WASHINGTON– June 24, 2016
The House Republicans Tax Reform Task Force today released a blueprint and two-page summary calling for three individual tax brackets and the reduction of individual and business tax rates. The blueprint made no mention of the low-income housing tax credit (LIHTC), new markets tax credit (NMTC), historic tax credit (HTC) and the renewable energy investment tax credit (ITC) and production tax credit (PTC), but said that it “generally will eliminate special-interest deductions and credits in favor of providing lower tax rates.” The House Ways and Means Committee is expected to turn the blueprint into legislative language before Jan. 20, 2017, when the next president is inaugurated.
CAMBRIDGE, Mass.– June 22, 2016
The number of cost-burdened American renters–those who pay more than 30 percent of their income for housing–reached a record 21.3 million in 2014 and those who pay more than 50 percent of their income for that purpose jumped to a record 11.4 million, according to the State of the Nation’s Housing 2016, a report issued today by the Joint Center for Housing Studies of Harvard University. The 28th annual report also says that the rental vacancy rate dropped to 7.1 percent in 2015, its lowest level since 1985. The report says that the low-income housing tax credit (LIHTC) continues to be the primary affordable housing vehicle in the nation and that its expansion may help broaden access to housing, but that preserving existing supply of low-cost housing is crucial.
WASHINGTON– June 15, 2016
The U.S. Department of Housing and Urban Development (HUD) will publish in tomorrow’s Federal Register a notice proposing the use of small area fair market rents (FMRs) in the administration of the Housing Choice Voucher program for certain metropolitan areas, instead of the current 50th percentile rent. HUD said that small area FMRs would better allow tenants to move into areas of higher opportunity and lower poverty. HUD proposes using several criteria to determine which metropolitan areas would be best served by using small area FMRs, including the concentration of current voucher tenants in low-income areas and the percentage of renter-occupied units within a metropolitan area with gross rents above the payment standard basic range. Public housing agencies in designated metropolitan areas would be required to use small area FMRs, while others not operating in designated areas would have the option to use small area FMRs. Comments are due 60 days after publication in the Federal Register.
WASHINGTON– May 17, 2016
The U.S. Department of Housing and Urban Development (HUD) today proposed a rule requiring the installation of broadband Internet infrastructure into most HUD-financed multifamily housing developments during construction or substantial rehabilitation, when feasible. The rule builds on ConnectHome, an initiative to expand broadband access to families in HUD-assisted housing. Limited exceptions are proposed in the rule. Comments on the proposed rule may be submitted to HUD by July 17.
WASHINGTON– May 16, 2016
The U.S. Department of Housing and Urban Development (HUD) tomorrow will publish a Federal Register notice to invite public comment on a proposed rule that would revise how HUD conducts previous-participation reviews of applicants seeking to participate in HUD's multifamily and health care programs. Syndicators and direct investors in low-income housing tax credits (LIHTCs), new markets tax credits (NMTCs), historic tax credits (HTCs) and other tax credits are excluded from the proposed rule unless they exercise day-to-day control or seek other involvement that would trigger the need for previous participation review. Comments are due 30 days after publication of the notice.
WASHINGTON– May 11, 2016
Rep. Maxine Waters, D-Calif., and 14 other California Democrats today introduced the Preserving HUD’s Multifamily Field Offices Act of 2016. The legislation would preserve asset management staff at each of the 54 U.S. Department of Housing and Urban Development (HUD) field offices. The bill was introduced to address concerns over the initiative being implemented to consolidate HUD’s multifamily offices. Cosponsors of the bill include California Democratic Reps. Karen Bass, Xavier Becerra, Julia Brownley, Tony Cárdenas, Judy Chu, Janice Hahn, Ted Lieu, Alan Lowenthal, Grace F. Napolitano, Lucille Roybal-Allard, Linda T. Sánchez, Brad Sherman, Norma Torres and Adam Schiff.
