News
Biden-Harris Administration Releases FY 2025 Budget Request; Housing Featured in State of the Union
Earlier this week, the Biden-Harris administration released its Fiscal Year (FY) 2025 budget request, which serves as a marker for policy priorities, especially during a presidential election year.
Secretary Fudge to Retire on March 22
HUD Secretary Marcia Fudge announced her retirement and resignation from the position of Secretary of HUD, effective March 22, 2024.
Tax Court Rules on Including Construction Period Finance Costs in LIHTC Basis
In the 23rd Chelsea Associates case, the U.S. Tax Court ruled that an appropriate share of finance costs attributable to the construction period of the affordable housing part of a project can be included in tax credit basis.
FHFA Hosts Multifamily Insurance Symposium – Today, March 13; Treasury Department Announces Collaboration with Regulators Studying Insurance Cost Impact
The Federal Housing Finance Agency (FHFA) is holding a Multifamily Insurance Symposium from 10 a.m. to 4 p.m. ET today, March 13.
NLIHC Publishes 2024 Advocates’ Guide
The National Low Income Housing Coalition released the Advocates’ Guide 2024: A Primer on Federal Affordable Housing and Community Development Programs and Policies.
FHFA Announces $301 Million for CMF & NHTF
The Federal Housing Finance Agency (FHFA) announced that the Housing Trust Fund and Capital Magnet Fund will receive approximately $301 million for affordable housing initiatives from Fannie Mae and Freddie Mac (the Enterprises).
Biden-Harris Administration Extends FFB Risk-Sharing Program Indefinitely
The Biden-Harris administration announced new actions to boost housing supply and lower housing costs, including an indefinite expansion of the Federal Financing Bank (FFB) Risk-Sharing program.
HUD Extends Deadline to Update Tenant Selections Plans
HUD issued Notice H 2024–04 extending the updated Tenant Selection Plans to include HOTMA provisions from March 31, 2024 to May 31, 2024.
Proposals for HUD’s Innovative Housing Showcase Exhibitors Due March 29
HUD issued a notice requesting proposals from exhibitors to showcase innovations for the Innovative Housing Showcase in June of this year in Washington, DC.
Freddie Mac Requires Multifamily Underwriting Appraisal Checklist
Effective March 4, Freddie Mac underwriters requires a new compliance checklist for the initial appraisal submitted to Freddie Mac for each loan/property.
Appropriations Update
The House will vote on six of the 12 Fiscal Year (FY) 2024 bills today.
HUD Publishes Budget Based Rent Adjustments for Mark-to-Market (M2M) Properties Notice, Training March 12
HUD’s Office of Multifamily Housing Programs published Housing Notice 2024-05, which allows budget-based rent adjustments (BBRA) for Section 8 project-based rental assistance housing assistance payment contracts at properties subject to a M2M Use Agreement.