A new Mortgagee Letter (2023-24) eliminates the ten percent assurance of completion to be added to the Escrow Agreement for Deferred Repairs for 223(f) projects with LIHTC that include a payment and performance bond, or letter of credit, and a reasonable contingency escrow as required by the LIHTC investor/syndicator and accepted by HUD.
Related Posts
HUD Holds Repositioning Office Hours – May 12
HUD’s Office of Recapitalization, Special Applications Center (SAC), Voucher Program and field operations will be available to answer questions about repositioning – particularly questions that other PHAs would benefit from having HUD staff address in a live recorded webinar from 1 to 3 p.m. ET on May 15.
House Announces Tax Teams
House Ways and Means Chair Jason Smith (R-MO) announced the establishment of ten “Tax Teams,” made up of Republican members of the committee, that will each focus on a specific aspect of tax policy to prepare for what is expected to be major tax legislation next year in advance of the expiration of many provisions from the 2017 Tax Cuts and Jobs Act.
Secretary Yellen Testifies Before House Ways & Means Committee
During her testimony before the House Ways and Means Committee Treasury Secretary Janet Yellen said, “President Biden and I are taking additional actions to bring down the cost of key household expenses like energy, prescription drugs and housing.”
FY 2025 Appropriations Update
In the Senate Appropriations Committee, the Transportation, Housing and Urban Development, and Related Agencies subcommittee held a hearing to review the President’s FY 2025 HUD budget request.