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Wyden, Cantwell Introduce Housing Bill that Includes LIHTC Expansion, Minimum 4 Percent Rate, Expansion of 30 Percent Basis Boost

Posted By Administration, Monday, June 29, 2020

On Friday, U.S. Senators Ron Wyden (D-OR) and Maria Cantwell (D-WA) introduced legislation containing a series of important affordable housing priorities, which are also contained in H.R. 2, the Moving Forward Act, being considered by the House this week. This legislation would expand the 9 percent low-income housing tax credit (LIHTC), set a permanent minimum 4 percent LIHTC rate and expand the use of the 30 percent basis boost for affordable housing properties. 

A detailed summary of the bill is available by clicking here. As mentioned, this legislation contains the same affordable housing provisions included in the Moving Forward Act introduced last week in the House. The House is expected to pass the Moving Forward Act in the coming days. NALHFA sent a letter to the House and Senate detailing important industry priorities as Congress continues to consider COVID-19 relief measures.

 

To read the full statement from NALHFA, please click here.

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House Unveils Comprehensive Infrastructure Bill; Contains Important Housing Provisions

Posted By Administration, Thursday, June 25, 2020
This week, House Democrats released a comprehensive infrastructure proposal known as the Moving Forward Act (H.R. 2). A section-by-section summary and the full bill text can be accessed by clicking the hyperlinks. The $1.5 trillion package contains several important provisions for the industry, including several pertaining to affordable housing. NALHFA has been reviewing the proposed legislation and is pleased to see the inclusion of several industry-supported provisions on affordable housing.
 
Below are several key provisions:
 
  • Increases the Low-Income Housing Tax Credit (LIHTC) by over 60% over current levels;
  • Sets a permanent minimum 4% LIHTC rate;
  • Lowers the test threshold for Housing Bond-financed properties from 50% to 25%;
  • Allocates $5 billion for the HOME Program;
  • Creates a new tax credit, the Neighborhood Investment Tax Credit, that will incentivize the rehabilitation of residential buildings and new construction in distressed areas;
  • Allocates $10 billion for Community Development Block Grants (CDBG);
  • Allocates $70 billion for the Public Housing Capital Fund;
  • Increases the ceiling for PAB volume caps for each state from $105 per capita to $135. It also increases the small-state minimum from $321,775,000 to $402,220,000.

 

To view the full communication, please click here.

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Final Rule on CRA Reform Released

Posted By Administration, Wednesday, May 20, 2020
Today, the Office of the Comptroller of the Currency (OCC) released a final rule that makes significant changes to its proposed overhaul of the Community Reinvestment Act. NALHFA previously submitted written comments during the proposed rule stage.
 
While NALHFA is still reviewing the text of the final rule, initial examinations of the rule show that it will increase bank CRA-related lending, investment, and services in low- and moderate-income communities where there is significant need for credit, more responsible lending, and greater access to banking services.

 

To view the complete alert, please click here.

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NALHFA Call to Action: Urge Congress to Pass Key Housing Provisions

Posted By Administration, Friday, May 15, 2020
Today, U.S. House of Representatives will vote on the “Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act,” which provides funding for key housing provisions, including:
 
  • The “Emergency Rental Assistance and Rental Market Stabilization Act” to provide $100 billion in emergency rental assistance to help keep renters stably housed
  • $75 billion to create a Homeowners Assistance Fund at the state, local, and tribal level to help homeowners with mortgage payments, insurance, property taxes, and other costs
  • $10 billion for Housing Choice Vouchers for people experience or at risk of homelessness and survivors of domestic violence
  • $5 billion in Community Development Block Grants
  • $375 Billion in local relief
  • A national, uniform moratorium on evictions and foreclosures
  • Nearly $13 billion in funding for housing programs at HUD and USDA.
 
Join our grassroots campaign today to urge your Representatives to pass these critically needed housing provisions!

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House Democrats Release Phase 4 COVID-19 Relief Legislation

Posted By Administration, Wednesday, May 13, 2020
Yesterday, House Democrats released their $3 trillion Phase 4 COVID-19 relief legislation, the Heroes Act (see the bill text and section-by-section summary). House leadership is currently aiming to pass the bill on Friday, May 15. The legislation may face heightened scrutiny in the Republican-controlled Senate. 
 
It is unclear how Senate Majority Leader McConnell will move forward on negotiations.  The Senate is more likely to develop their own legislation. If that happens the two versions would need to be reconciled. Senate Republicans are already developing their list of priorities for future legislation.

 

For more information, please click here

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NALHFA Commends Senate Confirmation of Brian Montgomery as Deputy Secretary of HUD

Posted By Administration, Wednesday, May 13, 2020
WASHINGTON, DC- May 13, 2020 – The Senate voted yesterday to confirm Brian Montgomery as the Deputy Secretary of Housing and Urban Development (HUD). Montgomery had recently served as HUD’s acting deputy secretary, assistant secretary for housing and federal housing commissioner. The Senate Committee on Banking, Housing and Urban Affairs advanced the nomination of Dana T. Wade to be assistant secretary for housing and federal housing commissioner at HUD. Wade previously held this position in an acting capacity between 2017 and 2018. 
 
"NALHFA commends the confirmation of Brian Montgomery as Deputy Secretary. During his tenure as commissioner under President George W. Bush and President Obama, Montgomery led legislative efforts to preserve the nation's affordable rental housing stock and to provide much needed affordable housing financing to develop more than 300,000 rental units throughout the country,” said Jonathan Paine, NALHFA Executive Director. “Montgomery brings tremendous knowledge and experience to the position and will be a true asset to the Department of Housing and Urban Development.” 

 

For the full statement, please click here.

