Federal Agencies and Regulatory Action

Department of Agriculture, Rural Housing Service (USDA-RHS)

Department of Health and Human Services (HHS)

Department of Homeland Security (DHS)

Department of Housing and Urban Development (HUD)

Department of Labor (DOL)

Department of the Treasury and Internal Revenue Service

  • The Department of the Treasury provides webpage resources on provisions and implementation of the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act. For additional details on programs provided under the CARES Act, please see the Small Business Administration links provided on this webpage.
  • The IRS provides details on COVID-19-related tax credits for required paid leave for small and midsize businesses

Federal Housing Finance Agency (FHFA)

  • The Federal Housing Finance Agency (FHFA) main webpage with links for Covid-19 resources
  • The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will offer multifamily property owners mortgage forbearance with the condition that they suspend all evictions for renters unable to pay rent due to the impact of coronavirus. Click here for more details.

Low Income Housing Tax Credit (LIHTC)

  • State Housing Finance Agency Updates provided by the National Council of State Housing Agencies (NCSHA)
  • The National Council of State Housing Agencies (NCSHA) has reported that IRS staff have confirmed that Housing Credit agencies in states with a federal Major Disaster declaration can rely on relief measures provided in Revenue Procedures 2014-49 and 2014-50
  • In letter sent on April 8, 2020, industry groups urged the Internal Revenue Service (IRS) and U.S. Department of the Treasury (Treasury) to take immediate action to provide deadline extensions and other necessary accommodations for the LIHTC program in light of the severe disruptions the COVID-19 pandemic is having on development and construction activities and the ongoing operations of existing Housing Credit properties. 
  • Notice-2020-23: Update to Notice 2020-18, Additional Relief for Taxpayers Affected by COVID19 (April 16, 2020) The notice provides that taxpayers have until July 15, 2020, to perform specified time-sensitive actions due to be performed on or after April 1, 2020, and before July 15, 2020. While the notice does not specifically reference any LIHTC or Housing Bond deadlines, it applies the July 15 deadline to all time-sensitive actions included in IRS Revenue Procedure 2018-58, which includes numerous deadlines related to these programs.  
  • NAHMA sends letter to IRS/Treasury requests postponement of property inspections during the coronavirus pandemic through the end of calendar year 2020, except where there is a threat to health and safety at a property (May 29, 2020)
  • Notice-2020-53: Low Income Housing Tax Credit (July 1, 2020) This notice includes certain time-sensitive actions (such as the 10 percent test for carryover allocations, tenant income re-certifications, the 24-month minimum rehabilitation expenditure period and reasonable period of casualty loss restoration or replacement) that were due from April 1, 2020, through Dec. 30, 2020, to have a new deadline of Dec. 31, 2020.  

Small Business Administration (SBA)

  • SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for a small business. These loans can provide economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Further resources can be found on SBA’s website: www.SBA.gov/coronavirus and www.SBA.gov/disaster.
  • The SBA is charged with implementing several provisions of the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act. For an overview of CARES Act implementation, see the Department of the Treasury overview.

Federal Legislative Action

The Paycheck Protection Program Flexibility Act

  • The text and summary of the Paycheck Protection Program Flexibility Act are available here; the act was signed into law on June 5, 2020.

The Paycheck Protection Program Increase and Health Care Enhancement Act

  • The Congressional Budget Office provides an overview of the Paycheck Protection Program Increase and Health Care Enhancement Act,  which was signed into law on April 24, 2020.

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

The Families First Coronavirus Response Act (FFCRA)

The Coronavirus Preparedness and Response Supplemental Appropriations Act

NAHMA and Industry Legislative Advocacy