On April 19, USDA Secretary Sonny Perdue announced his appointment of Joel Baxley to the Administrator position. Mr. Baxley will report directly to Anne Hazlett, Assistant to the Secretary for Rural Development.
Mr. Baxley has 23 years of experience in real estate finance and took part in writing the USDA Rural Development Multi-Family Housing Comprehensive Property Assessment Report issued in 2016. His most recent position was Financial Advisory Services Director at RSM US, LLP.
The decoupling of rental assistance from Section 514/515 loans under the Consolidated Appropriations Act of 2024 will now permit properties with Section 514/515 maturing mortgages to continue to receive rental assistance to further preserve affordable housing. A stakeholder engagement session is being held on April 25 at 2 p.m. ET and those interested in participating are encouraged to register.
Senate, House Hold FY 2025 HUD Appropriations Hearings – April 30 & May 1
On Monday, the U.S. Supreme Court heard oral arguments in City of Grants Pass, Oregon v. Johnson.
HUD announced an increase in deductibles for wind and named insurance coverage for multifamily properties financed with FHA-insured mortgages as a measure to address rising wind and storm insurance costs in recent years with extreme weather events expected to continue.