Key Regulatory Updates from IRS, HUD & ULI

Key Regulatory Updates from IRS, HUD & ULI

New IRS rule on amended returns can affect LIHTC partnerships

Nixon Peabody issued a Community Development Finance Alert by Forrest David Milder which discusses housing partnerships, the coronavirus and late-filed 8609s (what you need to know about claiming the LIHTC as soon as possible). Read the alert.

Multifamily Housing COVID-19 Guidance from HUD

HUD’s Federal Housing Administration (FHA) “Office of Multifamily Housing Programs” is responsible for the overall management, development, direction and administration of HUD’s Multifamily Housing Programs. View a list of Questions and Answers for Office of Multifamily Housing Stakeholders.

HUD Issues COVID-19 Guidance, Waivers for HOME Program

HUD published two memoranda providing guidance, including suspensions of statutory provisions and other regulatory waivers, for the HOME Investment Partnerships (HOME) program and HOME Tenant-Based Rental Assistance (TBRA) to help participating jurisdictions respond to housing needs during the COVID-19 pandemic. Read an update from NCSHA which includes the flexibilities included in the HOME and HOME TBRA COVID-19 guidance.

Urban Institute: Avoiding a COVID-19 Disaster for Renters & the Housing Market
 
America’s 44 million renter households are, in general, more vulnerable than America’s 78 million homeowner households to the income disruption that stay-at-home policies and mass layoffs will impose during the COVID-19 crisis. Accordingly, policymakers need to act now to create a national rental assistance program that will provide direct rental payments to renters, either in rental voucher form that cannot be misused for less critical purposes or directly to property owners. This brief examines the consequences of not helping renters, the assistance that has already been provided through the Coronavirus Aid, Relief, and Economic Security (CARES) Act and other relief measures, discuss what more is needed, and size the maximum amount of relief that may be necessary.

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