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IRS Releases Guidance on Claiming Employee Retention Credit with PPP Loan

Filed in Economics, Tax Reform by on March 2, 2021 0 Comments
IRS Releases Guidance on Claiming Employee Retention Credit with PPP Loan

The IRS released guidance this week for taxpayers claiming the employee retention credit for tax year 2020. The IRS plans to release additional guidance in the near future for claims arising during 2021, including changes made to the employee retention credit for 2021.

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FHFA Authorizes More than $1 Billion for Affordable Housing Funds

FHFA Authorizes More than $1 Billion for Affordable Housing Funds

The Federal Housing Finance Agency (FHFA) announced today a $1.09 billion disbursement for Fannie Mae and Freddie Mac affordable housing allocations for 2020. This is the largest amount ever disbursed and more than double what was provided last year.

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House Passes Biden’s COVID-19 Relief Package

Filed in Advocacy by on February 26, 2021 0 Comments
House Passes Biden’s COVID-19 Relief Package

The House early this morning approved President Biden’s $1.9 trillion COVID-19 relief plan. The House package includes a provision to gradually increase the minimum wage to $15 an hour by 2025 but the Senate may strip this provision out the bill because the Senate parliamentarian has ruled it does not comply with the rules regarding budget reconciliation.

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Fannie Mae, Freddie Mac Extend Foreclosure, Eviction Moratoriums

Filed in Advocacy, Housing Finance by on February 26, 2021 0 Comments
Fannie Mae, Freddie Mac Extend Foreclosure, Eviction Moratoriums

The Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac will extend their moratorium on single-family foreclosures and evictions until June 30, 2021.  The foreclosure moratorium applies to Fannie Mae and Freddie Mac-backed single-family mortgages only. The eviction moratorium applies to properties that have been acquired by Fannie and Freddie through foreclosure or deed-in-lieu of foreclosure transactions.

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IRS, HUD Grant Texans Relief After Disaster Declaration

Filed in Disaster Response by on February 23, 2021 0 Comments
IRS, HUD Grant Texans Relief After Disaster Declaration

In response to the toll this month’s winter storms have taken on Texas and other states, the Internal Revenue Service (IRS) has extended many tax filing deadlines to June 15, 2021. Separately, the U.S. Department of Housing and Urban Development announced its own relief for mortgages insured by the Federal Housing Administration (FHA) for those living in areas affected by the severe winter storm.

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Builders Cite Building Material Prices as Top Challenge

Filed in Economics, Trends by on February 23, 2021 1 Comment
Builders Cite Building Material Prices as Top Challenge

Nearly nine out of 10 builders expect building material prices will be their top challenge in 2021, according to a December 2020 survey where builders were asked about the problems they confronted in 2020 and expect to face in 2021.

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A Special 2-Week PPP Window for Companies with Fewer than 20 Employees

Filed in Advocacy, Disaster Response by on February 22, 2021 3 Comments
A Special 2-Week PPP Window for Companies with Fewer than 20 Employees

The Biden administration is establishing a two-week window starting on Wednesday, Feb. 24, in which only businesses with fewer than 20 employees — the overwhelming majority of small businesses — can apply for Paycheck Protection Program (PPP) forgivable loans.

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Record-High Lumber Prices Add $24K to the Price of a New Home

Filed in Advocacy, Material Costs by on February 22, 2021 45 Comments
Record-High Lumber Prices Add $24K to the Price of a New Home

Lumber prices have skyrocketed more than 180% since last spring, and this price spike has caused the price of an average new single-family home to increase by $24,386 since April 17, 2020, 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 $8,998 over the same period due to the surge in lumber prices.

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NAHB Opposes House Bill to Eliminate Carried Interest

Filed in Advocacy, Multifamily by on February 17, 2021 1 Comment
NAHB Opposes House Bill to Eliminate Carried Interest

Rep. Bill Pascrell (D-N.J.), along with Reps. Andy Levin (D-Mich.) and Katie Porter (D-Calf.), this week introduced H.R. 1068, the Carried Interest Fairness Act of 2021. The bill would impose a major tax increase on real estate by generally requiring carried interest to be classified as ordinary income rather than a capital gain. 

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Record-High Lumber Prices are Hammering Housing Affordability

Filed in Advocacy, Housing Affordability, Material Costs by on February 12, 2021 31 Comments
Record-High Lumber Prices are Hammering Housing Affordability

Soaring lumber prices are adding thousands of dollars to the cost of a new home, pricing out millions of potential home buyers and impeding the residential construction sector from moving the economy forward, according to NAHB.

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