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On Feb. 22, the Department of the Treasury released an updated FAQ to help states and communities quickly distribute more than $25 billion in emergency rental assistance to renters financially affected by the COVID-19 pandemic. The $25 billion for the Emergency Rental Assistance (ERA) program was provided for late last year by the Consolidated Appropriations Act of 2021.
On Jan. 15, the IRS issued Notice 2021-12, which extends the temporary relief for qualified LIHTC sites from COVID-related difficulties. The notice also extends certain deadlines that were established in prior notices.
Although the vaccine rollouts have begun with health care workers and residents of long-term care facilities, normal operations for LIHTC sites are still a ways away. The current level of vaccine distribution won’t be able to stop a difficult winter with rapidly growing outbreaks and record hospitalizations threatening to overwhelm health care resources.
HUD recently charged two separate sites with discriminating against families with children. In one case, a Rhode Island site owner steered fair housing testers claiming to have children away from the site [HUD v. Francis, FHEO No. 01-19-2644.8]. Another case involved owners in Wyoming imposing overly restrictive policies on families with children [HUD v. Gunnarson, FHEO No. 01-19-2644-8]. Targeted site rules such as a curfew and a requirement for children to be supervis...
We answer site owners’ most frequently asked questions about the moratorium.
On Sept. 4, the Centers for Disease Control and Prevention (CDC) and the Department of Health and Human Services (HHS) took unprecedented action when they officially published an order in the Federal Register to temporarily halt all residential evictions to prevent the further spread of COVID-19. This national eviction moratorium, which covers millions of renters at r...
With the additional $600 in unemployment insurance payments provided by the CARES Act having expired on July 31, many renters across America are at a precipice. Millions of Americans are experiencing job loss, reduced hours, and reduced income due to the economic effects of COVID-19. Thus far, Senate Republicans have proposed a narrow pandemic relief bill that would issue extra unemployment benefits at half the original rate, but negotiations have stalled.
In response to the COVID-19 pandemic, the IRS announced it’s providing low-income housing tax credit participants temporary relief from key program requirements. This is good news for LIHTC developers and owners dealing with delays and management difficulties related to the pandemic.
Management companies may get a boost from more business-friendly loan rules.
On June 5, President Trump signed into law the Paycheck Protection Program Flexibility Act, which made changes to the Paycheck Protection Program (PPP) to make it more user friendly for businesses. In short, the bill makes it easier for PPP borrowers to use the loans and receive forgiveness. This may be good news for companies that manage tax credit sites and already have a...
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