Learn more about the proposal in the May 17 Tax Credit Tuesday podcast.
WASHINGTON– May 4, 2016
The U.S. Department of Housing and Urban Development (HUD) will publish in Friday’s Federal Register the fiscal year (FY) 2016 allocation amounts to states and territories from the National Housing Trust Fund (HTF). A total of $173,591,160 will be allocated, ranging from $12,321 for America Samoa to $10.1 million for California. The HTF is an affordable housing production program created by the Housing and Economic Recovery Act (HERA) of 2008 that is capitalized through contributions by Fannie Mae and Freddie Mac.
SAN FRANCISCO– April 13, 2016
The Novogradac Rent & Income Limit Calculator© has been updated in beta version to include the fiscal year 2016 rent and income limit data released March 28. The Rent & Income Limit Calculator© will calculate IRC Section 42(i)(3)(A) LIHTC rent and income limits for every county and for every metropolitan statistical area (MSA) in the United States.
If you have questions about the income limits, or would like to engage Novogradac & Company LLP to calculate the rent and income limits for your property, please contact Thomas Stagg at email@example.com.
WASHINGTON– April 5, 2016
The U.S. Department of Housing and Urban Development (HUD) today issued guidance addressing how the Fair Housing Act applies to the use of criminal records by providers or operators of housing and real-estate related transactions. Having a criminal record is not a protected class under the Fair Housing Act, but HUD says there may be fair housing violations if
Read more on the Notes from Novogradac blog.
WASHINGTON– April 5, 2016
The U.S. Department of Housing and Urban Development (HUD) yesterday announced that nearly $174 million will be made available through allocations of the National Housing Trust Fund (HTF). The HTF is an affordable housing production program created by the Housing and Economic Recovery Act (HERA) of 2008 that is capitalized through contributions by Fannie Mae and Freddie Mac. HUD expects to make individual allocations to states later this spring and anticipates the funds can be drawn upon as early as this summer.
WASHINGTON– March 31, 2016
The U.S. Department of Housing and Urban Development (HUD) today announced that its Rental Assistance Demonstration (RAD) program has generated $2 billion in private investment to rehabilitate 30,000 units of former public housing since the initiative launched three years ago. The RAD program allows public housing authorities and owners of HUD-assisted properties to access private financing to rehabilitate and preserve existing affordable housing. HUD estimates that more than $6 billion will be invested into the 185,000 units currently authorized to participate in RAD. HUD has asked Congress to remove the program cap so that any eligible public housing property can be preserved through RAD.
WASHINGTON– March 28, 2016
The U.S. Department of Housing and Urban Development (HUD) today released income limits for fiscal year (FY) 2016. These income limits are used to determine income eligibility for HUD’s assisted housing programs, including public housing, Section 8, Section 202 and Section 811. HUD said that the U.S. median income and the national non-metropolitan median income limits have decreased from 2015 to 2016. Income limits used to determine qualification levels and to set maximum rental rates for low-income housing tax credit (LIHTC) or tax-exempt bond projects–which HUD refers to as multifamily tax subsidy projects (MTSPs)–are calculated separately from the Section 8 income limits.
Novogradac & Company LLP is updating the Rent & Income Limit Calculator© to include the 2016 data. Subscribers to Novogradac & Company’s free Industry Alert service will receive an email announcement when this update has been completed.
Tune into the April 5 Tax Credit Tuesday podcast for initial information about the income limits. For in-depth analysis on how income limit changes may affect your property, register for the Novogradac 2016 HUD Rent and Income Limits and Your Tax Credit Property: Back to Basics Webinar April 13 at 1 p.m. Eastern.
WASHINGTON– March 25, 2016
The U.S. Department of Housing and Urban Development (HUD) today updated its Data on Tenants in LIHTC Units report, revising the information through Dec. 31, 2013. The report is mandated by the Housing and Economic Recovery Act of 2008, which requires state housing agencies to submit certain demographic and economic information on low-income housing tax credit (LIHTC) tenants to HUD. In today’s report, a net additional 153,870 units were reported compared to the initial report through 2012, reflecting units placed in service in 2013 as well as new information on units not submitted in the previous year.
