News

HUD has published its final Fair Market Rents (FMRs) for the Housing Choice Voucher Program and Moderate Rehabilitation Single Room Occupancy Program and any other programs requiring their use for Fiscal Year 2014. The FY 2014 FMRs are based on using 5-year, 2007-2011 data collected by the American Community Survey (ACS).

On Wednesday, October 9, the Senate Banking Committee held a hearing on Hosing Finance Reform: Essential Elements of the Multifamily Housing Finance System,” which focused on the multifamily perspective of housing finance reform.

On October 2, 2013, The Virginia Housing Finance Authority (VHDA) Board of Commissioners Approved revisions to the 2014 Qualified Allocation Plan. The application deadline is January 29, 2014 and application materials will be available in mid-December.

Multifamily housing developers, community organizations, investors, and lenders interested in affordable rental housing in New England have a new resource available that provides a comprehensive overview of current opportunities. A special report entitled “A Variety of Approaches: New England State Agencies Differ in Needs, Priorities in Their Housing Credit Programs” reviews recent and current tax credit allocation activity, project trends, and state priorities in the New England states ““Connecticut, New Hampshire, Maine, Massachusetts, Rhode Island, and Vermont.

The Ohio Housing Finance Agency has issued a new draft of its Multifamily Underwriting Guidelines. Notable changes include increasing the Developer’s Fee for 4% Housing Tax Credit Projects to increase basis.

The United States Congress has not been able to pass a bill to fund the government beyond September 30, 2013, resulting in a government shutdown. On September 27, the Department of Housing and Urban Development (HUD) released a “Contingency Plan for Possible Lapse in Appropriations” if Congress failed to pass the Fiscal Year 2014 Budget. It is unclear how long the shutdown will last or its full affects it will have on housing, but here are some of the major affects the shutdown will have on HUD and other federal housing programs.

National Housing & Rehabilitation Association (“NH&RA”) proudly announces a major new educational initiative to provide owners of multifamily affordable rental properties with resources, training and technical assistance to aid them in improving the utility performance of their properties. The Preservation Through Energy Efficiency Project, is being developed by the Association’s Council for Energy Friendly Affordable Housing and is partially supported with a grant from the John D. and Catherine T. MacArthur Foundation. Its components include five regional forums as well as the creation of an online “Knowledge Exchange” where owners and energy finance and retrofit experts can convene virtually to exchange knowledge and experiences.

The Texas Department of Housing and Community Affairs announces the availability of up to $21,692,495 in funding from the HOME Investment Partnerships Program for the development of affordable multifamily rental housing for low-income Texans.

The Internal Revenue Service (IRS) announced that it is waiving certain limitations for projects financed with Low Income Housing Tax Credits (LIHTC) or exempt facility bonds so that owners and operates across the United States can provide housing to victims of severe storms, flooding, landslides, and mudslides in Colorado that began September 11, 2013.

The U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund announced Wednesday $3.5 billion in New Markets Tax Credit (NMTC) awards nationwide. Treasury will provide 85 organizations with tax credit allocation authority under the tenth award round of the NMTC Program.

The U.S. Senate and House of Representatives Appropriations Committees have both approved the T-HUD Subcommittee versions of the fiscal year (FY) 2014 Transportation, Housing and Urban Development (T-HUD) and FY 2014 Agriculture and Rural Development funding bills.

HUD has released a Notice in the Federal Register to announce revisions to the Rental Assistance Demonstration (RAD) Program and to solicit comments on eligibility and selection criteria. The Notice proposes updates to PIH 2012-32, originally issued on July 26, 2012, which provided for full implementation of the RAD program.