As home-building professionals continue to navigate the coronavirus pandemic, NAHB is monitoring the changing landscape to provide members with the most up-to-date resources to weather the storm.
Multifamily builders, developers, owners and managers face some unique challenges related to the rental market. To help navigate the regulations surrounding assistance both for rental provisions and operations, NAHB has provided the following information.
NAHB also facilitates frequent calls for members of the Multifamily Council, Affordable Housing Group and Multifamily Leadership Board, which allow us to share information and best practices in these challenging times. For more information, contact firstname.lastname@example.org.
Key Provisions in the Latest COVID-19 Relief Package
As of Dec. 21, 2020, a $900 billion economic relief package has been worked out by congressional negotiators that includes key provisions that NAHB fought for. NAHB worked closely with members of Congress to ensure the recovery legislation addresses three major builder concerns:
- Helps struggling renters and landlords with dedicated $25 billion rental assistance package.
- Provides relief for small businesses from burdensome loan forgiveness requirements.
- Assists HBAs that have largely been excluded from previous relief measures.
The final package covers these three areas and contains several other policy objectives that NAHB has championed, including improvements to the Low-Income Housing Tax Credit and an extension of temporary tax provisions that are beneficial to the housing community.
Key measures supporting the NAHB Multifamily community include:
- A robust rental relief component in the new economic stimulus legislation that would allow landlords to request rental assistance on behalf of their tenants under certain circumstances.
- A permanent minimum 4% credit floor for acquisition and bond-financed projects through the Low-Income Housing Tax Credit, which will make more types of properties financially feasible and significantly increase unit production.
- Extended a number of key temporary tax provisions known as “tax extenders” that were set to expire on Dec. 31. See the full list.
- Provided a streamlined, simplified forgiveness process for PPP loans and reversed the IRS’ earlier ruling on PPP loan forgiveness.
- Extend all pandemic unemployment benefits expiring at the end of December through March 14, 2021.
- Extend weekly enhanced federal unemployment payments (paid out on top of regular UI benefits) of $300 per week through March 14, 2021.
- Provide a direct payment of $600 to most Americans.