SEATTLE– March 24, 2016
Sen. Maria Cantwell, D-Wash., today will announce proposals to expand the annual low-income housing tax credit (LIHTC) allocation by 50 percent, to promote broader income mixing in LIHTC developments and to allow states more flexibility in financing properties targeting homeless or extremely low-income individuals and families. Cantwell expects the proposals to create or preserve an additional 400,000 affordable rental homes over the next 10 years, and is working with her Senate colleagues to introduce the proposals as legislation soon. Announcement of the initiatives will be made at a Seattle event at Patrick Place Apartments, a supportive housing development for the homeless, and marks the beginning of Cantwell’s national campaign to increase federal resources for affordable housing. Cantwell will also release today the ACTION Campaign’s letter signed by more than 1,300 national, state and local organizations urging Congress to approve a 50 percent LIHTC allocation increase, as well as a report called, “The Housing Tax Credit: Addressing the Challenges of Housing and Homelessness.” The report focuses on both Washington state and the nation. It highlights some of the LIHTC program’s accomplishments, such as creating nearly 2.9 million affordable rental homes.
WASHINGTON– March 23, 2016
Rep. Maxine Waters, D-Calif., today introduced the Ending Homelessness Act of 2016, an emergency relief bill that would provide $13.3 billion over five years in new appropriated funding for programs to help end homelessness.
The bill includes funding amounts in addition to what is already annually provided for existing programs:
The bill would fund an estimated 405,000 to 410,000 deeply affordable homes for homeless individuals, families and youth. The legislation would also permanently authorize the McKinney-Vento Homeless Assistance Act and the U.S. Interagency Council on Homelessness. An executive summary and section-by-section summary were also released.
WASHINGTON– March 22, 2016
The U.S. Department of Housing and Urban Development (HUD) will publish in tomorrow’s Federal Register notices inviting comments on two assessment tools that HUD program participants must use to evaluate fair housing choice and access to opportunity in their jurisdictions under the Affirmatively Furthering Fair Housing (AFFH) rule. One notice invites comments on the PHA Assessment Tool for public housing authorities. The other notice invites comments about the Local Government Assessment Tool, which was released in December, as part of that tool’s renewal. In the Local Government Assessment Tool notice, HUD invites input regarding improvements to the online AFFH Data and Mapping Tool (AFFH-T), such as whether HUD should distinguish between 9 percent and 4 percent low-income housing tax credit (LIHTC) data provided, including in maps of development locations. Comments for both assessment tools are due 60 days after publication of the notices in the Federal Register.
WASHINGTON– March 11, 2016
The U.S. Department of Housing and Urban Development (HUD) published a Federal Register notice today inviting comments on the proposed Affirmatively Furthering Fair Housing assessment tool for state and insular areas. States and insular areas that are participating in HUD programs must use the tool to evaluate fair housing choice and access to opportunity in their jurisdictions. The tool is designed to identify housing barriers and opportunities and to set fair housing goals to overcome such barriers. Comments are due May 10.
Read more on the Notes from Novogradac blog.
WASHINGTON– March 9, 2016
The U.S. Department of Housing and Urban Development (HUD) tomorrow will publish a Federal Register notice reopening the comment period regarding proposed rulemaking on the oversight of over-income tenancy in public housing. In an effort to provide scarce affordable housing resources to those most in need, HUD is considering determining circumstances that would require a public housing agency (PHA) to terminate tenancy or evict households whose incomes rise above the limit for initial admission. The original comment period ended March 4, but will be extended 30 days.
