HUD

HUD recently released its Understanding Whom the LIHTC Serves: Data on Tenants in LIHTC Units as of December 31, 2017 report, which summarizes data received from the state housing finance agencies (HFAs) that administer LIHTC.

The Office of Multifamily Housing at HUD released new procedures related to budget-based rent adjustments, which increase replacement reserve deposits for properties assisted under Section 202 Project Rental Assistance Contracts (PRACs).

Senate Majority Leader Mitch McConnell (R-KY), Senate Minority Leader Chuck Schumer (D-NY) and Treasury Secretary Steven Mnuchin have reportedly reached an agreement on nearly $2 trillion emergency relief package in response to the coronavirus pandemic, which contains:

Assistant Secretary for Housing and Federal Housing Commissioner Brian Montgomery issued a video message regarding COVID-19. Commissioner Montgomery said that while his goal “to keep this segment of the economy moving and to ensure that American’s have access to safe, decent and affordable housing” stakeholders should expect processing delays as FHA employees transition to work from home.

President Trump directed HUD to suspend evictions and foreclosures for single-family homes with FHA-insured mortgages for the next 60 days. Similarly, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to suspend foreclosures and evictions for at least 60 days due for homeowners with an Enterprise-backed single-family mortgage.

HUD announced the Fiscal Year (FY) 2019 Tenant Protection Voucher (TPV) award amounts for the Housing Choice Voucher Program.

HUD extended the comment period for its proposed rule on the Adoption of Additional Safe Harbors for the Fair Housing Act Design and Construction Requirements. Comments were originally due on March 15 and are now due on April 13 and can be submitted here.

The Federal Housing Administration (FHA) posted the draft chapter three and its corresponding appendix of the updated Multifamily Accelerated Processing (MAP) Guide.

HUD Secretary Dr. Ben Carson was added to the White House Coronavirus Task Force. While the risk of infections for Americans remains low, HUD is encouraging multifamily owners and agents, Public Housing Authorities, Performance Based Contract Administrators, FHA lenders to make the information below available to residents and employees.

Former Vice President and Democratic presidential candidate Joe Biden released his housing plan, which calls for the expansion of LIHTC authority by $10 billion and the permanent authorization and expansion of the New Markets Tax Credit.

HUD’s Office of Multifamily Housing published a Housing Notice (HN) & Mortgagee Letter (ML) called Revision of the Section 223(f) Policy Requiring Three Years of Post-Construction Sustained Occupancy. This new policy will allow newly constructed or substantially rehabilitated projects to refinance under Section 223(f) without a three-year waiting period. 

HUD Handbook 4350.1, Chapter 38, contains useful information about disaster preparedness and maintaining an up to date disaster plan. HUD asks owners to continue to keep them apprised of property conditions and vacancies.