HUD

HUD released an updated Section 8 Renewal Policy Guide and Summary of Changes on May 18, 2012 and has since issued a request for comments on the updated guide in the Federal Register. The Section 8 Renewal Policy Guide governs how expiring Section 8 project-based assistance contracts are renewed, an essential component to preserving low income rental housing affordability and availability. Comments on the updated guide are due to HUD by November 13, 2012

The U.S. Government Accountability Office (GAO) recently released a study that assesses the efficiency and cost effectiveness of multiple federal housing programs with similar goals, products and often parallel delivery systems. GAO proposes that there are opportunities to further increase collaboration and alignment among the agencies that administer these programs.

HUD has announced the creation of the Partners in Housing Advanced Preservation Training series for multifamily Owners and senior level Property Management company staff. The HUD workshops will focus on advanced approaches to preserving affordable multifamily properties and builds upon the Basic “Partners in Housing” course.

The Office of Management and Budget (OMB) on behalf of the White House recently released a report which details the potential effects sequestration, or across-the-board cuts to the budget, could have on both defense and non-defense programs. In August 2011, both the U.S. House of Representatives and Senate voted for the threat of sequestration as a mechanism to force Congress to act on reducing the deficit by $1.2 trillion as required by the Budget Control Act of 2011 (BCA).

HUD has released a revised Chapter 14 of the Asset Management and Project Servicing handbook, which is the primary tool used by Field Office Loan Management multifamily staff in carrying out asset management and loan servicing responsibilities in monitoring and assisting owners/managing agents to maintain projects in good physical and financial condition.

The U.S. House of Representatives recently passed by a vote of 402-7 the FHA Emergency Fiscal Solvency Act of 2012 (HR 4264), a measure which would help shore up the fiscal solvency of the Federal Housing Administration’s (FHA) mortgage insurance programs. The bill, introduced by Judy Biggert (R-IL), Chair of the House Insurance, Housing and Community Opportunity Subcommittee, places a minimum on annual FHA mortgage insurance premiums and enhances FHA risk and enforcement measures to protect against fraud and abuse, among other provisions.

HUD has published its quarterly notice of all regulatory waivers that the Department has approved for the Office of Community Planning and Development, the Office of Housing ““ Federal Housing Administration (FHA), and the Office of Public and Indian Housing (PIH).

NCHMA is pleased to present the conference materials including Power Point presentations relevant articles, reports, memos, etc. from our recent Annual Meeting held in Chicago, IL September 6-7 at the Conrad Hotel.

HUD has released a Frequently Asked Questions (FAQ) document to accompany Housing Notice 2012-08, which provides guidance for the prepayment and refinancing of Section 202 Direct Loan projects.

A new report entitled “What Happens to Low Income Housing Tax Credit Properties at Year 15 and Beyond?”, commissioned by HUD and written by Abt Associates Inc., examines the long-term affordability of LIHTC properties and likelihood of properties maintaining affordability after the initial 15-year compliance period is over.

On June 29, the U.S. House of Representatives approved its fiscal year (FY) 2013 appropriations bill (HR. 5972) for the U.S. Departments of Transportation and Housing and Urban Development, or T-HUD. The approved bill funds HUD programs at around $33.6 billion, which is about $1.36 billion (3.9 percent) below the Senate Appropriations Committee proposed FY 2013 amount, $1.75 billion (4.9 percent) below the President’s FY 2013 request, and $3.8 billion (10.2 percent) below the FY 2012 enacted level. The FY 2013 appropriations bill (HR. 5973) for the U.S. Department of Agriculture including rural housing programs administered by Rural Development is expected to be considered by the full House within the next week. The Senate Appropriations Committee approved its version of both bills (S. 2322, S. 2375) in April but the full Senate has not yet scheduled floor consideration of the bill.

The White House Domestic Policy Council’s Rental Policy Working Group (RPWG) recently held a conference to discuss progress of its ongoing rental policy alignment activities, including the various pilot programs underway and next steps for other alignment projects.