WASHINGTON– March 4, 2016
The Internal Revenue Service (IRS) today released Notice 2016-23, requesting comments on the new partnership audit regime enacted in the Bipartisan Budget Act of 2015.The new regime for auditing all partnerships will be effective for tax years beginning after Dec. 31, 2017. Some partnerships may elect into the regime prior to that date. The provisions are intended to make the IRS partnership audit process more efficient by eliminating multi-tier audits and determinations at the partner level. Comments on the new rules are due April 15.
To learn more about the implications of the new provisions on tax credit partnerships read the Notes from Novogradac blog, and purchase a recording of the Novogradac New Rules for IRS Audits of Partnerships Webinar.
WASHINGTON– March 2, 2016
The U.S. Department of Housing and Urban Development (HUD) posted on its website Tuesday for advanced review a final rule to ease regulatory requirements for a number of programs. The rule is intended to streamline requirements and provide flexibility for agencies that administer HUD’s rental assistance programs. The requirements listed include such things as tenant rental payments, rent determination processes, verification of Social Security numbers for children of applicants, frequency of utility reimbursement payments and more.
WASHINGTON– March 2, 2016
The Internal Revenue Service and the Treasury Department will publish in tomorrow’s Federal Register final and temporary regulations that amend the utility allowance regulations concerning the low-income housing tax credit (LIHTC). The final regulations provide that utility costs paid by a LIHTC property tenant based on actual consumption in a submetered rent-restricted unit are treated as paid by the tenant directly to the utility. Thus, the utility costs do not count against the maximum rent that the LIHTC building owner can charge. The temporary regulations extend the principles of these submetering rules to LIHTC property owners that provide low-income tenants with energy directly acquired from a renewable source and that is not delivered by a local utility provider. The regulations will be effective on the date of publication in the Federal Register.
WASHINGTON– Feb. 23, 2016
The Internal Revenue Service (IRS) will post in the Feb. 25 Federal Register final and temporary regulations relating to low-income housing tax credit (LIHTC) compliance monitoring. The amendments revise and clarify the requirement to conduct physical inspections and review low-income certifications and other documentation. Temporary regulations are effective upon publication in the Federal Register and expire Feb. 22, 2019. The text of the temporary regulations serves as the text of proposed regulations, also scheduled for publication in the Federal Register.
The IRS will concurrently issue Rev. Proc. 2016-15 to provide that the minimum number of low-income units in a LIHTC development that must undergo physical inspection is the lesser of 20 percent of the low-income units in the property, rounded up to the nearest whole number, or the number of low-income units set forth in the Low-Income Housing Credit Minimum Unit Sample Size Reference Chart in the revenue procedure. The same rule applies to determine the minimum number of units that must undergo low-income certification review. Rev. Proc. 2016-15 also permits the physical inspection protocol established by the U.S. Department of Housing and Urban Development (HUD) Real Estate Assessment Center (REAC protocol) to satisfy the physical inspection requirements of LIHTC compliance monitoring. The revenue procedure is effective Feb. 25, 2016. Agencies using the REAC protocol under the physical inspections pilot program may use the provisions for onsite inspections retroactively to Jan. 1, 2015.
Tune in to the March 1 Tax Credit Tuesday podcast to learn more.
WASHINGTON– Feb. 9, 2016
President Barack Obama today released his $4.2 trillion fiscal year (FY) 2017 budget, the final budget request of his presidency. For the U.S. Department of Housing and Urban Development (HUD), the budget requests $48.9 billion in gross discretionary funding, a 15 percent increase over FY 2016. The budget also calls for a new $11 billion in mandatory spending over the next 10 years for programs to house homeless families, including $8.8 billion for housing choice vouchers and $2.2 billion for short-term assistance.
