WASHINGTON– Oct. 25, 2014
In tomorrow’s 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 projects that have an anniversary on or after Feb. 11, 2015. The factors are used to adjust Section 8 rents renewed under section 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 2015 OCAFs are effective Feb. 11, 2015.
WASHINGTON– Sept. 25, 2014
In a notice in tomorrow’s Federal Register, the U.S. Department of Housing and Urban Development (HUD) will issue guidelines for conducting subsidy layering reviews for Section 8 project-based voucher housing assistance payment contracts and mixed-finance developments, including those with or without low-income housing tax credits (LIHTCs). Requirements in the notice do not supersede subsidy layering requirements of other federal programs.
Tune in to the Oct. 7 Tax Credit Tuesday podcast to learn more about what the guidelines mean for LIHTC developments.
WASHINGTON– Aug. 25, 2014
The U.S. Department of Housing and Urban Development (HUD) today issued a notice proposing the fiscal year (FY) 2015 fair market rents (FMRs) for the Housing Choice Voucher (HCV) and Moderate Rehabilitation Single Room Occupancy programs. FMRs are used to determine the following: payment standards for the 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 program. They also serve as rent ceilings in the HOME program and in the calculation of maximum award amounts for Continuum of Care grantees. The proposed FMRs do not reflect updates to the methodology used to calculate FMRs.
WASHINGTON– Aug. 15, 2014
The U.S. Department of Housing and Urban Development (HUD) today issued a correction to the proposed fair market rents (FMRs) for fiscal year (FY) 2015 for the Housing Choice Voucher program, Moderate Rehabilitation Single Room Occupancy program and other programs. HUD updated the Schedule B Addendum to include the FMRs for Dallas, Texas, which were missing from the notice published Aug. 15. No other corrections were made. The comment due date remains Sept. 15, 2014.
WASHINGTON– July 31, 2014
Rep. Robin Kelly, D-Ill., this week introduced a bill that would extend the U.S. Department of Housing and Urban Development (HUD) rental assistance demonstration (RAD) program through 2016 and would increase the program cap from 60,000 units to 150,000 units. The Rental Assistance Housing Preservation and Rehabilitation Act of 2014 (H.R. 5222) has been referred to the House Committee on Financial Services.
WASHINGTON– July 9, 2014
The Senate today confirmed Julian Castro as Secretary of the U.S. Department of Housing and Urban Development. Castro was confirmed by a bipartisan vote of 71-26. He replaces outgoing secretary Shaun Donovan.
WASHINGTON– June 24, 2014
The U.S. Department of Housing and Urban Development (HUD) today released a final rule that makes regulatory changes to the Section 8 tenant-and project-based voucher programs. The final rule follows a May 15, 2012 proposed rule on which HUD accepted public comment. The final rule will be published in the Federal Register June 25 and becomes effective July 25.
WASHINGTON– May 23, 2014
President Barack Obama today nominated U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan to be the new director of the Office of Management and Budget (OMB). He also nominated San Antonio Mayor Julian Castro to replace Donovan as HUD Secretary. The nominations will now go to the Senate for approval.
Tune in to next week’s Tax Credit Tuesday podcast to learn more.
WASHINGTON– May 7, 2014
The House Appropriations Committee today approved the fiscal year (FY) 2015 Transportation, Housing and Urban Development funding bill, which reflects an allocation of $52 billion in discretionary spending – an increase of $1.2 billion above the FY 2014 enacted level and a decrease of $7.8 billion below President Obama’s budget request. The legislation includes a total of $40.3 billion for the Department of Housing and Urban Development, a decrease of $769 million below the FY 2014 enacted level and $2 billion below the administration’s funding request.
Details about the funding levels set by the bill can be found on the Notes from Novogradac blog.
SAN FRANCISCO– April 28, 2014
Novogradac & Company LLP has released an updated version of the Rent & Income Limit Calculator© featuring the U.S. Department of Housing and Urban Development's (HUD’s) 2014 HOME income limits and rent limits, which are effective on May 1, 2014.
In addition to the 2014 HOME rent and income limits, Novogradac's Rent & Income Limit Calculator © will calculate IRC Section 42(i)(3)(A) low-income housing tax credit (LIHTC) rent and income limits for every county and for every metropolitan statistical area (MSA) in the United States.
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.