What's the Big Deal about December 31. 2020?

There are reasons - some of them outlined in this post published on July 1, 2020 by James Tassos 

 

IRS Extends Housing Credit and Bond Deadlines, Provides Other Guidance on COVID-19

https://www.ncsha.org/blog/irs-extends-housing-credit-and-bond-deadlines-provides-other-guidance-on-covid-19/

 

"On July 1, the Internal Revenue Service published Notice 2020-53 providing temporary relief to owners and residents of Housing Credit and tax-exempt bond financed developments in response to the COVID-19 pandemic. The notice provides relief to agencies that administer the Housing Credit and tax-exempt bond programs and addresses nearly all of the issues raised in the letter NCSHA sent to IRS in March requesting COVID-19 relief. The guidance is effective immediately. Specific provisions of the notice include:

• Extending the deadline for an owner of a building with a carryover allocation to meet the 10 percent test to December 31, 2020, if the original deadline was on or after April 1, 2020, and before December 31, 2020;
• Extending the minimum rehabilitation expenditure period to December 31, 2020, if the original 24-month period ended on or after April 1, 2020, and before December 31, 2020;
• Extending the reasonable restoration period in the event of casualty loss or prior major disaster to December 31, 2020, if the original deadline was on or after April 1, 2020, and before December 31, 2020;
• Extending the transition period to meet the tax-exempt bond set-aside to December 31, 2020, if the original 12-month period ended on or after April 1, 2020, and before December 31, 2020;
• Extending the tax-exempt bond rehabilitation expenditure period to December 31, 2020, if the original two-year period ended on or after April 1, 2020, and before December 31, 2020;
• Suspending the owner requirement to perform tenant income recertifications for the period beginning April 1, 2020, and ending December 31, 2020;
• Suspending the Housing Credit allocating agency requirement to conduct compliance monitoring inspections or reviews for the period beginning April 1, 2020, and ending December 31, 2020;
• Allowing temporary closure of property amenities or common areas during the period from April 1, 2020, to December 31, 2020, in response to the COVID-19 pandemic without resulting in a reduction of the eligible basis of the building; and
• Allowing medical personnel or other essential workers providing services during the COVID-19 pandemic to temporarily occupy Housing Credit units in accordance with the emergency housing provisions of IRS Revenue Procedures 2014-49 and 2014-50.

While the notice does not address extension of the placed-in-service deadline or the noncompliance corrective action period as suggested by NCSHA in March, we will continue to press for additional IRS guidance on these issues.

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 Newsroom https://www.ncsha.org/newsroom/

NCSHA Washington Report | December 4, 2020

Washington Report on December 4, 2020

Could what the New York Times recently called a “coming wave of pandemic-induced vacancies” for commercial properties be a significant opportunity for affordable housing? A new study...

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COVID-19 Worsens Longstanding Rental Affordability Challenges According to New Harvard Report

NCSHA Blog on November 20, 2020 by John McMullen 

On November 19, Harvard University’s Joint Center for Housing Studies (JCHS) released its 2020 State of the Nation’s Housing report. The report finds that, despite low interest rates and continued growth in some sectors, the health and economic consequences of COVID-19 coupled with racial tensions and climate change across the nation have exacerbated the rental supply and affordability crises.

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HUD Extends HOME COVID-19 Waivers

NCSHA Blog on December 11, 2020 by Yvonne Hsu

HUD recently issued two new memoranda to revise, extend, and update the pair of memoranda issued on April 10, 2020, suspending certain statutory and regulatory requirements for the HOME Investment Partnership program and HOME-Assisted Tenant-Based Rental Assistance for Emergency and Short-Term Assistance in response to the COVID-19 pandemic

               

NCSHA Washington Report | SPECIAL EDITION | December 11, 2020

Washington Report on December 11, 2020

This week, as state housing finance agencies worked urgently to deliver federal emergency assistance in the remaining days federal rules allow, NCSHA worked relentlessly to secure additional aid...

 

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HUD Announces Millions in Rental and Housing Assistance for Veterans in Need

Housing Headlines on December 10, 2020

WASHINGTON - The U.S. Department of Housing and Urban Development (HUD) today announced it is awarding $46 million in rental assistance and housing vouchers to help veterans at risk of experiencing...

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Could what the New York Times recently called a “coming wave of pandemic-induced vacancies” for commercial properties be a significant opportunity for affordable housing? A new study...