The budget proposes changes to reform and expand the Low-Income Housing Tax Credit (LIHTC) program, including allowing states to convert up to 18 percent of each state’s private-activity bond volume cap into additional LIHTC authority; allowing the income-average rule for LIHTC eligibility; adding to the selection criteria for LIHTC allocation the preservation of federally assisted affordable housing; making affirmatively furthering fair housing an explicit preference in qualified allocation plans (QAPs); allowing HUD to designate as a qualified census tract (QCT) any census tract that meets certain criteria for the prevalence of poverty or low-income households; and adding protection for victims of domestic violence as a mandatory provision of the long-term-use agreement. The proposal would also modify and permanently extend the new markets tax credit (NMTC) at $5 billion and the renewable energy investment tax credit (ITC) and production tax credit (PTC).
WASHINGTON– Feb. 3, 2016
The U.S. Department of Housing and Urban Development (HUD) today announced in the Federal Register that it is considering making a rule to address the number of households in public housing whose incomes significantly exceed the income limit for a sustained period after initial admission. Current regulations do not require eviction or termination of tenancy for households whose incomes rise above the limit for initial admission. In an effort to provide scarce affordable housing resources to those most in need, HUD is considering determining circumstances that would require a public housing agency (PHA) to terminate tenancy or evict an over-income family. Comments on the proposed rulemaking are due March 4.
HUD’s consideration was prompted by 2015 report findings from HUD’s Office of Inspector General (OIG) that as many as 25,226 families in public housing exceeded HUD’s 2014 eligibility income limits. OIG estimates that HUD will pay $104.4 million in one year for over-income families to live in public housing. The OIG report also notes HUD estimates that if all over-income families were removed from the public housing program, it would need to request nearly $116.5 million more in public housing operating subsidies annually.
WASHINGTON– Feb. 2, 2016
The Federal Housing Administration (FHA) today released an updated Multifamily Accelerated Processing (MAP) Guide that combines all FHA multifamily underwriting guidance into one document. The updated MAP Guide includes revised chapters that discuss the low-income housing tax credit (LIHTC) and other tax credits, as well as master lease structuring to facilitate the use of new markets tax credits (NMTCs) and historic tax credits (HTCs). The U.S. Department of Housing and Urban Development (HUD) said the revised MAP Guide is intended to streamline loan application approvals and to promote consistency across all HUD processing offices. Requirements of the revised guide apply to loans for which an initial application for firm commitment is submitted by May 28.
WASHINGTON– Jan. 28, 2016
U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce multifamily mortgage insurance rates to encourage capital financing of affordable and energy-efficient housing. The reduced rates will be 25 basis points for broadly affordable housing, defined as properties with 90 percent of the units assisted by the low-income housing tax credit (LIHTC) or Section 8; 35 basis points for mixed-income properties; and 25 basis points for energy-efficient properties that meet certain performance standards. The reduced rates take effect April 1. FHA estimates the reductions will spur an additional 12,000 units of affordable housing to be rehabilitated each year, benefitting nearly 40,000 families over the next three years.
FHA will also reduce certain upfront multifamily mortgage insurance premiums for FHA commitments issued or reissued beginning April 1.
Tune in to the Feb. 2 Tax Credit Tuesday podcast to learn more.
WASHINGTON– Jan. 27, 2016
The U. S. Department of Housing and Urban Development (HUD) in the Federal Register tomorrow will propose changes to the fiscal year (FY) 2016 mortgage insurance premiums for certain Federal Housing Administration (FHA) multifamily housing insurance programs. The proposed upfront capitalized MIP for affordable housing is 25 or 30 basis points, depending on HUD’s classification of the property, and 25 basis points for green and energy-efficient housing. There are no proposed MIP changes for market-rate housing. The proposed FY 2016 MIP rates would be effective for commitments issued or reissued beginning April 1, 2016. Comments are due 30 days after publication in the Federal Register.
WASHINGTON– Jan. 7, 2016
In Notice CPD-15-11 the U.S. Department of Housing and Urban Development (HUD) provides guidance to participating jurisdictions in its HOME Investments Partnerships (HOME) program. The guidance concerns the development and implementation of written subsidy (including the low-income housing tax credit [LIHTC]) layering and underwriting guidelines in accordance with HOME regulations. Those guidelines are to evaluate and ensure that the HOME investment doesn’t exceed the amount necessary to provide quality affordable housing that is financially viable.
