In an op-ed in The Hill, Mark Dellontem, president and CEO of Love Funding, highlights the success of the federal Rental Assistance Demonstration (RAD) program in utilizing targeted taxpayer dollars to stimulate private capital for renovations and produce wide-ranging benefits. The RAD program, which is a federal program that converts public housing authorities’ (PHAs) existing annual operating and capital subsidies into project-based rental contracts that can attract private capital, has facilitated rehabilitation and the conversion of nearly 62,000 public housing units to more stable financial footing. Another 125,000 units have been authorized for conversion and are working their way through the process. In addition, construction investments made through the RAD program reached $4 billion nationwide in May, an amount that would have taken PHAs 46 years to accumulate on their own. Dellontem urges Congress to continue supporting the RAD program and consider using it as a template for private-public partnerships in the federal government.
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This training will focus on the role of PHAs reviewing the e-Tool provided by an independent assessor and then submitting the e-Tool to the RAD Resource Desk as part of the PHA’s Financing Plan submission.Read More
The U.S. Department of Housing and Urban Development has published Annual Adjustment Factors (AAFs) for 2018. AAFs are used to adjust contract rents for units assisted in certain Section 8 housing assistance payment programs during the initial term of the HAP contract.Read More
HUD will host a live Q&A webinar on Thursday, November 9 from 2:30-3:30 p.m. EST to provide a brief overview and discussion of the Completion Certification and the RAD Minority Concentration Analysis Tool.Read More
The Rural Housing Service (RHS) is revising its existing regulations regarding financial reporting to establish risk thresholds, align requirements with HUD and reduce program operating costs to RD and its borrowers. This rule is effective November 24, 2017 and is optional in FY-2018 and will be mandatory in FY-2019. Additional highlights of the rule include:
- Removes RD requirements for an engagement that examines record using agreed upon procedures (AUPs) established by RD as part of the annual financial reporting requirements
- Non-profit borrowers that receive less than $750,000 in assistance and for-profit borrowers that receive less than $500,000 in assistance are not considered to be high-risk. These owners will submit owner certified prescribed forms using the accrual method of accounting.
HUD has revised the effective date for designations of “Difficult Development Areas” (DDAs) and “Qualified Census Tracts” (QCTs) for purposes of the Low-Income Housing Tax Credit (LIHTC) approved for Federal disaster-related individual assistance. This Notice extends from 730 days to 850 days the period for which the 2015 lists of QCTs and DDAs are effective for projects located in an area that was approved for individual assistance, not on subsequent lists of DDAs or QCTs; and submitted applications while the area was a 2015 QCT or DDA. Click here to learn more.
Several civil rights organizations have filed a lawsuit in federal court challenging HUD’s decision to suspend the implementation of the Small Area Fair Market Rent rule, which was adopted in November 2016 and suspended earlier this year. It is unclear at this juncture how the case will proceed.
Five organizations – the NAACP Legal Defense and Educational Fund, Inc. (LDF), the Relman, Dane & Colfax PLLC law firm, the Poverty & Race Research Action Council (PRRAC), the Lawyers’ Committee for Civil Rights Under Law, and Public Citizen Litigation Group– represent the plaintiffs in the lawsuit. The lead plaintiff, Open Communities Alliance, is a Connecticut-based fair housing organization.