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2010 North Carolina Affordable Housing Conference Industry Update Bob Kucab, Executive Director North Carolina Housing F

2010 North Carolina Affordable Housing Conference Industry Update Bob Kucab, Executive Director North Carolina Housing Finance Agency. Housing Credit Priorities Extend the Exchange Program for 2010 (2011?) Expand the Exchange Program to include disaster and 4% Housing Credits

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2010 North Carolina Affordable Housing Conference Industry Update Bob Kucab, Executive Director North Carolina Housing F

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  1. 2010 North Carolina Affordable Housing Conference Industry Update Bob Kucab, Executive Director North Carolina Housing Finance Agency

  2. Housing Credit Priorities • Extend the Exchange Program for 2010 • (2011?) • Expand the Exchange Program to include • disaster and 4% Housing Credits • (No Action Yet)

  3. Housing Credit Priorities • Maintain the 10% Housing Credit cap • increase from HERA • Establish a 5 year carry-back for Housing Credits • Amend passive loss rules to benefit • smaller investors • (No Action Yet)

  4. Housing Bond Priorities • Extend availability of $284 million of • Housing Bond authority provided in • HERA • (No Action Yet)

  5. Administration’s HFA Initiative • New Issue Bond Program helps to lower • mortgage rates for homebuyers • Temporary Credit and Liquidity Program • helps HFAs with variable rate debt

  6. Administration’s HFA Initiative • Hardest Hit Fund • provides $280 million for foreclosure • intervention • Mortgage Payment Program pilot starts • in 17 counties in October and • statewide in December • Second Mortgage Refinance and • Permanent Loan Modification • Programs start in 2011

  7. Appropriations • Proposed Federal • HOME Program $21 million (est.) • CDBG Program $45 million (est.) • Rural Development Section 502 • Guarantee Program may double • (Mostly level funding)

  8. Appropriations • State • Housing Trust Fund $10 million • HOME Program match $1.6 million • Home Protection Program $500,000 • Key Program $6.55 million (-$561,000) • (Mostly level funding)

  9. GSE Reform • Congress heard “privatize” and • “nationalize” • Administration held a conference on Housing Finance Reform • Secretary Geitner’s plan due in • January, 2011 • (Debate in 2011)

  10. GSE Reform • HFA Principles • Reform must establish a strong statutory affordable housing mission for the GSEs • Require GSEs to engage state HFAs as key • partners in housing production and • corporate governance • (Debate in 2011)

  11. Financial Reform Bill • Creates the Bureau of Consumer Financial • Protection • Appropriates $1 billion for NSP3 to • recycle foreclosed or abandoned • property • Appropriates $1 billion for HUD to • support emergency mortgage assistance • programs

  12. FHA Reform Bill • House passed broad reform H.R. 5072, • not the Senate • House and Senate passed H.R. 5891 to • address premiums and downpayments

  13. QUESTIONS?

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