WASHINGTON– Dec. 31, 2015
The U.S. Department of Housing and Urban Development (HUD) today announced the availability of its final, approved affirmatively furthering fair housing assessment tool. The tool was developed for recipients of funding from Community Development Block Grants (CDBGs), the HOME Investment Partnerships program (HOME), Emergency Solutions Grants (ESG) or Housing for Persons with AIDS (HOPWA) when conducting and submitting their own assessments of fair housing. The assessment tool helps federal grantees identify patterns of integration and segregation, racially and ethnically concentrated areas of poverty, disparities in access to opportunity and disproportionate housing needs. For purposes of the assessment tool, no assessment of fair housing will be due before Oct. 4, 2016.
WASHINGTON– Dec. 18, 2015
President Barack Obama today signed the $1.1 trillion Consolidated Appropriations Act of 2016 and the tax-extending, $680 billion, Protecting Americans From Tax Hikes (PATH) Act of 2015. The bills include provisions to permanently extend the minimum 9 percent low-income housing tax credit (LIHTC), extend the new markets tax credit (NMTC) for five years at $3.5 billion annually through 2019, and extend and gradually phase down the renewable energy investment tax credit (ITC) and production tax credit (PTC) through 2021.
WASHINGTON– Dec. 16, 2015
The House Appropriations Committee today released the $1.1 trillion Consolidated Appropriations Act of 2016. The fiscal year (FY) 2016 omnibus spending bill provides $38.6 billion net spending for the U.S. Department of Housing and Urban Development (HUD), including:
The spending bill also extends the renewable energy production tax credit (PTC) for wind energy through 2016 at prior levels, phasing them out after 2019. The legislation extends the temporary 30 percent solar ITC and the temporary credit for solar residential energy through 2019, then phases the 30 percent investment tax credit (ITC) out after 2021. The House will likely vote on the bill Friday.
In other news, House and Senate leadership yesterday announced the Protecting Americans from Tax Hikes (PATH) Act of 2015, a $650 billion extenders bill that extends or makes permanent several temporary tax provisions. The bill:
The House will consider it on Thursday. The Senate could consider it shortly thereafter on Friday, but if some Senators decide to slow consideration, it could take until Dec. 22 for final passage. The president is expected to sign it. More information about the extenders bill can be found in the section-by-section summary here and on the Notes from Novogradac blog. More information on the omnibus will also be available on the Notes from the Novogradac blog.
WASHINGTON – Dec. 15, 2015
The Federal Housing Finance Agency (FHFA) today issued a proposed rule that would provide Duty to Serve credit for eligible Fannie Mae and Freddie Mac activities that facilitate a secondary market for mortgages on residential properties in the specified underserved markets, including affordable housing preservation, rural housing and manufactured housing. The rule proposes that the government sponsored enterprises (GSEs) receive Duty to Service credit for activities related to the U.S. Department of Housing and Urban Development's (HUD's) rental assistance demonstration (RAD) program and Choice Neighborhood Initiative. Additionally, the proposed rule requests comments on whether the GSEs should resume equity investments in low-income housing tax credit (LIHTC) developments; once, significant LIHTC equity investors, the GSEs ceased LIHTC investing before entering conservatorship in 2008 .
CAMBRIDGE, Mass. – Dec. 10, 2015
The Joint Center for Housing Studies (JCHS) of Harvard University yesterday released “America’s Rental Housing: Expanding Options for Diverse and Growing Demand,” a report on the record growth of rental housing demand. The study found that between 2005 and mid-2015, the number of renter households increased by 9 million— the largest gain in any 10-year period on record. JCHS reported that as the rental market continues to tighten, affordability challenges grow for both low- and moderate-income households. The report explored how expanding low-income housing tax credit (LIHTC) and U.S. Department of Housing and Urban Development (HUD) funding could better serve cost-burdened households.
