HUD

The LIHTC portfolio grew by 481 properties, encompassing 125,876 units, from 2012 to 2013, according to recent data from HUD. The report was a follow-up to last year’s release of Understanding Whom the LIHTC Program Serves: Tenants in LIHTC Units.

The U.S. Department of Housing and Urban Development released FY-2016 income limits to be used when setting maximum rental rates for housing financed using Low-Income Housing Tax Credits or Tax-Exempt Bonds, as well as income limits to determine eligibility for HUD-assisted housing programs.

Preparing for an unprecedented number of RAD transactions this year, HUD is already seeing requests for extensions to Financing Plan submission deadlines. HUD will host a listening session to discuss incentives or remedies short of revoking CHAPs to keep PHAs on schedule and to mitigate the surge of volume at year-end.

Over the next 60 days, HUD is soliciting comments on the Affirmatively Furthering Fair Housing Assessment Tool for States and Insular Areas. One of three AFFH Assessment Tools, this tool is to be used where the State is designated as the lead entity.

In addition to preserving housing for residents making a little at 30% of area median income, the project includes a unique workforce housing component for residents earning up to 95% of the area median income.

The deadlines for Congressmen to sign-in to the letters of support for HOME funds are this Friday, March 11 in the House and March 15 in the Senate.

IRS published in today’s Federal Registrar two sets of regulations that will facilitate the ability of owners of LIHTC properties to use a consumption-based utility allowance at properties that are either submetered or generate and sell energy using on site renewables.

Section 9-23 of the new Section 8 Renewal Policy Guide provided instructions for comparing the median rents as derived by the appraiser in a RCS with Census Bureau estimates of the median rents in the project’s zip code. HUD has recently published the new median zip code rents and the 140 percent thresholds.

The new MAP Guide delegates more underwriting responsibility to approved “MAP lenders” and includes all relevant guidance published by FHA since the MAP Guide was last updated in 2011.

HUD is proposing to reduce 2016 FHA Mortgage Insurance Premiums for affordable housing and green and energy efficient housing. HUD is accepting comments on the proposal through February 29. The changes would go into effect April 1.

Funding made available under this NOFA must be used to fund supportive services in eligible existing HUD-assisted multifamily developments targeted to elderly households. Applications are due no later than Monday, April 18, 2016.

HUD released answers to frequently asked questions regarding the Pay for Success Permanent Supportive Housing Demonstration. The demonstration aims to develop a model for a population continuously cycling between the criminal justice system and homeless services.