N-2017-40: Extension of Guidance in Notice 2015-77 for Participants in the HFA Hardest Hit Fund

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July 20, 2017

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Issue Number: N-2017-40

Inside This Issue

Notice 2017-40 amplifies Notice 2015-77, 2015-47 I.R.B. 676, with respect to the Treasury Department’s Housing Finance Agency Innovation Fund for the Hardest-Hit Housing Markets (HFA Hardest Hit Fund) by extending through 2021 the safe harbor method for computing a homeowner’s deductions for payments made on a home mortgage and the relief for mortgage servicers and state housing finance agencies (State HFAs) from penalties relating to information reporting. In addition, this notice amplifies Rev. Proc. 2011-55, 2011-47 I.R.B. 793, by extending its scope and effective date through calendar year 2021 for the HFA Hardest Hit Fund.

Notice 2017-40 will be in IRB 2017-32, dated August 7, 2017.

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