News

Committees from both the House and Senate have sent deficit reduction recommendations to the Joint Select Committee on Deficit Reduction (Super Committee). Several recommendations made by both parties from the House Financial Services would have significant impacts on federal housing program funding.

Last week, the United States Senate considered multiple amendments to an appropriations minibus, H.R.2112, which includes the annual spending bills for Agriculture, Commerce-Justice-Science, Transportation, and Housing and Urban Development. Despite Senate Majority Leader Harry Reid’s (D-NV) hopes to approve the spending bill by the end of last week, the Senate instead made a deal to revisit the legislation and vote by November 1.

HUD issued Notice H 2011-30 to provide additional guidance on how the Reserve for Replacements account must be used for properties that have completed a restructuring under the Mark-to-Market (M2M) program.

President Barack Obama recently announced his intent to nominate Carole J. Galante as HUD’s Assistant Secretary and Commissioner of the Federal Housing Administration (FHA). Galante previously served as Deputy Assistant Secretary for the Office of Multifamily Housing at HUD.

The Local Initiatives Support Corporation (LISC) has leveraged a $5 million grant from the federal Capital Magnet Fund and a $19 million loan from Morgan Stanley to launch the Neighborhood Revitalization Loan Fund.

The Massachusetts Legislature recently gave initial approval to a supplemental budget bill, which includes provisions to raise the cap on State Low Income Housing Tax Credits (LIHTC) by $10 million in 2013 and $10 million in 2014.

HUD’s Department of Policy Research & Development has published three more Comprehensive Housing Market Analyses for State College, Pennsylvania; Victoria, Texas; and New Orleans, Louisiana.

The US Green Building Council will host a free 3-part webinar series exploring green affordable housing development. The webinars will examine case studies to discover factors driving green affordable housing, as well as strategies for success and the benefits of going green and will explore the tools and strategies to finance retrofits of existing multifamily developments.

The Arizona Department of Housing (ADOH) has released the draft 2012 Qualified Allocation Plan for public review and comment.

HUD Secretary Shaun Donovan announced HUD will speed federal disaster assistance to the State of Maryland and provide support to homeowners and low-income renters who have been displaced or whose residences are uninhabitable as a result of Tropical Storm Lee.

The Community Development Financial Institution Fund (CDFI Fund) announced Dennis Nolan as the newest Deputy Director of the CDFI Fund beginning Monday October 24, 2011.

HUD Secretary Shaun Donovan announced HUD will speed federal disaster assistance to the State of New Jersey and provide support to homeowners and low-income renters who have been displaced or whose residences are uninhabitable as a result of Tropical Storm Lee.