News Archive:

2011

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December

HUD PUBLISHES PROPOSED HOME PROGRAM CHANGES

WASHINGTON, D.C. – December 16, 2011

The U.S. Department of Housing and Urban Development (HUD) today published a proposed rule to amend its HOME Investment Partnerships program regulations. HUD says these changes would improve the HOME program’s performance and accountability by addressing operational challenges facing participating jurisdictions, particularly challenges related to recent housing market conditions and the alignment of federal housing programs. The proposal would also update property standards for housing assisted by HOME funds. The agency submitted the new regulations to Congress in November. Comments on the proposed rule are due February 14, 2012.

Questions about the proposed rule can be directed to Susan Wilson, CPA, at 512-340-0420 or susan.wilson@novoco.com.

Get acquainted with the new HOME program changes and other HUD incentives at Novogradac & Company’s 18th Annual Tax Credit Developers Conference in Miami, Fla., January 12-13. Today is the final day to take advantage of our early bird rate, so register now.

FINAL 2012 RENT & INCOME LIMIT CALCULATOR© POSTED

SAN FRANCISCO, Calif. – December 14, 2011

Novogradac & Company LLP has released the final version of the Rent & Income Limit Calculator© featuring the U.S. Department of Housing and Urban Development's (HUD) 2012 rent and income limit data. The Rent & Income Limit Calculator© can 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. The calculator is available online at here with the compliments of Novogradac & Company LLP.

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 Jim Kroger at jim.kroger@novoco.com.

NOVOGRADAC'S RENT & INCOME LIMIT CALCULATOR UPDATED FOR 2012

SAN FRANCISCO, Calif. – December 6, 2011

Novogradac & Company LLP is pleased to announce that the Rent & Income Limit Calculator© has been updated to include the U.S. Department of Housing and Urban Development's (HUD) 2012 rent and income limit data. The 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. A Beta version is available online at www.novoco.com/products/rentincome.php with the compliments of Novogradac & Company LLP.

We encourage and welcome your comments on this Beta version of the Rent & Income Calculator© at CPAs@novoco.com. A final version of the calculator will be launched in approximately one week.

If you would like to engage Novogradac & Company LLP to calculate the rent and income limits for your property, please contact Jim Kroger at jim.kroger@novoco.com.

HUD RELEASES INCOME LIMITS FOR 2012

WASHINGTON, D.C. – December 1, 2011

The U.S. Department of Housing and Urban Development (HUD) today released income limits for 2012. Click here for links to the 2012 income limits and accompanying information and tables. Under the Housing and Economic Recovery Act of 2008 (Public Law 110-289), income limits used to determine qualification levels as well as set maximum rental rates for projects funded with low-income housing tax credits (LIHTC) and projects financed with tax-exempt housing bonds - referred to by HUD as Multifamily Tax Subsidy Projects (MTSPs) - are calculated and presented separately from the Section 8 income limits.

Novogradac & Company LLP is currently updating its Rent & Income Limit Calculator© to include 2012 data. Subscribers to Novogradac & Company's free Industry Alert E-mail service will receive an e-mail announcement when the update has been completed.

For questions about the new 2012 income limits please email Jim Kroger, CPA, at jim.kroger@novoco.com or click here to learn more about Novogradac & Company's property compliance services.

November

BILL TO FUND PROJECT REBUILD INTRODUCED

WASHINGTON, D.C. – November 29, 2011

Rep. Maxine Waters, D-Calif., on November 18 introduced H.R. 3502, the Project Rebuild Act of 2011. The bill would provide $15 billion under Project Rebuild, a new iteration of the neighborhood stabilization program (NSP). The funds would allow local governments and not-for-profits to purchase and rehabilitate foreclosed and abandoned properties that are sold to low- and moderate income buyers. Commercial properties would also be eligible under the new program. President Obama proposed the Project Rebuild initiative in his American Jobs Act in September.

FY 2012 MINIBUS APPROPRIATIONS BILL ENACTED

WASHINGTON, D.C. – November 18, 2011

President Barack Obama today signed H.R. 2112, which provides fiscal year (FY) 2012 funding for the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture’s housing programs. The bill provides $37.4 billion for HUD, representing a 9 percent reduction from last year’s funding level. The bill includes a 38 percent cut to the HOME Investment Partnerships program, a 12 percent cut to the Community Development Block Grant (CDBG) program and a 7 percent administrative fees reduction for the Housing Choice Voucher program. The bill also includes cuts to USDA’s Section 502, Section 542 and Section 521 programs. Another provision increases the Federal Housing Administration (FHA) loan limit to the lesser of $729,750 or 125 percent of the highest median home price in each metropolitan statistical area.

