The National Housing Trust Fund (NHTF) was established as part of HERA 2008, and provides communities with funds to build, preserve and rehabilitate rental homes that are affordable for extremely low-income households. Program funds have now been released to the states.
The Affirmatively Furthering Fair Housing Rule issued by HUD last July requires recipients of federal housing and community development funding to foster more inclusive communities, promote equal access to community assets, and combat segregation and concentrated poverty.
Responding to a request from Senator Charles Grassley, Chairman of the Senate Judiciary Committee, the Government Accountability Office (GAO) has performed a review of the oversight and administration of the Low- Income Housing Tax Credit (LIHTC) Program. The results of the study were sent to Senator Grassley on July 15, 2015.
On June 22, 2015, HUD issued Notice H-2015-04, Methodology for Completing a Multifamily Housing Utility Analysis. The Notice provides instructions to owners and management agents for completing the utility allowance required at the time of the annual or special adjustment of contract rents and when a utility rate change results in a cumulative increase of 10 percent or more from the most recently approved utility allowance.
On June 26, 2015, HUD published a Notice in the Federal Register revising some of the rules of the Rental Assistance Demonstration (RAD) Program. The RAD program provides the authority to convert various housing programs to long-term project-based Section 8 rental assistance. The revised Notice PIH-2012-32, REV-2 summarizes key changes made to the program. Most elements of the revised Notice are effective June 26, 2015.
On July 8, 2015, the Department of Housing & Urban Development (HUD) issued a final rule on the procedures that must be followed by localities with regard to Affirmatively Furthering Fair Housing. The rule directs HUD program participants to take significant actions to integrate all zip codes in a particular locality. The rule refines the prior approach by replacing the analysis of impediments (AI) with a fair housing assessment of localities, and was issued almost immediately after the Supreme Court held that the Fair Housing Act allows “disparate impact” claims.
State Housing Finance Agencies (HFAs) are required to perform regular monitoring reviews of Low Income Housing Tax Credit-funded projects. A Regulation states that without a monitoring procedure, States are not authorized to allocate credits. The HFA or a private contractor may carry out the monitoring.
In 2011, the CDFI published New Markets Tax Credit, Compliance and Monitoring Frequently Asked Questions, designed to help NMTC users understand the rules governing the program. It was updated this past December, and here we outline the most relevant revisions and changes.
Determining the correct income limits to use for a low-income housing tax credit (LIHTC) project is critical, as they will determine both the maximum annual income for resident households qualified to occupy tax credit units as well as the maximum rents for such units.
On March 7, President Obama signed into law the Violence Against Women Reauthorization Act of 2013 following earlier passage by Congress. The new law (P.L. No. 113-4) significantly expands the number of federal housing programs subject to the Violence Against Women Act (VAWA), creating new responsibilities and requirements for owners and managers of many types of affordable multifamily rental housing properties.
Owners and managers of affordable multifamily rental housing properties are faced with a relatively new conundrum: The growing number of states that have legalized the use of marijuana for medical or recreational purposes. The challenge includes what policies to adopt to remain in compliance with federal and state laws, such as regulations of the low-income housing tax credit program, U.S. Department of Housing and Urban Development, and USDA Rural Housing Service.
Mental health experts estimate that about 15 million Americans are compulsive hoarders. Recently, the American Psychiatric Association announced that compulsive hoarding is now considered a mental disability.