortgage forbearance with the condition that they suspend all evictions for renters unable to pay rent due to the impact of Coronavirus.
Read MoreNegotiators Advance Third Coronavirus Aid Package
Senate Majority Leader Mitch McConnell (R-KY), Senate Minority Leader Chuck Schumer (D-NY) and Treasury Secretary Steven Mnuchin have reportedly reached an agreement on nearly $2 trillion emergency relief package in response to the coronavirus pandemic, which contains:
Read MoreCOVID-19 Message from Commissioner Montgomery
Assistant Secretary for Housing and Federal Housing Commissioner Brian Montgomery issued a video message regarding COVID-19. Commissioner Montgomery said that while his goal “to keep this segment of the economy moving and to ensure that American’s have access to safe, decent and affordable housing” stakeholders should expect processing delays as FHA employees transition to work from home.
Read MoreCDC Guidance for Senior Housing Communities
The Centers for Disease Control and Prevention (CDC) posted interim guidance on preventing the spread of COVID-19 in retirement communities and independent living facilities.
Read MoreEconomic and Fixed Income Insights, March 24, 2020
Markets have calmed somewhat in the face of the pandemic caused by the coronavirus, as emergency actions continue to be taken. The Federal Reserve expanded its quantitative easing commitment regarding asset purchases, with no limits on the amount of assets to be purchased, nor a limit on how long the Federal Reserve would be purchasing them. In addition, the Senate came to an agreement for a stimulus package totaling nearly $2 trillion.
Read MoreACTION Legislative Asks Regarding COVID-19
The ACTION Campaign, of which NH&RA is a member, sent this letter to Congress with housing related requests to include in the COVID-19 pandemic response legislation. The statutory requests include:
Immediate one-year extension for three key deadlines:
10 percent test deadlines
Placed in service deadlines
Rehabilitation expenditure deadlines
Enact a minimum four percent LIHTC rate
