The U.S. Department of Housing and Urban Development has issued a final ruling that implements a program to allow public housing agencies (PHAs) to use proceeds of their Capital Fund program for financing activities, including payment of debt service and housing development and modernization activities. The final rule includes a streamlined approval process for standard and high-performing PHAs that have borrowings against their Capital Funds within certain limits, or that propose to use their Capital Fund financing proceeds in a mixed-finance development, and provides greater specificity le with respect to submission requirements for requests for Capital Fund financing transactions. The final rule is effective December 20, 2010. Read More…