Breaking News

HUD INVITES COMMENTS ON LIHTC DATABASE

WASHINGTON, D.C. - February 24, 2010

The U.S. Department of Housing and Urban Development (HUD) today invited comments on a requirement of the Housing and Economic Recovery Act (HERA) of 2008. HERA requires each state agency administering low-income housing tax credits (LIHTCs) to furnish HUD information concerning the race, ethnicity, family composition, age, income, use of rental assistance under Section 8 or other similar assistance, disability status, and monthly rental payments of households residing in each property receiving such credits. Comments will be accepted through March 26, 2010.

FHFA PROPOSES HOUSING GOALS FOR FANNIE, FREDDIE

WASHINGTON, D.C. - February 17, 2010

The Federal Housing Finance Agency (FHFA) sent a proposed rule to the Federal Register establishing new housing goals for government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The Housing and Economic Recovery Act of 2008 (HERA) gave FHFA authority for establishing housing goals for the GSEs. Pursuant to HERA, FHFA is proposing separate goals for GSE purchases of multifamily mortgages. Specifically, FHFA proposes multifamily goals for low-income families and for very low-income families, both expressed in terms of minimum numbers of units financed. The proposed rule will be open for public comment for 45 days from the date of its publication in the Federal Register; click here for an advance copy of the notice. Additionally, FHFA says it intends to issue two related proposed rules in the near future regarding affordable housing goals for the Federal Home Loan Banks and the GSEs duty to serve rule. Click here for more information.

HUD ANNOUNCES 2010 ANNUAL ADJUSTMENT FACTORS

WASHINGTON, D.C. - February 10, 2010

The U.S. Department of Housing and Urban Development (HUD) today published revised Annual Adjustment Factors (AAFs) for adjustment of Section 8 contract rents and funding renewals for specified programs. Click here for more information.

ANNUAL INDEXING OF BASIC MULTIFAMILY HOUSING STATUTORY MORTGAGE LIMITS

WASHINGTON, D.C. - February 4, 2010

In accordance with Section 206A of the National Housing Act, the U.S. Department of Housing and Urban Development (HUD) today adjusted the Basic Statutory Mortgage Limits for Multifamily Housing Programs for calendar year 2010. Click here for the notice, which is effective January 1, 2010.

FHFA RELEASES FANNIE, FREDDIE CONSERVATORSHIP LETTER

WASHINGTON, D.C. - February 2, 2010

Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco today sent a letter about Fannie Mae’s and Freddie Mac’s (GSEs’) conservatorship to Reps. Barney Frank, D-Mass., and Spencer Bachus, R-Ala., of the House Financial Services Committee, and Sens. Christopher Dodd, D-Conn., and Richard Shelby, R-Ala., of the Senate Banking, Housing and Urban Affairs Committee. The letter addressed FHFA’s plans for the GSEs business activities while they are in conservatorship. The eight-page letter reviews the establishment and purposes of the conservatorship; operation of the conservatorships; and FHFA’s views on the GSEs’ future business activities, including loan modifications and mitigating credit losses, retained portfolio, new products and affordable housing mission. In the letter, DeMarco concludes that the conservatorship cannot be a long term solution, but that, while there are many ways of reorganizing the GSEs, the only option available under the existing law is to reconstitute the GSEs under their current charters.

Additional information about Fannie Mae and Freddie Mac and the FHFA’s conservatorship of the GSEs can be found here.

PROPOSED BUDGET REDUCES HUD FUNDING BY 5 PERCENT

WASHINGTON, D.C. - February 1, 2010

Today President Barack Obama transmitted to Congress his fiscal year (FY) 2011 proposed budget, which includes a request for $41.6 billion for the Department of Housing and Urban Development (HUD). This amount is 5 percent below HUD’s enacted fiscal year 2010 budget, which was $43.6 billion. The proposed budget provides $48.5 billion in program funding to support HUD’s core programs and new initiatives; the proposal says this funding will be offset by estimated collections of $6.9 billion from credit premiums charged for HUD mortgage insurance and other credit enhancements. Click here for more information.

Tune in to the February 9 Tax Credit Tuesday podcast to hear more about this proposal and the next steps in the federal budget process.

DOE ISSUES RULE REGARDING LIHTC, HUD PROPERTIES' ELIGIBILITY FOR WAP

WASHINGTON, D.C. - January 25, 2010

The U.S. Department of Energy (DOE) today released a final rule amending the eligibility provisions applicable to multi-unit buildings under the Weatherization Assistance Program (WAP). Under the final rule, if a multi-unit building is under an assisted or public housing program and is identified by the U.S. Department of Housing and Urban Development (HUD), participates in the low-income housing tax credit (LIHTC) program, or includes units that participate in the U.S. Department of Agriculture (USDA) Rural Housing Service's Multifamily Housing Programs, and is included on a list published by DOE, that building will meet certain WAP eligibility requirements without the need for further evaluation or verification. DOE says this rule, which is effective February 24, 2010, will reduce the procedural burdens on evaluating applications from buildings that are part of these programs.

HUD ISSUES FHA MULTIFAMILY RENTAL CLOSING DOCUMENTS FOR COMMENT

WASHINGTON, D.C. - January 21, 2010

In today’s Federal Register, the U.S. Department of Housing and Urban Development (HUD) announced that it was issuing for public comment a comprehensive set of revised closing documents for use in Federal Housing Administration (FHA) multifamily rental projects. Today’s notice starts anew the process for updating the multifamily rental project closing documents that originally began in 2004. In revising these forms, HUD says it identified language and policies that were outdated and needed to be changed to be consistent with modern real estate and mortgage lending laws and practices. By reflecting current terminology and current lending laws and practices, HUD says the updated multifamily rental project closing documents will better protect and benefit all parties involved in these transactions. The multifamily closing documents are posted on HUD’s web site here.

HUD AWARDS $2 BILLION THROUGH NEIGHBORHOOD STABILIZATION PROGRAM

WASHINGTON, D.C. - January 15, 2010

U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan announced yesterday the award of $2 billion in American Recovery and Reinvestment Act funding to states, local governments and non-profit housing developers, under HUD’s Neighborhood Stabilization Program (NSP). Nearly 80 grantees are receiving awards. A full list of grants awarded can be found here. The $2 billion in NSP grants will help state and local governments and non-profit developers collaborate to acquire land and property; to demolish or rehabilitate abandoned properties; offer down-payment and closing cost assistance to low- to middle-income homebuyers; and create “land banks” to assemble, temporarily manage and dispose of foreclosed homes.

ADMINISTRATION COMPLETES TRANSACTIONS UNDER HFA INITIATIVE

WASHINGTON, D.C. - January 13, 2010

The U.S. Department of the Treasury, together with the Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) today announced the completion of all transactions under the recently-introduced state and local Housing Finance Agency (HFA) Initiative, a key element of the Obama Administration's Homeowner Affordability and Stability Plan. As part of the initiative, the New Issue Bond Program (NIBP) provided temporary financing for HFAs to issue new housing bonds. Treasury reports that more than 90 state and local HFAs representing 49 states participated in the NIBP for an aggregate total new issuance of $15.3 billion. Participating HFAs are expected to provide affordable multifamily loans that will help keep rents affordable for tens of thousands of renters. The Treasury Department says that government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac played a central role in both the program’s design and transaction execution.

News Archives