HUD ISSUES POLICY FOR NOT-FOR-PROFITS' SALE OF MULTIFAMILY PROPERTIES

WASHINGTON, D.C. – November 15, 2011

The U.S. Department of Housing and Urban Development (HUD) on November 10 issued Notice H 2011-31, which clarifies the conditions under which not-for-profit owners can retain the proceeds from the sale of Federal Housing Administration (FHA)-insured or HUD-held formerly FHA-insured multifamily properties. The notice says that not-for-profits may retain the proceeds from the sale of the property if the new owner will maintain the property’s long-term affordability and the transaction meets certain criteria. Notice H 2011-31 took effect immediately and it applies to all prepayment requests where HUD has not yet granted approval. Questions about the notice can be directed to Susan Wilson, CPA, at 512-340-0420 or susan.wilson@novoco.com.

HUD PROPOSES HOME PROGRAM RULE CHANGES

WASHINGTON, D.C. – November 4, 2011

The U.S. Department of Housing and Urban Development (HUD) today proposed new regulations to Congress that it says will improve the HOME Investment Partnerships program. HUD says the proposed regulations would require state and local governments to adopt policies and procedures to improve their oversight of HOME-funded projects; require agencies to assess a developer’s capacity and a project’s long-term viability before committing HOME funds; require more frequent reporting by state and local participating jurisdictions; and establish specific timeframes for taking corrective actions against participating jurisdictions that fail to complete projects they started. HUD is expected to publish the proposed changes and related details in the Federal Register shortly.

October

HUD RELEASES OPERATING COST ADJUSTMENT FACTORS FOR 2012

WASHINGTON, D.C. – October 26, 2011

The U.S. Department of Housing and Urban Development today published a notice establishing the operating cost adjustment factors (OCAFs) for project-based assistance contracts for eligible multifamily housing projects having an anniversary date on or after February 11, 2012. The factors are used to adjust Section 8 rents renewed under section 524 of the Multifamily Assisted Housing Reform and Affordability Act of 1997. The 2012 OCAFs are effective February 12, 2012.

September

HUD POSTS 2012 FMRS, SETS 12/1 INCOME LIMIT RELEASE DATE

WASHINGTON, D.C. – September 30, 2011

The U.S. Department of Housing and Urban Development (HUD) today released its final fair market rents (FMRs) for fiscal year (FY) 2012. The FY 2012 FMRs take effect October 1. HUD uses FMRs to determine payment standard amounts for the Housing Choice Voucher program, to determine initial renewal rents for some expiring project-based Section 8 contracts and to determine initial rents for housing assistance payments (HAP) contracts in the Moderate Rehabilitation Single Room Occupancy (SRO) program. The notice also set December 1 as the formal publication date for income limits, beginning with FY 2012’s income limits. For more information about the FMRs and the new release date for annual income limit data, tune in to the October 4 Tax Credit Tuesday podcast.

SENATE SUBCOMMITTEE PASSES HUD FY 2012 APPROPRIATIONS BILL

WASHINGTON, D.C. - September 21, 2011

A U.S. Senate Committee on Appropriations Transportation, Housing and Urban Development, and Related Agencies Subcommittee yesterday marked up the fiscal year (FY) 2012 appropriations bill for the departments under its jurisdiction, including the U.S. Department of Housing and Urban Development (HUD). The marked up bill appropriates nearly $37 billion in funding to HUD for FY 2012. The bill increases to $18.9 billion funding for housing choice vouchers and increases to $9.4 billion funding for project-based rental assistance. The bill also decreases to $1 billion funding for the HOME Investment Partnership program, $1.9 billion funding for the public housing capital fund, decreases to $2.85 billion funding for the Community Development Block Grant program. The full Appropriations Committee is scheduled to consider the bill today at 3 p.m. EDT.

Tune in to the September 27 Tax Credit Tuesday podcast to learn more about FY 2012 HUD funding.

