Disaster Response
Planning for Hurricanes and Natural Disasters Amid COVID-19
FEMA releases guidance document to help businesses prepare for hurricane season and other natural disasters during COVID-19.
Labor Market Improvement Follows Housing Strength
Recent economic data have shown rapid improvement relative to dramatic declines in mid-spring. And housing has led the way.
Lumber Prices Hit 2-Year High, Up 50% Since April
The Random Lengths Framing Composite Price hit $523 per 1,000 board feet for the week ending July 10, marking the first time prices have topped the $500 level since July 2018. Indeed, lumber prices have soared 50% since April 17, 2020.
FHFA Extends Loan Processing Flexibilities Through Aug. 31
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac will extend several loan origination flexibilities until Aug. 31, 2020, to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on July 31.
An Open Letter on Coronavirus Safety from NAHB Chairman to Residential Construction Workers
NAHB Chairman Chuck Fowke today sent an open letter to the nation’s residential construction workers imploring them to continue following guidance to prevent the transmission of coronavirus in the face of rising cases nationwide
IRS Instructs Employers on Reporting COVID Medical & Sick Leave Wages
The Internal Revenue Service has released Notice 2020-54, which requires employers to report the amount of qualified sick and family leave wages paid to employees under the Family First Coronavirus Response Act.
Congress Extends PPP Through Aug. 8
The House Wednesday night unanimously approved an extension of the Paycheck Protection Program (PPP) through Aug. 8. The Senate voted Tuesday to extend the program, just hours before it expired at midnight.
IRS Provides Temporary Relief for LIHTC
In a victory for NAHB and its members, the Internal Revenue Service today announced temporary relief from certain requirements under Section 42 of the Internal Revenue Code for Low-Income Housing Tax Credit (LIHTC) projects. In light of financing and construction delays and other challenges resulting from COVID-19, NAHB requested in April that the IRS extend all relevant LIHTC deadlines.
NAHB and Michigan Builders File Suit to Expand PPP Eligibility
With so many builders unfairly unable to obtain a forgivable loan under the Paycheck Protection Program (PPP), NAHB, along with the HBA of Michigan and HBA of Southeastern Michigan, today filed a lawsuit against the U.S. Department of Treasury and the U.S. Small Business Administration, challenging their decision to apply onerous regulations onto PPP that prevent certain builders and developers from accessing this much-needed source of funding and having those loans forgiven.
Fannie Mae and Freddie Mac Extend Forbearance for Multifamily Property Owners
The Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac (the Enterprises) are allowing servicers to extend forbearance agreements for multifamily property owners with existing forbearance agreements for up to three months, for a total forbearance of up to six months.
