Today, the Federal Reserve Board voted unanimously to approve an Advanced Notice of Proposed Rulemaking (ANPR) to modernize the Community Reinvestment Act (CRA). The National Housing Conference (NHC) applauds the Fed’s approach taken in the ANPR, which lays the groundwork for aligning all three regulators – including the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) – in a united regulatory regime, and is likely to improve investment to low- and moderate-income households and communities, and clarify examination requirements.
In an attempt to stave off an impending wave of evictions following the expiration of the CARES Act eviction moratorium in July, the White House announced Tuesday plans to issue a new moratorium to prevent evictions through the end of the year for certain eligible renters.
In a response to the Notice of Proposed Rulemaking published by the Federal Housing Finance Agency (FHFA) in May, the National Housing Conference (NHC) joined a broad group of 14 housing and civil rights groups in a comment letter calling on the agency to revise its Enterprise Regulatory Capital Framework for Fannie Mae and Freddie Mac.
Today, the Federal Housing Finance Agency (FHFA) and the Department of Housing and Urban Development (HUD) announced the extension of their respective foreclosure and eviction moratoriums through Dec. 31. Originally set to expire on Aug. 31, the moratoriums apply to single family mortgages insured by the Federal Housing Administration (FHA) or backed by Fannie Mae or Freddie Mac.
NHC President and CEO David M. Dworkin welcomed the decision by the Federal Housing Finance Agency (FHFA) yesterday to delay the effective date of the recently proposed Adverse Market Refinance Fee.
In an Aug. 21 letter, a broad group of 31 housing groups urged congressional leaders and the administration to return to negotiations on a stimulus package to protect renters, property owners and the stability of the nation’s rental housing stock. “We implore you to immediately return to the negotiating table and reach agreement on rental assistance and broader relief legislation that keeps people in their homes,” the letter stated.
NHC President and CEO David M. Dworkin says the president’s executive order on evictions “is not enough to forestall an eviction crisis.”
“Reasonable people can disagree on the technical elements of any regulation, but nothing about this action is reasonable. It guts the purpose of this important civil rights legislation,” said NHC President and CEO David M. Dworkin. “Eliminating the AFFH regulation is an invitation to do nothing to address the impact local policies and practices can have on increasing racial inequality,” Dworkin said.
The National Housing Conference (NHC) strongly supports passage of H.R. 2, the Moving Forward Act, which House Democratic leadership outlined in text released this week. The bill provides important measures that will facilitate the production of affordable housing across the country, including $100 billion in new funding for affordable housing, a new tax credit for investment in lower cost homes, and an increase in the Low-Income Housing Tax Credit (LIHTC) allocation by more than 60%.
NHC CEO Dworkin: OCC’s Final Rule ‘Eliminates the Fundamental Value of CRA and a Dangerous Distraction from Economic Recovery’
The National Housing Conference (NHC) this week expressed its support of a congressional resolution to repeal the Office of the Comptroller of the Currency’s (OCC) final rule on the Community Reinvestment Act (CRA).