HOUSE APPROPRIATIONS SUBCOMMITTEE APPROVES HUD APPROPRIATIONS BILL

WASHINGTON, D.C. - September 9, 2011

The House Appropriations Subcommittee on Transportation, Housing and Urban Development and Related Agencies yesterday approved a fiscal year (FY) 2012 U.S. Department of Housing and Urban Development (HUD) appropriations bill. The measure would provide more than $38 billion for HUD programs in FY 2012, approximately $3 billion less than the FY 2011 enacted funding level and almost $4 billion lower than the president’s requested funding. The committee released a summary table, which provides information about FY2011 funding, FY2012 requested funding and FY2012 funding approved by the subcommittee.

August

HUD RELEASES PROPOSED FY 2012 FMRS

WASHINGTON, D.C. - August 19, 2011

The U.S. Department of Housing and Urban Development (HUD) today released its proposed fair market rents (FMRs) for fiscal year 2012. HUD uses FMRs to determine payment standard amounts for the Housing Choice Voucher program, to determine initial renewal rents for some expiring project-based Section 8 contracts and to determine initial rents for housing assistance payments (HAP) contracts in the Moderate Rehabilitation Single Room Occupancy (SRO) program. HUD is accepting comments on the proposed FMRs until September 19, 2011. For more information about the proposed FMRs, tune in to the August 23 Tax Credit Tuesday podcast.

July

HUD AND APA ANNOUNCE AWARD CRITERIA

WASHINGTON, D.C. - July 7, 2011

The U.S. Department of Housing and Urban Development (HUD) and the American Planning Association (APA) yesterday announced the criteria for the 2012 HUD Secretary’s Opportunity and Empowerment Award. The organizations will award a single community, program, or project that improved low- and moderate-income residents’ quality of life. Emphasis is on how creative housing, economic development and private investments have been used in or with a community development plan. The winner will be announced at APA’s National Planning Conference in April 2012. Applications must be submitted through the APA web site by August 30.

June

HUD REVISES INCOME LIMITS FOR SELECTED AREAS

WASHINGTON, D.C. - June 30, 2011

The U.S. Department of Housing and Urban Development (HUD) today released revised fiscal year (FY) 2011 income limits for certain areas. The affected areas are located in California, Colorado, Florida, Massachusetts, New York and Puerto Rico.

Tune in to the July 5 Tax Credit Tuesday podcast to hear Michael J. Novogradac, CPA, give a detailed analysis of the income limit revisions and what they mean for your property.

HUD STUDY FINDS $26 BILLION NEEDED FOR PUBLIC HOUSING REPAIRS

WASHINGTON, D.C. - June 27, 2011

As much as $25.6 billion could be required to address the capital needs of the nation’s 1.2 million public housing units, according to a study released last week by the U.S. Department of Housing and Urban Development (HUD). The study, “Capital Needs in the Public Housing Program,” is an update of a 1998 analysis that addresses the costs of accessibility improvements, water and energy conservation, and overdue repairs that would improve basic living conditions at public housing properties. HUD said the study includes the first extensive look at the estimated cost of energy and water conservation projects. HUD programs such as Choice Neighborhoods Initiative and the Rental Assistance Demonstration were introduced to address the capital needs backlog, which is growing by $3.4 billion each year, the agency said.

HUD RELEASES CHOICE NEIGHBORHOOD INITIATIVE FUNDS

WASHINGTON, D.C. - June 8, 2011

The U.S. Department of Housing and Urban Development (HUD) announced today that it is making approximately $3.6 million in assistance available through the fiscal year 2011 Choice Neighborhoods Initiative. The $3.6 million will be awarded as planning grants. Planning grants will assist communities in developing a neighborhood transformation plan and building support to implement the plan.

HUD CORRECTS NEW YORK METRO AREA INCOME LIMITS

WASHINGTON, D.C. - June 1, 2011

The U.S. Department of Housing and Urban Development (HUD) today issued corrected fiscal year (FY) 2011 income limit values for the New York, N.Y. HUD Metro Fair Market Rent Area. Following yesterday’s publication of FY 2011 income limits for areas nationwide, the agency said it identified an inconsistency in the values for the New York metro area, which includes Bronx County, Kings County, New York County, Putnam County, Queens County and Richmond County. HUD said it has updated all information contained on its web site to reflect the correct values.

If you have questions about the new 2011 income limits, please e-mail Jim Kroger, CPA, at jim.kroger@novoco.com or click here to learn more about Novogradac & Company's property compliance services.

