Federal / Agency News

The U.S. Department of Housing and Urban Development published June 15 a revised Rental Assistance Demonstration (RAD) Notice. On Friday, July 10th, HUD will hold live Q/A sessions on the revised RAD Notice that was published on June 15, 2015.

The Senate Appropriations Subcommittee on Transportation, Housing and Urban Development approved Tuesday a FY-2016 THUD funding bill that slashes funds for the HOME program, which often provides vital funding for housing credit developments.

HUD published a notice outlining a new sampling methodology to calculate utility allowances for several multifamily affordable housing programs. The notice standardizes the methodology used to calculate utility allowances across many HUD housing programs and bases the calculations on actual consumption.

NH&RA calls on its members to stop the Senate Appropriations Committee from slashing funding to the HOME program, join efforts to strength LIHTC, help preserve tax-exempt multifamily bonds, and advocate for the historic tax credit.

The CDFI Fund announced more than $3.5 billion in New Markets Tax Credit awards aimed at stimulating investment and economic growth in low-income urban neighborhoods and rural communities nationwide. Thirteen NH&RA members were among the 76 organizations across the country that will receive tax credit allocation authority under the 2014 round of the New Markets Tax Credit Program.

Affordable Rental Housing ACTION (A Call To Invest in Our Neighborhoods) issued resources to assist housing credit supporters in reaching out to their representatives in support of current legislation. NH&RA encourages our members to voice your support bills in the House and Senate that will set a minimum credit rate.

The House passed the FY-2016 Transportation-HUD spending bill on a vote of 216-210. The legislation includes funding for the Department of Housing and Urban Development, Department of Transportation, and other related agencies through the end of the fiscal year on September 30, 2016.

The White House selected Michael Stegman, a senior official in the U.S. Department of the Treasury, to be the main housing adviser on the National Economic Council.

The U.S. Department of the Treasury Office of the Comptroller of the Currency (OCC) released an updated edition of its 2008 Community Developments Insights report entitled Historic Tax Credits: Bringing New Life to Older Communities. This Insights report provides an overview of Historic Rehabilitation Tax Credits, why they might be of interest to other banks, and associated risks or regulatory considerations.

Deputy Assistant Secretary Ben Metcalf announced Thomas R. Davis as the new Director of the Office of Recapitalization within the Office of Multifamily Housing Programs at HUD.

The U.S. Department of Housing and Urban Development (HUD) is opening a public comment period on a proposed a rule that would use small area fair market rents (FMRs) in the Housing Choice Voucher Program instead of the current 50th percentile fair market rents. The public comment period ends July 2, 2015.

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released data collected on New Markets Tax Credit (NMTC) investments across the nation through fiscal year (FY) 2013. Through the first 11 application rounds of the NMTC Program, the CDFI Fund has made 836 awards, allocating a total of $40 billion in tax credit authority to CDEs through a competitive application process.