1. 2010 North Carolina Affordable Housing Conference Industry Update Bob Kucab, Executive Director North Carolina Housing Finance Agency

2. Housing Credit Priorities Extend the Exchange Program for 2010 (2011?) Expand the Exchange Program to include disaster and 4% Housing Credits (No Action Yet)

3. Maintain the 10% Housing Credit cap increase from HERA Establish a 5 year carry-back for Housing Credits Amend passive loss rules to benefit smaller investors (No Action Yet) Housing Credit Priorities

4. Housing Bond Priorities Extend availability of $284 million of Housing Bond authority provided in HERA (No Action Yet)

5. Administration’s HFA Initiative New Issue Bond Program helps to lower mortgage rates for homebuyers Temporary Credit and Liquidity Program helps HFAs with variable rate debt

6. Administration’s HFA Initiative Hardest Hit Fund provides $280 million for foreclosure intervention Mortgage Payment Program pilot starts in 17 counties in October and statewide in December Second Mortgage Refinance and Permanent Loan Modification Programs start in 2011

7. Appropriations Proposed Federal HOME Program $21 million (est.) CDBG Program$45 million (est.) Rural Development Section 502 Guarantee Program may double (Mostly level funding)

8. State Housing Trust Fund $10 million HOME Program match $1.6 million Home Protection Program $500,000 Key Program $6.55 million(-$561,000) (Mostly level funding) Appropriations

9. GSE Reform Congress heard “privatize” and “nationalize” Administration held a conference on Housing Finance Reform Secretary Geitner’s plan due in January, 2011 (Debate in 2011)

10. HFA Principles Reform must establish a strong statutory affordable housing mission for the GSEs Require GSEs to engage state HFAs as key partners in housing production and corporate governance (Debate in 2011) GSE Reform

11. Financial Reform Bill Creates the Bureau of Consumer Financial Protection Appropriates $1 billion for NSP3 to recycle foreclosed or abandoned property Appropriates $1 billion for HUD to support emergency mortgage assistance programs

12. FHA Reform Bill House passed broad reform H.R. 5072, not the Senate House and Senate passed H.R. 5891 to address premiums and downpayments

13. QUESTIONS?