NAHB Now's Latest Posts
Department of Labor Proposes New Independent Contractor Rule
The U.S. Department of Labor (DOL) has announced a proposed rule clarifying the definition of employee under the Fair Labor Standards Act (FLSA) as it relates to independent contractors.
Federal Reserve Releases Plan to Reform Community Reinvestment Act
The Federal Reserve on Monday issued an Advance Notice of Proposed Rulemaking (ANPR) that invites public comment on an approach to modernize the regulations that implement the Community Reinvestment Act (CRA).
Forgivable PPP Loans May be Taxable in Some States
Businesses who received loans under the Payroll Protection Program (PPP) may be eligible to have that loan forgiven, which may result in unforeseen tax consequences. The federal Internal Revenue Code generally treats forgiven debt as taxable income; fortunately, Congress has excluded forgiven PPP loans from federal taxable income. However, as noted in a recent blog post by the Small Business Administration, that income may still be treated as taxable by your state.
Navigable Waters Protection Rule a Win for Housing Affordability, Regulatory Certainty
NAHB today told Congress that the Navigable Waters Protection Rule (NWPR) that went into effect in June will help builders create more affordable housing options for hardworking American families while maintaining environmental protection of our nation’s waterways.
IRS Guidance on Payroll Tax Deferral Leaves Key Question Unanswered
The Internal Revenue Service (IRS) recently released Notice 2020-65 implementing the Aug. 8 presidential memorandum instructing the Department of Treasury to use its statutory authority to permit employers to defer withholding and payment of the employee’s 6.2% social security tax.
National Economic Council Hears NAHB Concerns on Lumber
In a special webcast for association leaders and now available to members on NAHB efforts to combat rising lumber prices and supply shortages, NAHB Chairman Chuck Fowke said that Senior Officers held talks with members of the White House National Economic Council (NEC) on Aug. 28 to discuss the impact that soaring lumber prices are having on the housing industry.
CDC Issues Rental Eviction Moratorium Through Dec. 31
The U.S. Centers for Disease Control and Prevention has issued a nationwide order that will halt millions of U.S. renters from being evicted through Dec. 31, 2020. The CDC said the measure is necessary to prevent the further spread of COVID-19.
FHFA and FHA Extend Single-Family Foreclosure and Eviction Moratoriums Through Dec. 31, 2020
Both FHFA and FHA said these moves were made to protect borrowers and renters who are at risk of losing their home due to the COVID-19 pandemic. The Federal Housing Administration is also extending its foreclosure and eviction moratorium through the end of the year for home owners with FHA-insured single-family mortgages.
Average New Home Price Now $16,000 Higher Due to Lumber
The recent spike in softwood lumber prices has caused the price of an average new single-family home to increase by $16,148 since April 17, according to NAHB standard estimates of lumber used to build the average home. Similarly, the market value of the average new multifamily home has increased by $6,107 over the same period due to the surge in lumber prices.
SBA Issues FAQ on PPP Loan Forgiveness
The Small Business Administration has issued an FAQ on loan forgiveness under the Paycheck Protection Program (PPP). Any members who have received PPP loans must be very careful that they follow all conditions and requirements of these loans in order to be eligible for forgiveness.
