News

Connecticut Extends COVID-19 Financial Relief Available for Multifamily Borrowers through End of Year

The Connecticut Housing Finance Agency (CHFA) extended the COVID-19 multifamily financial relief period through December 31, 2020. Any mortgagor of a multifamily rental housing development in CHFA’s portfolio experiencing financial distress due to COVID-19, beyond the financial ability of the mortgagor to correct or mitigate, may contact CHFA to request its assistance.

For more information, please see CHFA’s Multifamily COVID-19 Financial Relief Overview on its COVID-19 Update and Resources web page.

House Passes Infrastructure Bill

Last week the House of Representatives passed a $1.5 trillion infrastructure package (H.R. 2), which includes several housing provisions. A summary of the housing provisions in the bill can be found here. The measure passed by a vote of 233 to 188, with three Republicans crossing party lines to support it and two Democrats breaking with their party to vote “no.”  The bill now heads over to the Senate for consideration and is unlikely to advance. When asked about the bill, Senate Majority Leader Mitch McConnell said, “so naturally, this nonsense is not going anywhere in the Senate. It will just join the list of absurd House proposals that were only drawn up to show fealty to the radical left.” Senate Republicans and the Trump administration are reportedly drafting their own infrastructure package.

House Appropriations Committee Passes FY-2021 HUD Funding Measure

On June 7, 2020 the House Appropriations Committee released its draft fiscal year 2021 Transportation, Housing and Urban Development, and Related Agencies funding bill. The measure was adopted by the Subcommittee on July 8, 2020.  The measure heads next to the Full Committee for an additional markup.  The bill provides a total of $50.6 billion for HUD – an increase of $1.5 billion above the FY 2020 enacted level and $13.3 billion above the President’s 2021 budget request. The measure also includes $49 billion in supplemental funding to HUD programs to support the economic recovery from the coronavirus pandemic. Highlights from the $50.6 billion in “general” HUD appropriations, include:

  • $25.8 billion for Tenant-based Rental Assistance, an increase of $1.9 billion above the FY 2020 enacted level and $2.4 billion above the President’s budget request.
  • $3.2 billion for the Public Housing Capital Fund, an increase of $310 million above the FY 2020 enacted level. The President’s budget request proposed eliminating this program.
  • $4.6 billion for the Public Housing Operating Fund, an increase of $100 million above the FY 2020 enacted level and $405 million above the President’s budget request.
  • $250 million for the Choice Neighborhoods Initiative, an increase of $75 million above the FY 2020 enacted level. The President’s budget request proposed eliminating this program.
  • $430 million for Housing Opportunities for People with AIDS, an increase of $20 million above the FY 2020 enacted level and $100 million above the President’s budget request.
  • $3.5 billion for Community Development Block Grants, an increase of $100 million above the FY 2020 enacted level. The President’s budget request proposed eliminating this program.
  • $1.7 billion for the HOME Investment Partnership Program, an increase of $350 million above the FY 2020 enacted level. The President’s budget request proposed eliminating this program.
  • $3.4 billion for Homeless Assistance Grants, an increase of $638 million above the FY 2020 enacted level and $642 million above the President’s budget request.
  • $13.4 billion for Project-Based Rental Assistance, an increase of $881 million above the FY 2020 enacted level and $809 million above the President’s budget request.
  • $893 million for Housing for the Elderly (Section 202), an increase of $100 million above the FY 2020 enacted level and $40 million above the President’s budget request.
  • $227 million for Housing for Persons with Disabilities (Section 811), an increase of $25 million above the FY 2020 enacted level.

In addition, to support the economic recovery from the coronavirus pandemic, the bill provides an additional $49 billion for the Department of Housing and Urban Development programs to bolster communities nationwide by making robust and resilient investments in public housing, affordable housing, and community development. Highlights include:

  • $24.25 billion for the Public Housing Capital Fund;
  • $300 million for the CHOICE Neighborhoods Initiative;
  • $4 billion for the Community Development Block Grant;
  • $17.5 billion for the HOME Investment Partnerships;
  • $750 million for capital improvements for properties receiving project-based rental assistance;
  • $750 million for the Housing for the Elderly;
  • $179 million for the Housing for Persons with Disabilities;

More details:

HUD Publishes Housing Notice Extending Moratorium on Evictions for HUD Mortgages in Forbearance

On July 1, 2020, HUD published Housing Notice (2020-7), Coronavirus Aid, Relief, and Economic Security (CARES) Act Eviction Moratorium that extends the moratorium on evictions for all HUD-insured or HUD-held mortgages while under forbearance, and also provides guidance on tenant protections for multifamily properties not subject to forbearance and those with HUD-assisted units.

Read More

Bipartisan Policy Center Publishes Brief on Housing Assistance as a COVID-19 Priority

On June 12 the Bipartsan Policy Center published a new brief entitled “Housing Assistance is a COVID-19 Response and Racial Justice Priority.”  The brief finds that the public health and economic crisis that COVID-19 triggered has put millions of low-income households at risk of eviction and homelessness and has widened racial disparities in housing and health outcomes.

Read More