Tune into the Dec. 15 Tax Credit Tuesday podcast to learn more.
WASHINGTON – Nov. 20, 2015
In Tuesday's Federal Register, the U.S. Department of Housing and Urban Development (HUD) will publish a notice designating difficult development areas (DDAs) and qualified census tracts (QCTs) for 2016 for purposes of the low-income housing tax credit (LIHTC). LIHTC developments in DDAs or QCTs are eligible for as much as 30 percent more LIHTC subsidy. For the first time in 2016, DDAs inside metropolitan statistical areas (MSA) will be divided by ZIP codes, rather than counties. As a result, the newly formed small area difficult development areas (SADDAs) will be substantially smaller and more numerous.
Compared to previous designations, this notice:
Learn more about comprehensive DDA changes on the Notes from Novogradac blog.
WASHINGTON – Nov. 2, 2015
President Barack Obama today signed the Bipartisan Budget Act of 2015. The legislation suspends the debt limit through March 2017 and lifts spending limits through September 2017. The deal raises sequestration caps and increases discretionary spending by about $50 billion in fiscal year (FY) 2016 and $30 billion in FY 2017, split evenly between defense and domestic spending. Congress passed the legislation last week with votes of 64-35 in the Senate and 266-167 in the House.
Read about the bill’s implications for tax credit partnerships on the Notes from Novogradac blog.
WASHINGTON – Oct. 9, 2015
In the Oct. 13 Federal Register, the U.S. Department of Housing and Urban Development (HUD) will publish a notice establishing the operating cost adjustment factors (OCAFs) for project-based assistance contracts for eligible multifamily housing properties that have an anniversary date on or after Feb. 11, 2016. The factors are used to adjust Section 8 rents in housing assistance payment contracts renewed under Sections 515 and 524 of the Multifamily Assisted Housing Reform and Affordability Act of 1997. OCAFs are calculated as the sum of weighted average cost changes for wages, employee benefits, property taxes, insurance, supplies and equipment, fuel oil, electricity, natural gas and water/sewer/trash. The 2016 OCAFs are effective Feb. 11, 2016.
WASHINGTON – Oct. 2, 2015
The U.S. Department of Housing and Urban Development (HUD) today announced the mortgage insurance premiums (MIPs) for Federal Housing Administration (FHA) multifamily, health care facilities and hospital mortgage insurance programs that have commitments to be issued or reissued in fiscal year (FY) 2016. The FY 2016 MIPs are the same as FY 2015 MIPs, which were published in the Federal Register March 31, 2014. The first-year upfront MIP fee for multifamily, health care facilities and hospital programs is 50 basis points. The FY 2016 MIPs became effective Thursday.
WASHINGTON – Sept. 30, 2015
Congress today passed a stopgap spending bill that will keep the federal government funded through Dec. 11. The Senate passed the bill this morning with a vote of 78-20 and the House later approved it 277-151. President Barack Obama is expected to sign the bill today. To avoid a government shutdown, a stopgap spending bill needs to be passed before the start of the 2016 fiscal year (FY) Thursday.
WASHINGTON – Sept. 3, 2015
The U.S. Department of Housing and Urban Development (HUD) today released the fiscal year 2016 (FY 2016) proposed fair market rents (FMRs) to determine payment standards for the Housing Choice Voucher (HCV) program, initial renewal rents for some expiring project-based Section 8 contracts and initial rents for housing assistance payment contracts in the Moderate Rehabilitation Single Room Occupancy (SRO) program. FMRs also serve as rent ceilings in the HOME Investments Partnerships program. A preamble addressed the upcoming publication of FMRs in the Federal Register, as well as the advance notice of proposed rulemaking on small area FMRs that was published June 2. HUD also posted the proposed FY 2016 small-area FMRs for five demonstration participants and the proposed FY 2016 exception FMRs for manufactured home spaces in the HCV program.