Key Regulatory Updates from IRS & HUD

Key Regulatory Updates from IRS & HUD
Fax Form 1139 and Form 1045 to Claim Quick Refunds of the Credit for Prior Year Minimum Tax Liability of Corporations and Net Operating Loss Deductions
In response to the COVID-19 Pandemic and to implement the following provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the IRS is implementing the temporary procedures described here for digital transmission of Form 1139 and Form 1045.
HUD issues mortgagee letters implementing new debt service reserve requirements and forbearance protocol during coronavirus (COVID-19)
An affordable housing alert from Nixon Peabody discusses new debt service reserve requirements for Section 223(f) transactions and standard forbearance protocols for multifamily borrowers, lenders and servicers pursuant to the provisions of the CARES Act. Click here.
HUD issues CARES Act waivers for Public and Indian Housing programs, including Section 8 Project-Based Vouchers
Another affordable housing alert from Nixon Peabody analyzes HUD-issued CARES Act waivers for HUD’s Public and Indian Housing programs.  These waivers provide alternative requirements for Housing Quality Standards (HQS) inspections of Section 8 Project-Based Voucher (PBV) units, resident income re-certifications, and other requirements. Read the alert.

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