HUD

IRS published in today’s Federal Registrar two sets of regulations that will facilitate the ability of owners of LIHTC properties to use a consumption-based utility allowance at properties that are either submetered or generate and sell energy using on site renewables.

Section 9-23 of the new Section 8 Renewal Policy Guide provided instructions for comparing the median rents as derived by the appraiser in a RCS with Census Bureau estimates of the median rents in the project’s zip code. HUD has recently published the new median zip code rents and the 140 percent thresholds.

The new MAP Guide delegates more underwriting responsibility to approved “MAP lenders” and includes all relevant guidance published by FHA since the MAP Guide was last updated in 2011.

HUD is proposing to reduce 2016 FHA Mortgage Insurance Premiums for affordable housing and green and energy efficient housing. HUD is accepting comments on the proposal through February 29. The changes would go into effect April 1.

Funding made available under this NOFA must be used to fund supportive services in eligible existing HUD-assisted multifamily developments targeted to elderly households. Applications are due no later than Monday, April 18, 2016.

HUD released answers to frequently asked questions regarding the Pay for Success Permanent Supportive Housing Demonstration. The demonstration aims to develop a model for a population continuously cycling between the criminal justice system and homeless services.

Congress reauthorized the Elementary and Secondary Education Act, which included Promise Neighborhoods, a sister program to the Choice Neighborhoods Initiative.

HUD published materials from local preservation clinics for Section 236 (both FHA-insured and HFA-issued) and Section 202 Director Loan property owners and their partners.

FY 2016 funding includes level and higher funding from FY 2015 levels for many key HUD housing programs. In most cases, the funding levels stop short of fully funding the programs’ needs, but are better than expected. Congress approved the omnibus funding measure on Friday, December 18.

HUD finalized Fair Market Rents (FMRs) for fiscal year 2016. FMRs are used to set payment standards and rents for several HUD-assisted housing programs.

Several provisions related to federally-assisted housing, including a pay for success pilot to raise outside capital for energy and water retrofits, were signed into law with the FAST Act.

The Department of Housing and Urban Development adjusted Basic Statutory Mortgage Limits for the Multifamily Housing Section 207, 213, 220, 221(d)(4), 231, 234 programs. They have an effective date of January 1, 2015.