News
GAO Releases Report on Housing Finance Reform
The Government Accountability Office (GAO) issued a new report Housing Finance: Prolonged Conservatorships of Fannie Mae and Freddie Mac Prompt Need for Reform. The report, prepared for Chairwoman of the House Committee on Financial Services Maxine Waters (D-CA) and Congressman Sean Duffy (R-WI), calls on Congress to “consider legislation for the future federal role in housing finance that addresses the structure of the enterprises, establishes clear, specific, and prioritized goals and considers all relevant federal entities, such as FHA and Ginnie Mae.”
Microsoft Commits $500 Million Towards Affordable Housing in Seattle Area
In a Microsoft Corporate Blog, president Brad Smith and CFO Amy Hood committed $500 million in loans and grants to accelerate the construction of more affordable housing across the Seattle region across the next three years.
OHCS Preservation NOFA due Feb. 19, Energy NOFA due Jan. 29
Oregon Housing and Community Service (OCHS) announced the deadline to apply for its Federal Project Based Rent Assistance Preservation Notice of Funding Availability (NOFA). Applications, with the project’s Multifamily Energy Program Incentive Reservation letter, are due by 4 pm PT on Feb. 19, 2019. Applications will be reviewed as they are received.
New Q&A Published for AHSC Round 4 NOFA – Applications Due Feb. 11
The California Department of Housing and Community Development and the Strategic Growth Council have published and updated Questions and Answers document for the Affordable Housing Sustainable Communities (AHSC) Round 4 Notice of Funding Availability (NOFA) application period. Applications to the NOFA are due on Feb. 11, 2019.
Jared Bernstein op-ed: “give OZs a chance, while scrutinizing their progress”
In a Washington Post op-ed, Jared Bernstein, former chief economist to former Vice President Joe Biden and senior fellow at the Center on Budget and Policy Priorities, describes the early developments, including the Zone certification process, market reactions and some proposed investment targets of Opportunity Zones. While Bernstein notes the gentrification risk of Opportunity Zones, he concludes that the selected Zones have both the need and capacity to absorb new investment, development and people without displacing local residents. He calls on Treasury to dictate strong reporting requirements that will accommodate thorough evaluation.
FHFC workshop on Financing to Develop Housing for Persons with Disabilities – Jan. 18
The Florida Housing Finance Corporation (FHFC) will hold a workshop on its RFA 2019-107 Financing to Develop Housing for Persons with Disabling Conditions / Developmental Disabilities on Friday, Jan. 18, 2019 at 10 a.m. ET. The RFA is expected to be issued in late February and applications will likely be due in late March.
California Governor’s proposed budget summary includes $7.7 billion for housing
Governor Gavin Newsom (D-CA) published his 2019-2020 proposed budget summary. In total, the Budget includes $7.7 billion across multiple departments and programs to address housing and homelessness throughout the state.
$53 Million Awarded to Help Address Homelessness in California
The California Department of Housing and Community Development announced $53.3 million in awards for the first round of the California Emergency Solutions and Housing Program (CESH). CESH is a state program providing funds for a variety of activities to assist people experiencing or at risk of homelessness.
California HCD releases Multifamily Housing Program Draft Guidelines for comment
The California Department of Housing and Community Development (HCD) released its draft Multifamily Housing Program (MHP) Guidelines. Recent legislation authorized the issuance of $1.5 billion in bonds through the MHP for new construction, rehabilitation and preservation of veterans and affordable housing.
House passes bills to fund HUD, USDA
The US House of Representatives passed two appropriations bills that would fund the Departments of Transportation, HUD, and Related Agencies (H.R. 267) as well as the Departments of Agriculture, Rural Development, Food and Drug Administration, and Related Agencies (H.R. 265). H.R. 267 passed with a vote of 244-180, with twelve Republicans voting in favor of […]
Ginnie Mae Executive Vice President Bright Steps Down
HUD announced Ginnie Mae’s executive vice president and chief operations officer Michael Bright will be stepping down on January 16 and has requested that his nomination for president of Ginne Mae be withdrawn. Maren Kasper, current executive vice president of Ginnie Mae, will serve as the acting president upon Bright’s departure. Bright has been hired […]
Report Calls for 44,000 Affordable Homes in King County, WA by 2024
The King County Council in Washington state accepted a report from Regional Affordable Housing Task Force, which calls for building or preserving at least 44,000 affordable housing units by 2024, focusing on households earning up to 50 percent of the area median income. The report explains that to meet the current demand for affordable housing […]