HUD

Tom Davis, Director of the Office of Recapitalization at HUD, sent a letter to Commitment to Enter into a Housing Assistance Payments Contract (CHAP) Awardees detailing the 2019 timeline for year-end closings of Rental Assistance Demonstration (RAD).

President Trump released his proposed FY 2020 ‘skinny’ budget, “A Budget for a Better America: Promises Kept. Taxpayers First.” Overall, the budget proposes to cut HUD by $9.6 billion or 18% below 2019 enacted levels. These cuts are similar in magnitude to the proposed cuts in the President’s FY-2019 budget request.

The FY 18 Appropriations Act authorized the conversion of properties assisted by Section 202 Project Rental Assistance Contracts. HUD is in the process of revising the RAD Notice to include a new Section 4 that would provide implementation instructions for the conversion of Section 202 PRACs under RAD. HUD published a draft Section 4 to the Office of Multifamily Housing’s “Drafting Table” for feedback. Following consideration of public feedback received, the Office of Recap will proceed toward incorporation of the new Section 4 into a revised RAD Notice.

On Feb. 26, the Senate Committee on Banking, Housing and Urban Affairs approved the nominations of Seth Appleton to be Assistant Secretary of HUD’s Office of Policy Development and Research, Dr. Mark Calabria to be Director of the Federal Housing Finance Agency and Robert Kurtz to be Assistant Secretary of HUD’s Office of Public and […]

On February 26, the Senate Committee on Banking, Housing and Urban Affairs will vote on the nomination of Mark Calabria to lead the Federal Housing Finance Agency. The Committee will also consider the nominations of Seth Appleton to lead HUD’s Office of Policy Development and Research and Robert Hunter Kurtz to be the Assistant Secretary […]

HUD published Notice PIH 2019-01, which makes available $5 million for Tenant Protection Vouchers (TPVs) for certain at-risk households in low-vacancy areas from FY 2018 appropriations. The FY 2018 appropriations bill set aside $5 million of the total $85 million for TPV.

Florida Housing issued RFA 2019-109 “HOME Financing to be used for Rental Developments for Hurricane Michael Impacted Counties and in Rural Areas.” To apply for funding, interested parties must submit the application, the Principals of the Applicant and Developer(s) Disclosure Form and the Development Cost Pro Forma. The deadline to apply for funding is 3 […]

In a speech at the National Association of Home Builders’ International Builders’ Show, Secretary Carson said, “we are looking into ways that would incentivize local officials to cut back on archaic state and local regulatory barriers, such as outmoded zoning and land use restrictions.” Politico’s Katy O’Donnell reports Sec. Carson said, “if we tell a […]

HUD announced the expansion a Federal Housing Administration (FHA) pilot program that streamlines FHA mortgage insurance applications for affordable housing developments that have equity from the sale of LIHTC Program to also include Section 221(d)(4) and Section 220 loan products.

Last week Congress and the President averted another shutdown by passing funding for the remainder of FY 2019, which runs through Sept. 30, 2019. Overall, the bill provides HUD programs with more than $12 billion above the President’s request and provides $1.5 billion in new resources in FY 2019.

RED Mortgage Capital, a division of ORIX Real Estate Capital, LLC, has hired Sean Cullen and Ronnie Gyani to lead its multifamily affordable lending activities in the greater New York City area. Cullen and Gyani have worked together since 2010 and both bring a strong level of affordable housing finance experience to RED’s New York and East Coast operations.

The Louisiana Housing Corporation (LHC) released a $25 million Notice of Funding Availability (NOFA) to increase and preserve affordable housing opportunities in 37 parishes impacted by Hurricanes Katrina and Rita. Specifically, $14.7 M has been allocated for recovery in New Orleans, which sustained the largest amount of damage from Katrina. The remaining dollars will be made available in all parishes that were impacted by the storms.