General News

U.S. Representative Barney Frank (D-MA), chairman of the House Financial Services Committee, recently announced that the government-backed mortgage finance giants, Fannie Mae and Freddie Mac are likely to be abolished and replaced with a new system for housing finance.

The Alabama Housing Finance Agency has released its application package for the 2010 low-income housing tax credit (LIHTC) program. AHFA will accept applications beginning March 8, 2010.

The Federal Housing Finance Agency (FHFA) has sent a proposed rule to the Federal Register establishing new housing goals for Fannie Mae and Freddie Mac.  The instructions include single-family and multifamily goals. FHFA is proposing multifamily goals for low-income families and for very low-income families, both expressed in terms of minimum numbers of units financed. In accordance with HERA, the GSEs will also be reporting their funding of low-income units in small (5-50 unit) multifamily properties.

The Montana Board of Housing will hold its Annual QAP (Qualified Allocation Plan) Information Input and Exchange Session on May 14.

Proposed in 2009, the state of Ohio has created the Ohio New Markets Tax Credit (ONMTC) program.

The Illinois Housing Development Authority recently announced the launch of a new website that allows users to conduct a state-wide search of rental properties to help residents find appropriate rental housing to fits their needs.

The New Jersey Housing and Mortgage Finance Agency has released its 2010 timeline for the state’s low-income housing tax credit (LIHTC) program.

The Ohio Housing Finance Agency has released the first draft of its 2011 Qualified Allocation Plan (QAP) for review and public comment.

The Virginia Housing Development Authority recently issued an update to provide clarity around certain items contained in its 2010 low-income housing tax credit (LIHTC) program application.

Doug Criscitello was sworn in on Tuesday as the U.S. Department of Housing and Urban Development’s (HUD) new Chief Financial Officer.

HUD has issued a notice announcing its intention to offer funding through a competition made available as a Notice of Funding Availability (NOFA) under its Sustainable Communities Planning Grant Program (Program). HUD is also seeking comments on the Program through this Advance Notice.

HUD has announced its annual adjustments to contract rents for Section 8 owners. The factors are based on a formula using residential rent and utility cost changes from the most current annual Bureau of Labor Statistics Consumer Price Index (CPI) survey. These factors are applied at Housing Assistance Payment (HAP) contract anniversaries for those calendar months commencing after the effective date of this notice (2/10/2010). In a separate notice, HUD also published Renewal Funding AAFs to be used exclusively for renewal funding of tenant-based rental assistance, reflecting the more recent CPI data.