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Julian Castro Confirmed as HUD Secretary

WASHINGTON– July 9, 2014

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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.

HUD Publishes Final Section 8 Rule

WASHINGTON– June 24, 2014

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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.

Donovan, Castro Nominated to Lead OMB, HUD

WASHINGTON– May 23, 2014

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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.

Committee Approves HUD Appropriations for Fiscal Year 2015

WASHINGTON– May 7, 2014

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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.

Rent & Income Limit Calculator© Updated with HOME Limits

SAN FRANCISCO– April 28, 2014

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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.

HUD Invites Input on Promise Zone Selection Process

WASHINGTON– April 17, 2014

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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.

HUD Releases FY 2015 MIPs

WASHINGTON– March 31, 2014

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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.

HUD Multifamily Office Outlines Priorities for 2014

WASHINGTON– March 12, 2014

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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.

Administration Budget Provides $46.7 Billion for HUD

WASHINGTON– Mar. 4, 2014

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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.

HUD Releases FY 2014 Annual Adjustment Factors

WASHINGTON– Feb. 14, 2014

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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.

News Archives

 

 

LIHTC News
  • WASHINGTON, D.C. - October 16, 2012
    The Internal Revenue Service (IRS) today published the amounts of unused low-income housing tax credit (LIHTC) carryovers for calendar year 2012 that were allocated to 34 qualified states and Puerto Rico... Full Article