On August 10, 2020, HUD REAC released a memorandum that detailed the Return to Operations plan for inspections. This memo describes a specific three-phase process for any property to be inspected, including (1) prioritization and evaluation, (2) finalization and notification, (3) inspection and release of results. In this process, REAC has identified a way to […]
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HUD Publishes Updated COVID-19 Q&A 7/31/20
On July 31, new HUD Updates for Coronavirus were released in an updated COVID -19 Q&A. In this update, in addition to updating a few existing answers, HUD also added four new questions and answers. Testing and Face Masks HUD addressed whether or not owner/agents can require applicants/tenants to be tested for COVID-19, and also discussed […]
Read MoreIRS Notice 2020-53 Provides Temporary Relief for Tax Credit Housing Programs
This month, the IRS published IRS Notice 2020-53 to provide temporary relief to LIHTC and Tax-Exempt Bond owners by further extending deadlines and granting additional relief for other certain compliance requirements. In April of this year, the IRS published IRS Notice 2020-23. While Notice 2020-23 did not specifically mention Section 42 of the IRC, it […]
Read MoreFinal Rule Published Finalizing HUD Fast Act Provisions
HUD published a Final Rule finalizing the regulatory language to implement the FAST Act provisions contained in the December 2017 interim rule. This final rule includes one modification to the interim rule, which clarifies when non-fixed income sources are not required to be verified. Brief Background of the Rule On December 12, 2017, HUD published an […]
Read MoreCOVID-19 | Federal Housing Guidance – HUD, HOME & LIHTC Updates 4/17/20
This week provided the affordable housing industry with an onslaught of new guidance regarding HUD, LIHTC, and HOME housing programs. Here is a summary of the updates for each program. HUD Provides Guidance on the treatment of Stimulus Payments and Pandemic Unemployment Insurance In an update to HUD’s COVID-19 Q&A document, HUD has provided the […]
Read MoreHUD COVID-19 Updates Q&A Guidance 4/14/20
New HUD Guidance Published On April 14, HUD published another update to the HUD COVID-19 Q&A Document. (Click here to view) This update includes several new questions and answers to help owners/agents manage the challenges of this public health crisis on affordable housing management. Summary of HUD updates on COVID-19 Q&A Document Below is a […]
Read MoreCOVID-19 | Federal Housing Guidance – HUD, Rural Development & LIHTC Updates
There have been an array of updates from HUD and USDA Rural Development, and some discussion about adjustments for LIHTC. Below is a summary of Federal Housing Guidance for HUD, Rural Development, and LIHTC in response to the COVID-19 outbreak. Eviction Moratorium On March 27, 2020, the current administration signed the CARE Act to address […]
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