HUD

The Office of Multifamily Housing at HUD posted a recording of its most recent COVID-19 response call. HUD will continue to post recordings on its SoundCloud page due to the overwhelming demand and technical issues on HUD’s conference line.

HUD has posted new training videos on Asset Repositioning that outline the HUD tools available to Public Housing Agencies (PHAs) to transition their inventories to the Section 8 platform and illustrates through a fully developed case study how those tools can be used in combination.

The State of Minnesota issued a draft of its 2020 Action Plan. Comments on the plan are due by May 8. Minnesota will host a virtual public hearing on the draft 2020 Action Plan at 4:00 pm CST on May 5.

The National Low Income Housing Coalition (NLIHC) released research notes, “The Need for Emergency Rental Assistance During the COVID-19 and Economic Crisis,” that concludes that Congress must invest up to $100 billion to keep the lowest-income households stably housed over the next year during and in the immediate wake of the COVID-19 pandemic. The report […]

The $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act), H.R. 748, was passed by the House by a voice vote and signed by President Trump on March 27. The House and Senate are both out until April 20, but work has already begun on drafting a fourth Coronavirus aid package. The package is likely to include funding for health systems, frontline healthcare workers, infrastructure, state and local governments and rebates to families and individuals.

HUD released Fiscal Year (FY) 2020 Income Limits, which are effective as of April 1, 2020. Income limits are set by HUD to determine the eligibility of applicants for HUD’s assisted housing programs. The FY 2020 Multifamily Tax Subsidy Projects (MTSP) Income Limits were also announced and go into effect as of April 1, 2020.

HUD recently released its Understanding Whom the LIHTC Serves: Data on Tenants in LIHTC Units as of December 31, 2017 report, which summarizes data received from the state housing finance agencies (HFAs) that administer LIHTC.

The Office of Multifamily Housing at HUD released new procedures related to budget-based rent adjustments, which increase replacement reserve deposits for properties assisted under Section 202 Project Rental Assistance Contracts (PRACs).

Senate Majority Leader Mitch McConnell (R-KY), Senate Minority Leader Chuck Schumer (D-NY) and Treasury Secretary Steven Mnuchin have reportedly reached an agreement on nearly $2 trillion emergency relief package in response to the coronavirus pandemic, which contains:

Assistant Secretary for Housing and Federal Housing Commissioner Brian Montgomery issued a video message regarding COVID-19. Commissioner Montgomery said that while his goal “to keep this segment of the economy moving and to ensure that American’s have access to safe, decent and affordable housing” stakeholders should expect processing delays as FHA employees transition to work from home.

President Trump directed HUD to suspend evictions and foreclosures for single-family homes with FHA-insured mortgages for the next 60 days. Similarly, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to suspend foreclosures and evictions for at least 60 days due for homeowners with an Enterprise-backed single-family mortgage.

HUD announced the Fiscal Year (FY) 2019 Tenant Protection Voucher (TPV) award amounts for the Housing Choice Voucher Program.