Federal / Agency News
HUD Updates Metros Subject to Small Area FMRs
HUD published a notice listing additional areas subject to small area fair market rents (SAFMRs) in the housing choice voucher program.
USDA Publishes Proposed Rule Updating Insurance Requirements for Multifamily Housing Programs
The U.S. Department of Agriculture’s Rural Housing Service (RHS) Office of Multifamily Housing announced a proposed rule that would update the insurance coverage and deductible requirements that have been in place since 2004 for its multifamily direct loan and grant programs.
White House Action to Create More Affordable Housing by Converting Commercial Properties to Residential Use
The Biden–Harris administration announced a set of initiatives by several federal agencies to support the conversion of high-vacancy commercial buildings to residential use, including through new financing, technical assistance and sale of federal properties.
Final CRA Rule Includes Impact Factor for LIHTC Investments
The Federal Reserve, Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) released the Community Reinvestment Act Final Rule, factsheet and overview of key objectives. NH&RA submitted comments last year and is still in the process of going through the new regulations.
DOL Publishes Final Rule on Davis Bacon
The Department of Labor (DOL) published the final rule in August that updates regulations issued under the Davis-Bacon and Related Acts.
AHTCC Announces Growing Support for the Credit Improvement Act
The Affordable Housing Tax Credit Coalition (AHTCC) announced that support for the Affordable Housing Credit Improvement Act (AHCIA) of 2023 (H.R. 3238/S. 1557), legislation to expand and strengthen the Housing Credit, has continued to steadily grow.
Comments on Advisory Council on Historic Preservation’s Draft Housing Policy Statement Due Nov. 11
The Advisory Council on Historic Preservation is developing a policy statement on housing and historic preservation.
IRS Allocates more than $3.2 Million in Unused LIHTCs to 28 States
In Revenue Procedure 2023-32, the Internal Revenue Service (IRS) allocate more than $3.2 million in unused Federal LIHTCs to 28 states – ranging from $450,249 for Texas to $9,702 for Vermont.
Fannie Mae Multifamily Introduces Sponsor-Dedicated Workforce (SDW) Housing
Fannie Mae announced a new Sponsor-Dedicated Workforce (SDW) product to create and preserve workforce housing through the company’s network of Delegated Underwriting and Servicing (DUS®) lenders.
HUD Releases HOTMA Implementation Guidance
On September 29, HUD published Notice PIH 2023-17, which contains implementation guidance for Sections 102 and 104 of the Housing Opportunity Through Modernization Act of 2016 (HOTMA).
HUD Awards $75 Million in Loan Guarantee
Last week, HUD awarded $75 million in loan guarantee commitments to the cities of Omaha (NE), Oakland, Fresno and Redding (CA).
CDFI Fund Announces $300 Million in Guarantees
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced that they agreed to issue three guarantees totaling $300 million under the CDFI Bond Guarantee Program.