News
Impact of Rising Utility Costs on Residents of Multifamily Housing Programs
The U.S. Department of Energy forecasts a three-year high in 2022 for average residential utility costs across the U.S. that may affect families who pay for some or all of their household’s utility bills.
FHFA Announces More than $1.1 Billion for Affordable Housing Programs
Federal Housing Finance Agency Acting Director Sandra L. Thompson announced the Housing Trust Fund (HTF) and the Capital Magnet Fund (CMF) will receive a total of $1.138 billion for affordable housing initiatives from Fannie Mae and Freddie Mac (the Enterprises).
HUD Revises Base City High Cost Percentage, High Cost Area and Per Unit Substantial Rehabilitation Threshold for 2022
In Mortgagee Letter 2022-05 and Housing Notice 2022-02, HUD increased the substantial rehabilitation for FHA insured loan programs from $15,000 to $16,983 per unit.
NH&RA Joins SLFRF Letter to Congressional Leaders
NH&RA joined with 81 other organizations in a letter sent to Senate Majority Leader Chuck Schumer (D-NY), Senate Minority Leader Mitch McConnell, House Speaker Nancy Pelosi (D-CA) and House Minority Leader Kevin McCarthy (R-CA) on the need to adjust the Coronavirus State and Local Fiscal Recovery Fund (SLFRF) program so that it can be used efficiently to provide long-term loans to LIHTC developments.
Application Demand for CY 2021 Round of the NMTC Program Released
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced that it received 199 applications under the calendar year (CY) 2021 round of the New Markets Tax Credit Program (NMTC Program).
Congress Passes FY 2022 Funding through March 11
Last week the Senate passed a continuing resolution that will fund the federal government through March 11.
HUD Posts FY 2022 Section 8 HAP AAFs
HUD issued a notice of Fiscal Year (FY) 2022 Annual Adjustment Factors (AAFs) for certain properties in HUD’s Section 8 housing assistance payment (HAP) programs.
California HCD Schedules More than $4.5 Billion in Housing Funding in 2022
The California Department of Housing and Community Development (HCD) has released its 2022 Notice of Funding Availability (NOFA) calendar.
RAD Collaborative Hosts Section 18 Blends Webinar – March 3
On March 3 at 2 p.m. ET the RAD Collaborative will host a virtual roundtable with Tom Davis and other Recap Office staff, joined by public housing practitioners who have used RAD-Section 18 Blends options to meet a range of portfolio capital needs.
Cook County Property Tax Relief Program Webinars – March 1 & 8
The Cook County Assessor’s Office announced dates for its upcoming informational webinars about a new affordable housing property tax incentive.
Executive Order Mandates Project Labor Agreements for Large-Scale Federal Construction Projects
President Biden recently issued an Executive Order requiring that large-scale Federal construction projects with at least $35 million in costs use project labor agreements with one or more labor organizations.
FHA Removes Temporary COVID-19 Underwriting Mitigants for Multifamily 223(f) Transactions
The Federal Housing Administration (FHA) announced that it is removing temporary COVID-19 underwriting mitigants for multifamily transactions insured under Section 223(f) of the National Housing Act effective immediately for all insured transactions that have yet to reach endorsement.