CARH’S BROADCAST E-MAIL – Regulatory Update

Today, the White House released a Statement announcing progress the Administration has made in its Housing Supply Action Plan accounted in May. Specifically, the statement announced several new steps the Administration believes will reduce barriers to affordable housing construction and preservation, and will make it easier to build affordable housing, including:

• Finalizing regulations that make it easier to build mixed-income housing, housing that includes very-low-income tenants, and housing in sparsely populated rural areas by reforming the income guidelines for the main source of financing for affordable housing — Low-Income Housing Tax Credits (LIHTCs).
  Click here for the Federal Register final rule for the Housing Credit Average Income Test (AIT) minimum set-aside (published on October 12, 2022)
• Extending LIHTC deadlines to ensure that affordable housing projects delayed by public health, economic, and supply-chain issues can be built as expeditiously as possible and still qualify for LIHTCs. Today, the IRS announced several additional deadline extensions to ensure that affordable housing projects delayed by public health, economic, and supply-chain issues can be built as expeditiously as possible and still qualify for LIHTCs.
  Click here for Notice 2022-52 that extends relief announced in Notice 2022-05, specifically for placed-in service deadlines for 2019-2021 allocations, postponement of the reasonable restoration period by 24 months, extension of the correction period by up to 12 months, and the continuation of waivers for physical inspections.
• Reforming and streamlining a financing program at Fannie Mae and Freddie Mac that will make it easier to build homes for rent by providing more affordable financing for multifamily housing construction.
• Continuing to promote more housing options near transit and other modes of transportation, coordination of transportation and housing planning, and rewarding jurisdictions that have removed barriers to housing development.

CARH will continue to monitor these developments and update members on our website and via broadcast emails. If you have any questions, please contact the CARH national office at carh@carh.org or 703-837-9001.

For other news and information affecting the affordable rural housing industry, please visit the Newsroom on CARH’s website, www.carh.org.