WASHINGTON– April 17, 2014
The U. S. Department of Housing and Urban Development (HUD) today issued a notice requesting public comment on the proposed selection process, criteria and submissions for the second round of the Promise Zone initiative, a program that helps connect low-income communities with public and private resources. The first five Promise Zones were announced in January 2014 and HUD plans to designate up to an additional 15 communities by the end of 2016. Among other things, proposed changes for qualifying criteria in the second round include increasing the poverty or extremely-low-income rate threshold from 20 percent to 33 percent. Additional proposed changes are detailed in the notice. Comments are due June 16, 2014.
WASHINGTON– March 31, 2014
The U.S. Department of Housing and Urban Development (HUD) today released a notice announcing the mortgage insurance premiums (MIPs) for Federal Housing Administration (FHA) multifamily, healthcare facilities and hospital mortgage insurance programs that have commitments to be issued or reissued in fiscal year (FY) 2015. The FY 2015 MIPs are the same as FY 2014 MIPS, which were published in the Federal Register on September 20, 2013. The upfront MIP amount charged for FHA mortgage insurance will be 50 basis points for affordable and market-rate properties. The FY 2015 MIPs are effective Oct. 1, 2014.
WASHINGTON– March 12, 2014
The U.S. Department of Housing and Urban Development (HUD) Office of Multifamily Housing issued a memorandum outlining policy priorities for calendar year 2014. It identified 25 policy priorities, including providing more flexibility to properties in HUD’s low-income housing tax credit (LIHTC) pilot program for Section 223(f) loans; extending the LIHTC pilot program’s timelines and underwriting standards to Section 221(d)(4) loans; and lifting the 60,000-unit Rental Assistance Demonstration (RAD) cap from public housing and Section 8 Moderate Rehabilitation properties. Policies were developed by the Office of Multifamily Housing’s new Program Administration Office (PAO) and the memorandum includes contact information for PAO staff.
WASHINGTON– Mar. 4, 2014
In its proposed budget for fiscal year (FY) 2015, the Obama administration provides $46.7 billion for U.S. Department of Housing and Urban Development (HUD) programs, which is $1.2 billion above the 2014 enacted level. The proposal includes $1 billion to capitalize the Housing Trust Fund to expand the supply of housing targeted to extremely low-income families.
WASHINGTON– Feb. 14, 2014
The U.S. Department of Housing and Urban Development (HUD) today released the fiscal year (FY) 2014 Annual Adjustment Factors (AAFs) for the Section 8 Housing Assistance Payments (HAP) program. The FY 2014 AAFs for adjustment of contract rents on assistance contract anniversaries go into effect on Feb. 18, 2014. AAFs are used to adjust contract rents for units during the initial term of the HAP contract and for all units that are in the Project-Based Certificate program. The annual adjustment factors are based on a formula using residential rent and utility cost changes from the most current annual Bureau of Labor Statistics Consumer Price Index survey. Owners who participate in HAP programs such as the New Construction, Substantial Rehabilitation and Moderate Rehabilitation programs, Loan Management and Property Disposition programs, and the Project-Based Certificate program must provide annual adjustments to monthly rentals for units covered by the contracts.