HUD

On February 28, 2020, HUD published updated Administrative Guidelines governing subsidy layering reviews (SLRs) for Project-Based Vouchers (PBV). Effective immediately, the New Guidelines update prior SLR guidelines issued by HUD on September 26, 2014 (79 Fed. Reg. 57955).

The House Financial Services Committee approved several housing-related bills, including Chairwoman Maxine Waters’ Housing Is Infrastructure Act (H.R. 5187). This bill would authorize more than $100 billion for public housing, Community Development Block Grants (CDBGs), the HOME Investment Partnerships program and other programs.

The Florida Housing Finance Corporation posted the Application Submitted Report for “RFA 2020-302 Community Development Block Grant-Disaster Recovery (CDBG-DR) in Monroe County.”

HUD is seeking 4,500 participants for its National Standards for the Physical Inspection of Real Estate (NSPIRE) demonstration, which updates the Real Estate Assessment Center’s (REAC) physical housing inspection process. HUD is also seeking comments to ensure clarity, accuracy and overall usability on early versions of NSPIRE standards for HUD-assisted housing.

HUD published Fiscal Year (FY) 2019 average income minimum set asides for LIHTC properties, in ten percent increments from 20 to 80 percent of the area median income in each state and metropolitan fair market rent/income limits area, based on the fiscal year 2019 Multifamily Tax Subsidy Project income limits.

On February 7, the White House Opportunity and Revitalization Council, chaired by HUD Secretary Ben Carson, released its one-year report on Opportunity Zones to President Trump. The report makes 43 legislative and regulatory recommendations relating to Opportunity Zones, including a call for the collection of data to assess the incentive’s value to distressed communities.

HUD is accepting entries for the 2020 Secretary’s Awards for Healthy Homes through March 10. The competition highlights affordable housing projects that have improved the quality of life for their low- and moderate-income tenants.

President Trump’s Administration released the Fiscal Year (FY) 2021 budget request, “A Budget for America’s Future.” HUD is allocated $47.9 billion in funding, a 15.2 percent decrease over FY 2020 enacted levels with notable zeroing out of the HOME program, Community Development Block Grants (CDBG), Public Housing Capital Fund, Choice Neighborhoods and HOPE VI.

HUD published Housing Notice 20-02 for Delegated Processing for Certain Capital Advance Projects, which aligns with HUD’s most recent Section 202 and 811 Capital Advance Notices of Funding Availability (NOFA). The notice updates Housing Notice 2013-12 by streamlining the firm commitment process by mandating a timely issuance within 12 months

HUD awarded more than $51 million in Section 202 grants to nonprofit organizations across the country to finance more affordable housing construction, provide rental assistance and facilitate supportive services delivery for very low-income seniors.

The Internal Revenue Service (IRS) released Revenue Ruling 2020-04, which clarifies the manner to properly compute the 70 and 80 percent income limits applicable to the LIHTC under Section 42 of the Internal Revenue Code. The 70 percent limit is 140 percent or less of the income limit for a very low-income family of the same size and the 80 percent limited is 160 percent or less of the income limit for a very low-income family of the same size.

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 [email protected] by February 12.