HUD Secretary Scott Turner rescinded Obama-era Fair Housing Act guidance that had effectively eliminated the statute of limitations for design and construction claims, replacing it with new guidance that enforces Congress's explicit two-year limitations period. HUD cites over $110 million in repair costs imposed on building owners over the past five years under the old framework — costs the agency argues are ultimately passed to renters and homebuyers. For LIHTC developers, syndicators, and lenders, this shift has direct implications for how legacy asset liability is underwritten and how acquisition-rehab due diligence is conducted.

Key Takeaways:

This action is part of a broader pattern of HUD policy rollbacks under Secretary Turner aimed at reducing regulatory costs on builders and housing providers. For industry participants, the near-term priority is reassessing legal exposure on existing portfolios and watching for litigation that could unwind the new interpretation. Legal counsel should be engaged now — before pending administrative complaints move forward under assumptions that may no longer hold.

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NH&RA has launched a new project impact collection form to document real-world BABA (Build America, Buy America Act) compliance challenges affecting HUD-assisted affordable housing deals. The effort is part of active advocacy meetings with HUD and the Made In America Office (MIAO) within OMB, targeting faster waiver processing and broader compliance relief for the LIHTC and affordable housing development community.

Key Takeaways:

BABA compliance has become one of the most operationally disruptive federal requirements for HUD-assisted affordable housing deals. NH&RA's database-building effort is a direct response — turning scattered project-level pain points into a structured policy argument. If your organization has navigated a BABA waiver, absorbed a material cost premium, or restructured a deal around compliance requirements, submitting that experience to NH&RA now is the highest-leverage action you can take. Visit NH&RA's website to access the form directly.

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HUD released updated demolition and disposition guidance on August 28, 2026, expanding the tools available to public housing authorities to redevelop, sell, or reposition distressed properties. The guidance broadens the definition of obsolete buildings, reduces administrative burdens for small PHAs, and expands relief for mixed-finance and scattered-site properties — all with the explicit goal of moving more public housing stock onto the Section 8 platform where private capital can be leveraged.

Key Takeaways:

For LIHTC developers, syndicators, and lenders with PHA relationships, the practical implication is an expanded pipeline of RAD and Section 18 conversion candidates. The small-agency provision in particular could surface consolidation and acquisition opportunities that were not viable under prior rules. Teams should revisit existing pipeline properties against the updated obsolescence and scattered-site definitions now, before the market reprices these opportunities.

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The Bipartisan Policy Center and the National Association of Affordable Housing Lenders (NAAHL) are hosting a joint policy forum on September 9, 2026, from 2–3 p.m. ET to examine implementation of the 21st Century ROAD to Housing Act. For LIHTC investors, developers, syndicators, and lenders, the forum comes at a critical moment — the regulatory and administrative details being resolved now will shape deal economics, housing supply outcomes, and state HFA activity for years ahead.

Key Takeaways:

The 21st Century ROAD to Housing Act represents one of the more significant federal affordable housing reform efforts in recent years. With implementation underway, the September 9 forum is an early-stage opportunity to hear directly from practitioners and policymakers shaping the rules. Teams active in state HFA relationships, LIHTC structuring, or affordable housing lending should treat this as a must-attend or must-monitor event ahead of the next QAP and allocation cycle.

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Fannie Mae abruptly cut roughly 12 senior executives last Friday, with eliminations concentrated in the multifamily lending unit, the low-income housing tax credit investment division, and finance, regulatory, and communications leadership. The Wall Street Journal first reported the shakeup, and Mortgage Point identified affected individuals by tracking removed employee profiles. For LIHTC investors, syndicators, and affordable housing lenders, the cuts raise immediate questions about deal continuity, underwriting appetite, and Fannie's institutional commitment to the affordable housing market.

Key Takeaways:

Fannie Mae is one of the largest institutional LIHTC equity investors in the country and a cornerstone multifamily lender. Leadership disruption at this scale — particularly concentrated in affordable housing units — warrants close monitoring. Whether this is driven by conservatorship politics, FHFA directives, or internal restructuring, the downstream effect on deal flow and credit availability could be significant. Watch for further personnel disclosures and any formal statements from Fannie Mae or FHFA about the future direction of its multifamily and affordable housing operations.