HUD UNVEILS GREEN REFINANCING PROGRAM

WASHINGTON, D.C. - June 1, 2011

The U.S. Department of Housing and Urban Development (HUD) yesterday announced Green Refinance Plus, a program that allows owners of existing affordable rental properties to refinance their mortgages and generate proceeds for energy-efficiency upgrades and other needed renovations. Under the program, the Federal Housing Administration (FHA) and Fannie Mae will share the risk on loans to refinance the expiring mortgages of low-income housing tax credit and other affordable projects and allow owners to borrow additional funds to make energy-saving improvements. HUD said Fannie Mae and its participating lenders will begin accepting applications for refinancing under the program this month.

May

HUD RELEASES INCOME LIMITS FOR 2011

WASHINGTON, D.C. - May 31, 2011

The U.S. Department of Housing and Urban Development (HUD) today released income limits for 2011. Click here for links to the 2011 income limits and accompanying information and tables. Under the Housing and Economic Recovery Act of 2008 (Public Law 110-289), income limits used to determine qualification levels as well as set maximum rental rates for projects funded with low-income housing tax credits (LIHTC) and projects financed with tax-exempt housing bonds - referred to by HUD as Multifamily Tax Subsidy Projects (MTSPs) - are now calculated and presented separately from the Section 8 income limits.

Novogradac & Company LLP is currently updating its Rent & Income Limit Calculator© to include 2011 data. Subscribers to Novogradac & Company’s free Industry Alert E-mail service will receive an e-mail announcement when the update has been completed.

To learn what the 2011 rent and income limits mean for your property, tune in to Novogradac & Company's upcoming webinar. Stay tuned to www.novoco.com/events for details about this event.

In the meantime, for questions about the new 2011 income limits please email Jim Kroger, CPA, at jim.kroger@novoco.com or click here to learn more about Novogradac & Company’s property compliance services.

HUD RELEASES FINAL BLOCK GRANT ALLOCATIONS FOR FISCAL YEAR 2011

WASHINGTON, D.C. - May 31, 2011

The U.S. Department of Housing and Urban Development last week announced the final fiscal year 2011 block grant allocations to approximately 1,200 state and local governments under the Community Development Block Grants (CDBG), HOME Investment Partnerships (HOME), Housing Opportunities for Persons with AIDS (HOPWA),and the Emergency Shelter Grant (ESG) Program. HUD also announced that it is instituting several program priorities in the upcoming year; these include enhancing its consolidated planning process; implementing the Office of Community Planning and Development’s unified OneCPD technical assistance process; and urging grantees to consider the needs of returning veterans and their families in the design and administration of these block grant programs.

HUD AWARDS HOPE VI GRANTS

WASHINGTON, D.C. - May 24, 2011

The U.S. Department of Housing and Urban Development (HUD) yesterday awarded nearly $153 million in HOPE VI Revitalization Program grants to eight public housing authorities (PHAs). HUD said the funds, which will come from HOPE VI fiscal year (FY) 2010 and FY 2011 appropriations, will help the cities transform severely distressed federally-subsidized housing developments into mixed-income communities. The agency selected the grantees from among 36 PHAs that applied for HOPE VI funding.

HUD SOLICITS COMMENTS ON NATIVE HOUSING NEEDS ASSESSMENT

WASHINGTON, D.C. - May 6, 2011

The U.S. Department of Housing and Urban Development (HUD) yesterday invited public comments on a proposed assessment of Native American, Alaska Native and Native Hawaiian housing needs. HUD said this congressionally-mandated study will produce national level estimates of housing needs in tribal areas in the United States. The agency has not published a study on this population’s housing needs since 1996. Comments on the proposed data collection will be accepted through July 5.

HUD RELEASES CLOSING DOCUMENTS AND REGULATORY REVISIONS

WASHINGTON, D.C. - May 2, 2011

The U.S. Department of Housing and Urban Development (HUD) today released the final closing documents and issued the final regulatory revisions for multifamily rental properties. The updated closing documents and final regulatory rule will not be mandatory until September 1, 2011. Changes to the documents and revisions will be discussed during the May 10 Tax Credit Tuesday podcast. In the meantime, questions about the documents can be directed to Susan Wilson at 512-340-0420 or susan.wilson@novoco.com

April

RENTAL HOUSING REPORT FINDS RECORD-HIGH UNAFFORDABILITY

CAMBRIDGE, Mass. - April 26, 2011

A record number of renters are paying more than half their income for housing, according to a report released today by the Harvard Joint Center for Housing Studies (JCHS). “America’s Rental Housing: Meeting Challenges, Building on Opportunities” found that one in four renters, or 10.1 million households, spend more than half their income on rent and utilities. JCHS attributed the record-high levels to the recession, which worsened budgets already strained by rising utility costs and declining incomes. The report also determined that while affordable housing demand is stronger than ever, the supply is shrinking. JCHS said that rental housing policy, in addition to alleviating renters’ economic burden, may help address poverty and communities hit hard by the foreclosure crisis.

