The Federal Housing Administration (FHA) posted a draft of Appendix 16 on Organizational Chart for Lease Structure of its 2020 Multifamily Accelerated Processing (MAP) Guide. To provide feedback, respondents must use the 2019 Draft MAP Guide Response Worksheet and e-mail the response worksheet to HSNG_MF_2019MAPGuide-DraftingSuggestions@hud.gov by February 12.
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In 2016, the Federal Housing Administration’s (FHA) Office of Multifamily Housing Programs introduced a voluntary green building standards program that allowed for a reduced annual mortgage insurance premium (MIP) at the rate of 0.25 percent for properties that are committed to green building practices. The reduced MIP for industry-recognized green housing encouraged owners to adopt higher standards for construction, rehabilitation, repairs, maintenance and property operations.Read More
The Federal Housing Administration released three draft chapters of its Multifamily Accelerated Processing (MAP) Guide: Chapter 1 Introduction, Chapter 10 Management Analysis and Chapter 14 LIHTC Guidance. Comments should be provided on the Response Worksheet and emailed to HSNG_MF_2019MAPGuide-DraftingSuggestions@hud.gov. Comments are due by November 15.Read More
The MIT Sloan School of Management recently announced the appointment of Edward L. Golding as executive director and senior lecturer at the MIT Golub Center for Finance and Policy (GCFP). Golding, a former head of the Federal Housing Administration, will help lead the GCFP in its mission to support governments in their role as financial institutions and regulators of the financial system.
HUD announced the Federal Housing Administration (FHA) will offer several incentives to encourage greater development of hospitals and healthcare facilities located in Opportunity Zones in Notice H-2019-10. Effective immediately, FHA is giving priority to Section 232 applications for facilities located in Opportunity Zones. FHA will provide expedited underwriting for Section 232 applications. FHA is also reducing application/exam fees for all Section 242 and Section 232 transactions for facilities in Opportunity Zones.Read More
Yesterday the Senate Appropriations Subcommittee on Transportation, Housing and Urban Development and Related Agencies (T-HUD) favorably reported its FY 2020 funding bill to the full committee. The full Senate Appropriations Committee will hold a hearing on the bill at 10:30 am EDT on September 19 in the Dirksen Senate Office Building, Room 106 and via webcast.
As of publication, the T-HUD bill has yet to be released. Overall the subcommittee received a 302(b) allocation of $74.3 billion, $3.2 billion above the FY 2019 enacted levels. HUD received $56.0 billion in total budgetary resources, which is offset by $7.4 billion in receipts from the Federal Housing Agency/Ginnie Mae for a net funding level of $48.6 billion, an increase of $2.3 billion above the FY 2019 enacted level.Read More
The House has passed a set of housing-related bills, advancing these measures to the Senate. The Strategy and Investment in Rural Housing Preservation Act of 2019 (H.R. 3620) would permanently authorize the U.S. Department of Agriculture’s (USDA) Multifamily Housing Preservation and Revitalization program, and would authorize $1 billion to carry out the program. The Safe Housing for Families Act of 2019 (H.R. 1690) would authorize over $300 million over three years to fund the installation and maintenance of carbon monoxide detectors in HUD’s public housing units.
Finally, the Homebuyer Assistance Act of 2019 (H.R. 2852) would make it easier for homebuyers to buy a home with a Federal Housing Administration mortgage by alleviating the current shortage of certified appraisers.Read More
Last week the Department of the Treasury and HUD sent their Housing Finance Reform Plans to President Trump following his March Memorandum, which ordered the reports. The Senate Committee on Banking, Housing and Urban Affairs held a hearing on Housing Finance Reform: Next Steps with HUD Secretary Ben Carson, Treasury Secretary Steven Mnuchin and FHFA Director Mark Calabria as witnesses.Read More
HUD announced that the Federal Housing Administration (FHA) will insure mortgages on mixed-use development in opportunity zones under the agency’s Section 220 program. Historically, Section 220 has provided mortgage insurance for rental housing in downtown urban areas that have been targeted for overall revitalization. Now, all 8,764 Opportunity Zones, including those located in rural area, are eligible for mortgage insurance under this program.
HUD’s Housing Notice 2019-07 provides incentives for multi-family property owners to invest in Opportunity Zones across the nation. Applicants to FHA’s Section 221(d)(4), Section 220 and Section 223(f) will be eligible for significantly lower application fees provided the property is located within an Opportunity Zone.Read More