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On August 25, 2026, HUD led a seven-agency joint rescission of the Biden-era Interagency Statement on Special Purpose Credit Programs (SPCPs) under the Equal Credit Opportunity Act and Regulation B. The agencies — HUD, CFPB, DOJ, FDIC, NCUA, OCC, and FHFA — issued a unified directive telling creditors to stop relying on the 2022 guidance. For LIHTC lenders, syndicators, state HFAs, and GSE counterparties that built or expanded race-conscious credit programs under that framework, the compliance clock is now running.

Key Takeaways:

The legal authority for SPCPs has not been eliminated — but the federal policy environment that made race-conscious credit programs administratively safe is gone. For the affordable housing industry, the priority action is an immediate legal review of any SPCP or targeted lending product that uses protected characteristics as a qualifying criterion. Watch for FHFA seller-servicer guidance as the next concrete signal of how GSE-connected lenders will be expected to respond.

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The Ohio Housing Finance Agency (OHFA) has released its first draft of program year 2026 guidelines for its 4% LIHTC with Bond Gap Financing (BGF) program, opening a short public comment window that closes August 27, 2026. For developers, syndicators, and lenders active in Ohio's four percent bond market, the draft guidelines — available in both clean and redline formats — directly govern deal feasibility for the coming program year.

Key Takeaways:

With the comment window closing in less than 48 hours from publication, Ohio market participants need to move quickly. Review the redline for material changes to eligible costs, maximum subsidy amounts, and underwriting standards. If draft provisions create structural problems for deals in your pipeline, submit written comments before Thursday. Final guidelines will govern program year 2026 transactions — there is no second opportunity to shape the terms once they are adopted.

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HUD has released the 2026 National Housing Trust Fund (HTF) allocations for all states and jurisdictions, with a total of $255 million available — up $32 million from the $223 million allocated in 2025. The HTF exclusively targets rental housing for extremely low-income households (at or below 30% of AMI), making it a critical gap-financing layer in complex LIHTC deal structures. Developers, syndicators, and lenders should expect state HFAs to begin updating their HTF allocation plans and opening application cycles imminently.

Key Takeaways:

The 2026 HTF increase arrives at a moment when deep affordability is under intense pressure from rising construction costs and land prices. For developers structuring deals in high-cost markets, this is a timely opportunity to layer HTF into capital stacks before state application windows close. Teams that engage their HFAs early will be best positioned heading into year-end underwriting cycles.

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HUD has released its 2027 HOTMA inflationary adjustments and passbook rate, effective January 1, 2027, while simultaneously rescinding the waiver that allowed Emergency Housing Voucher (EHV) and Stability Voucher (SV) payment standards to reach up to 120% of Fair Market Rent. This episode walks through both actions and the cluster of additional HUD notices—on Title VI disparate-impact rules, VAWA lease addenda, and the renamed Foster Youth to Independence Initiative—that affordable housing operators and voucher administrators need to track now.

Key Takeaways:

The EHV payment standard rollback is the most operationally urgent item for housing authorities working in high-cost markets, where the 120% ceiling had been a critical placement tool for homeless and at-risk populations. Combined with the HOTMA adjustment cycle and the October 9 comment deadline on Title VI disparate-impact rules, this is a dense policy period — teams should prioritize review of all four items before Q4.

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Senators Ruben Gallego (D-AZ) and Mike Rounds (R-SD) have introduced S. 5366, the Senate companion to the Affordable Housing Credit Carryback Act. The bill would create a five-year carryback for the Housing Credit, giving LIHTC investors the ability to apply unused credits against prior-year tax liability — a structural change that could meaningfully expand investor capacity and improve pricing on affordable housing deals. The measure has been referred to the Senate Committee on Finance.

Key Takeaways:

With bipartisan support in both chambers and a strategic standalone posture, the Affordable Housing Credit Carryback Act is better positioned than most standalone tax measures. LIHTC developers, syndicators, and equity investors should track the Senate Finance Committee's legislative schedule and begin stress-testing deal structures against the possibility that carryback authority becomes law — because if a tax package moves, this provision has a credible path to inclusion.

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