Codes and Regulations
Oklahoma Governor Signs Housing Affordability Bill into Law
In a victory for home builders and housing affordability, Oklahoma Governor Kevin Stitt (R) has signed SB 1713 into law. The legislation will limit cities and counties from regulating purely aesthetic building design that would needlessly raise the cost of housing.
New NGBS Offers Remodelers a Roadmap for High-Performance Projects
Remodelers who use green-building techniques will be better positioned to meet the growing demand for improving a home’s energy efficiency. The new ICC 700-2020 National Green Building Standard® (NGBS) provides a roadmap to guide the design and construction of high-performance projects
FHFA Releases New Capital Rule for Fannie Mae, Freddie Mac
The Federal Housing Finance Agency (FHFA) today re-proposed a 2018 plan to establish a new regulatory capital framework for Fannie Mae and Freddie Mac. The proposed rule is a critical step toward FHFA’s goal to release the two government-sponsored enterprises from conservatorship.
OCC Finalizes Rules to Update Community Reinvestment Act Regulations
The Office of the Comptroller of the Currency (OCC) today announced final rules to update the agency’s regulations under the Community Reinvestment Act (CRA). NAHB submitted comments on the proposed rule issued by the Federal Deposit Insurance Corp. (FDIC) and OCC in April and we are currently examining the 372-page regulation to determine its impact on the housing community.
EPA Wants to Know What Customers Think About WaterSense-Labeled Products
The U.S. Environmental Protection Agency (EPA) recently announced its decision via a Federal Register notice to maintain the current specifications for several WaterSense-labeled products. In addition to announcing the completion of the product review, the notice also contained requests for input and information related to consumer satisfaction.
IRS Reverses Guidance on Employee Retention Tax Credit
In response to concerns raised by a bipartisan group of lawmakers, the IRS has reversed guidance to allow employer-paid health insurance costs to be eligible for the employee retention tax credit, even if the employer has furloughed workers and is not otherwise paying wages.
IRS: Expenses Paid with Forgiven PPP Loans are Not Tax Deductible
The Internal Revenue Service on April 30 issued guidance that states that employers who have loans under the Paycheck Protection Program (PPP) will not be eligible for tax deductions on expenses paid through the loan if payment of those expenses results in the loan being forgiven.
EPA Extends Comment Period on Transparency Proposal
The U.S. Environmental Protection Agency (EPA) on March 18 issued a supplemental notice of proposed rulemaking (SNPR) to the proposed rule, “Strengthening Transparency in Regulatory Science.” When finalized, the EPA says the proposal is intended to ensure “that all important studies underlying significant regulatory actions at the EPA, regardless of their source, are available for a transparent review by qualified scientists.”
FEMA Releases Flood Insurance Advocate Annual Report
The Federal Emergency Management Agency (FEMA) on April 21 released the 2019 Annual Report from the Office of the Flood Insurance Advocate. The report examines and makes recommendations on policyholder and property owner concerns or frustrations with the National Flood Insurance Program (NFIP).
Banking Agency Issues Guidance on Flood Insurance
On April 15, 2020, the Office of the Comptroller of the Currency (OCC) issued a statement in response to FEMA extending the grace period for renewing flood insurance policies. The statement provides guidance to the financial institutions it regulates, and addresses conflicts between the FEMA rule and banking agency flood insurance rules.
