Multi-Family Finance

The Obama Administration released its FY 2013 budget on February 13, 2012, proposing spending levels for federal departments, agencies, and programs for the fiscal year that begins October 1, 2012. Click here for background on the federal budget process.

The Connecticut Housing Finance Authority (CHFA) recently announced Eric Chatman to succeed Susan Whetstome as President and Executive Director of the agency, effective May 21.

The Iowa House of Representatives recently passed a bill, HF 2460, that would reform the state’s controversial tax incremented financing (TIF) program.

Richard F. Burns, CEO of The NHP Foundation, authors an article about the state of the multifamily affordable housing sector.

HUD recently released a proposed rule, Docket No. FR-5444-P-01, which proposes to establish regulations for lender and underwriter eligibility for participation within the Multifamily Accelerated Processing (MAP) program and rules for the Federal Housing Administration’s (FHA) process for approving MAP lenders and underwriters.

HUD has issued a notice extending the due date for the submission of public comments on the Rental Assistance Demonstration (RAD) Program until April 23, 2012.

HUD recently released Notice PIH-2012-18 to provide program instructions for the Rental Assistance Demonstration (RAD or Demonstration), including eligibility and selection criteria, and to solicit public comment on these instructions. RAD was authorized in the 2012 HUD appropriations bill, H.R. 2112. Although the Act specifies that HUD provide an opportunity for public comment only on draft eligibility and selection criteria / procedures that will apply to the selection of properties, HUD has decided to seek public comment on all program requirements.

NH&RA is pleased to offer the PowerPoint Presentations from our recent 2011 Annual Meeting & New Markets Tax Credit Symposium, which was held February 22-26 at the Breakers Resort in Palm Beach, Fla. In addition, we have included additional conference materials, relevant articles, reports, memos, etc. under the relevant session titles.

Budget of the United States Government, Fiscal Year 2013 contains the Budget Message of the President, information on the President’s priorities, budget overviews organized by agency, and summary tables.

House Ways and Means Committee Ranking Member Sander Levin (D-Mich) has indicated that he will reintroduce legislation to tax carried interest compensation at the same ordinary income tax rates.

With the recent passage of California Assembly Bill AB 26X, the California Supreme Court voted to dissolve all of the state’s redevelopment agencies, paying off enforceable obligations and disposing of agency assets by February 1, 2012. However, many of these redevelopment agencies have remaining balances in their Low and Moderate Income Housing Funds, which are designated specifically for affordable housing development.

Maryland’s Governor Martin O’Malley, in partnership with the Maryland Department of Housing and Community Development (DHCD), recently announced a new $15 million rental housing initiative, “Rental Housing Works”, that will provide funding for up to 20 affordable housing projects in the State of Maryland.