Multi-Family Finance

The U.S. Department of Housing and Urban Development has updated the FY 2009 Fair Market Rents to be used for FMRs for New Orleans, LA and Pearl River, MS for the Housing Choice Voucher Program and the Moderate Rehabilitation Single Room Occupancy Program.

n accordance with section 206A of the National Housing Act, HUD has adjusted the basic statutory mortgage limits for multifamily housing programs for calendar year 2009.

The U.S. Department of Housing and Urban Development has published the latest annual indexed loan limits for its multifamily mortgage insurance programs, including Section 221(d)(3) and others.

The U.S. Department of Housing and Urban Development (HUD) has delayed, to September 30th, of the effective date for a final rule entitled, “˜”˜Refinement of Income and Rent Determination Requirements in Public and Assisted Housing Programs.”

The following is an excerpt from February 15, 2009 HUD Press Release

WASHINGTON ““ The U.S. Department of Housing and Urban Development (HUD) today allocated nearly 75 percent of its funding, or $10.1 billion, made available through the American Recovery and Reinvestment Act of 2009. The Recovery Act includes $13.61 billion for projects and programs administered by HUD, 75 percent of which was allocated to recipients today ““ only one week after President Obama signed the Act into law.

Please see the following summary of key provisions from the conference report of HR 1: The American Recovery and Reinvestment Act. The House of Representatives and Senate voted in favor of the measure and President Obama signed the measure into law Tuesday, Feb. 17.

The Center on Budget and Policy Priorities has issued a new report, entitled “Decade of Neglect Has Weakened Federal Low-Income Housing Programs: New Resources Required to Meet Growing Needs.”

The National Multi Housing Council has sent a letter to Fed Chairman Ben Bernanke urging the Federal Reserve Board to purchase Fannie Mae and Freddie Mac multifamily mortgage-backed securities (MBS) as part of its announced $500 billion commitment to buy Fannie Mae, Freddie Mac, and Ginnie Mae MBSs.

The Ohio Housing Finance Agency (OHFA) has released draft guidelines for 2009 for its Housing Development Loan Program.

Tax Credit Advisor
October 2008
Issue Theme: Historic Rehabilitation

The United State Senate has approved HR1: The American Recovery and Reinvestment Act of 2009 on a vote of 61-37. The Congressional Budget Office reports that the current version of the measure would cost $838 billion over ten years. Only three Republicans voted in favor of the measure. The package now heads to a House-Senate conference to resolve differences between the two versions. A compromise measure is expected towards the end of the week. A summary of the key housing and tax credit related provisions include…

House Financial Services Committee Chair Barney Frank (D-Mass.) laid out the committee’s policy priorities for 2009 in a wide ranging press conference today, February 3. The agenda includes a number of affordable housing related items.