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Urge Congress to Cosponsor Bill to Provide $100 Billion in Emergency Rental Assistance

Posted By Administration, Monday, May 11, 2020

Representative Maxine Waters (D-CA), chair of the House Financial Services Committee, Representative Denny Heck (D-WA), and over seventy original cosponsors will soon introduce the “Emergency Rental Assistance and Rental Market Stabilization Act” to provide $100 billion in emergency rental assistance to help keep the lowest-income renters stably housed during the coronavirus pandemic. Senator Sherrod Brown (D-OH), ranking member of the Senate Committee on Banking, Housing and Urban Affairs, will introduce companion legislation this week.

 

Urge your senators and representatives to be original cosponsors of this critical legislation! NALHFA has created a grassroots campaign and ask all members to take action today.

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NALHFA Call to Action: Urge Congress to Increase Funding Affordable Housing Programs

Posted By NALHFA, Wednesday, April 15, 2020
Urge Congress to Increase Funding for Affordable Housing Programs
 
As members of Congress are working on drafting a fourth COVID-19 stimulus package, the National Association of Local Housing Finance Agencies (NALHFA) and coalition partnersurgeCongressto include additional funding and flexibility for affordable housing programs and the expansion of the Low Income Housing Tax Credit.
 
As COVID-19 leaves millions of Americans without a job and no way to pay for housing, NALHFA encourages Congress to include additional funding for the HOME Investment Partnership Program (HOME), the Community Development Block Grant (CDBG) Program and Emergency Solutions Grants (ESG). Additionally, NALHFA encourages Congress to include increased flexibility for these programs to allow administrators to efficiently respond to the housing crisis.
 
NALHFA along with theACTION Campaignurges Congress to provide a one-year extension for three key program deadlines for the Low Income Housing Tax Credit (Housing Credit) program:
 
  • 10 percent test deadlines - Currently, at least 10 percent of the anticipated basis of a development must be expended within one year of the Housing Credit allocation. We propose temporarily extending this deadline to the end of the second year of allocation for properties that received Housing Credit allocations between December 31, 2016 and January 1, 2022.
  • Placed in service deadlines - Buildings must currently be placed in service by the end of the second year after the calendar year of the Housing Credit allocation. We proposed temporarily extending this deadline to the end of the third year after the calendar year of allocation for properties that received Housing Credit allocations between December 31, 2016 and January 1, 2022.
  • Rehabilitation expenditure deadlines - These are currently required to be placed in service within 24 months. We propose temporarily extending the rehabilitation expenditures deadline to be met at the close of 36-months.
 
We also recommend that Congress enact a minimum 4 percent Housing Credit rate to bolster future production and preservation of affordable housing. With federal borrowing rates effectively zeroed out in response to COVID-19’s economic impacts, the 4 percent Housing Credit rate is at an all-time low of 3.12 percent, and will likely dip even further next month.
 
For more information, please visit NALHFA'sCOVID-19 Resource Center.

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NALHFA Applauds the Senate for Passing COVID-19 Stimulus Package

Posted By NALHFA, Thursday, March 26, 2020

Press Release – March 26, 2020

Contact: Katelynn Harris

202-367-2405

info@nalhfa.org

 

NALHFA Applauds the Senate for Passing

COVID-19 Stimulus Package

 

WASHINGTON, DC – The National Association of Local Housing Finance Agencies (NALHFA) applauds the Senate for unanimously voting late last night to pass a $2.2 trillion stimulus package in response to the novel coronavirus, COVID-19.

 

“NALHFA applauds the Senate for taking this important step to stabilize the U.S. economy and provide billions of dollars in important and necessary funds to address the affordable housing crisis which has been exasperated by the COVID-19 pandemic,” said NALHFA Executive Director, Jonathan Paine. "Congress is already beginning discussions around future federal aid packages to provide additional relief to American households and businesses. NALHFA will continue to specifically advocate for the inclusion of Housing Credit provisions."

 

NALHFA is continuing to engage with Congress, the White House Administration and industry stakeholders as this legislation now moves to the House of Representatives.

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NALHFA Urges Stakeholders to Contact Members of Congress on Stimulus Package

Posted By NALHFA, Wednesday, March 25, 2020
Last Wednesday, in the wake of COVID-19 NALHFA and coalition partners through the ACTION Campaign called on Congress to extend three key Low Income Housing Tax Credit (Housing Credit) statutory deadlines by one year as the deadlines would be nearly impossible for many to meet due to the COVID-19 crisis.
 
Specially the ACTION Campaign urges Congress to provide a one-year extension for three key program deadlines:
 
  • 10 percent test deadlines. Currently, at least 10 percent of the anticipated basis of a development must be expended within one year of the Housing Credit allocation. We propose temporarily extending this deadline to the end of the second year of allocation for properties that received Housing Credit allocations between December 31, 2016 and January 1, 2022.
 
  • Placed in service deadlines. Buildings must currently be placed in service by the end of the second year after the calendar year of the Housing Credit allocation. We proposed temporarily extending this deadline to the end of the third year after the calendar year of allocation for properties that received Housing Credit allocations between December 31, 2016 and January 1, 2022.
 
  • Rehabilitation expenditure deadlines. These are currently required to be placed in service within 24 months. We propose temporarily extending the rehabilitation expenditures deadline to be met at the close of 36-months.
 
ACTION Campaign also recommends that Congress enact a minimum 4 percent Housing Credit rate to bolster future production and preservation of affordable housing. With federal borrowing rates effectively zeroed out in response to COVID-19’s economic impacts, the 4 percent Housing Credit rate is at an all-time low of 3.12 percent, and will likely dip even further next month.
 
 
Please contact your Senators today and urge them to include the above Housing Credit provisions in the third COVID-19 stimulus package. Click here to contact your Senator’s office today, it only takes a few seconds to complete!

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