News

HUD released updated Fiscal Year (FY) 2020 fair market rents (FMRs) for six areas based on new survey data: Asheville, NC HUD Metro FMR Area (HMFA), Eugene-Springfield, OR Metropolitan Statistical Area (MSA), Portland, ME HMFA, Santa Maria-Santa Barbara, CA MSA, Worcester, MA HMFA and Guam. The revised FY 2020 FMRs for these six areas are effective on April 10, 2020.

Representative Earl Blumenauer (D-OR) introduced the Revitalizing Economies, Housing and Business (REHAB) Act of 2020 along with Reps. Mike Kelly (R-PA), Darin LaHood (R-IL) and Dan Kildee (D-MI).

HUD Secretary Dr. Ben Carson was added to the White House Coronavirus Task Force. While the risk of infections for Americans remains low, HUD is encouraging multifamily owners and agents, Public Housing Authorities, Performance Based Contract Administrators, FHA lenders to make the information below available to residents and employees.

The Stewards of Affordable Housing for the Future (SAHF) will host a CORES 101: Overview of the CORES Certification & Application webinar at 1:30 pm ET on March 17.

High-income renters don’t just rent high-end units. Some high-income renters choose to rent units that would be affordable to renters with lower incomes, thereby reducing the number of affordable units available to lower income households.

The Community Economic Development Assistance Corporation released a report, which explores the risk that LIHTC-financed properties in Massachusetts will convert to market-rate housing at Year 30. Roughly 86 percent of the 15,679 LIHTC units approaching year-30 are subject to some form of longer-term affordability restriction and will not be at risk for market conversion before December 31, 2030.

The California Housing Partnership and Housing California released California’s Roadmap HOME 2030, an initiative to develop a ten-year “Marshall Plan” that will set the course for creating a California with homes for all.

Former Vice President and Democratic presidential candidate Joe Biden released his housing plan, which calls for the expansion of LIHTC authority by $10 billion and the permanent authorization and expansion of the New Markets Tax Credit.

HUD’s Office of Multifamily Housing published a Housing Notice (HN) & Mortgagee Letter (ML) called Revision of the Section 223(f) Policy Requiring Three Years of Post-Construction Sustained Occupancy. This new policy will allow newly constructed or substantially rehabilitated projects to refinance under Section 223(f) without a three-year waiting period. 

HUD Handbook 4350.1, Chapter 38, contains useful information about disaster preparedness and maintaining an up to date disaster plan. HUD asks owners to continue to keep them apprised of property conditions and vacancies.

On February 28, 2020, HUD published updated Administrative Guidelines governing subsidy layering reviews (SLRs) for Project-Based Vouchers (PBV). Effective immediately, the New Guidelines update prior SLR guidelines issued by HUD on September 26, 2014 (79 Fed. Reg. 57955).

The Federal Housing Finance Agency (FHFA) recently authorized Fannie Mae and Freddie Mac to disburse payments to HUD for the Housing Trust Fund (HTF) and to the Treasury Department for the Capital Magnet Fund (CMF). According to FHFA, HTF will receive $326.4 million for the year, while CMF will receive $175.8 million. Last year, HTF […]