HUD REQUESTS COMMENT ON RENTAL HOUSING FINANCE SURVEY

WASHINGTON, D.C. - April 21, 2011

The U.S. Department of Housing and Urban Development (HUD) today issued a request for comment on information that it proposes to collect through its 2012 Rental Housing Finance Survey (RHFS). The notice says that the 2012 questions are similar to the 1995 Property Owners and Managers Survey and the rental housing portion of the 2001 Residential Finance Survey. HUD says the estimates derived from the RHFS sample will help public and private stakeholders better understand the financing, operating costs and property characteristics of multifamily rental housing stock. Comments can be submitted until May 23, 2011.

HUD REQUESTS PARTICIPATION IN SMALL AREA FMR PROJECT

WASHINGTON, D.C. - April 20, 2011

The U.S. Department of Housing and Urban Development (HUD) today called for public housing agencies (PHAs) in metropolitan areas to participate in its Small Area Fair Market Rent (FMR) demonstration project. Today’s notice also contains public comments HUD received in response to its announcement to establish the demonstration project. The project is meant to provide Section 8 voucher tenants the ability to move to areas of greater opportunity and reduce undue subsidy in lower-rent areas. Metropolitan PHAs that wish to participate in the demonstration must apply to HUD by June 6.

HUD PUBLISHES OPERATING PLAN IN CASE OF GOVERNMENT SHUTDOWN

WASHINGTON, D.C. - April 8, 2011

The U.S. Department of Housing and Urban Development (HUD) today released its Contingency Plan for Possible Lapse in Appropriations to be followed in the event that  Congress is unable to reach agreement on a final budget, or another continuing resolution, for fiscal year 2011 funding, resulting in a government shutdown at midnight. According to the plan, HUD would continue to disburse Recovery Act, Community Development Block Grants, HOME and Neighborhood Stabilization Program funds in cases where failure to do so would pose a threat to life or personal property. Multifamily developments that are scheduled to close or meet critical deadlines under FHA, Section 202 or 811 during the shutdown period would not be affected. HUD would also continue to fund and renew original term Section 8 contracts where there is budget authority available from prior appropriations.

March

HUD GRANTS 30-DAY BLANKET REAC EXTENSION

WASHINGTON, D.C. - March 31, 2011

The U.S. Department of Housing and Urban Development (HUD) yesterday announced that the Office of Asset Management approved a blanket 30-day extension for Financial Assessment Subsystem (FASS) submissions of audited financial statements in the Real Estate Assessment Center (REAC) for multifamily housing property owners with a fiscal year ending December 31, 2010. HUD also announced that the system will be shut down for maintenance at 8 p.m. (EDT) on Friday, April 29, 2011; it is widely believed that submissions entered after the system reopens on May 2 will be deemed late.

For questions about this REAC deadline extension, please call Susan Wilson, CPA, at (512) 340-0420 x115 or email her at susan.wilson@novoco.com.

HUD REQUESTS COMMENTS ON MIXED-FINANCE PROGRAM FORMS

WASHINGTON, D.C. - March 30, 2011

The U.S. Department of Housing and Urban Development (HUD) today announced that it will accept public comment on a form and agreements that pertain to the financial closing of a Mixed-Finance housing development’s rehabilitation or development. One of the forms that HUD is requesting comment on is form number HUD-50030. The document describes the ownership of, type, size and number of, construction period and permanent financing of, the restrictions on the usage of, and HUD and federal government rights to, the public, affordable and market rate rental housing units that are being developed or rehabilitated. HUD will accept comments on the proposal “Public/Private Partnerships for the Mixed-Finance Development of Public Housing Units” until April 29, 2011.

INDUSTRY GROUPS ASK SENATE TO INCREASE SECTION 8 FUNDING LEVELS

WASHINGTON, D.C. - March 28, 2011

Ten rental housing industry organizations sent a letter earlier this month encouraging the Senate to appropriate adequate funding to ensure that residents living in project-based Section 8 and Section 521 communities are not displaced. In the letter and corresponding factsheet the groups write that current funding proposals for fiscal year 2011 under H.R. 1 are not sufficient to honor the government’s existing contractual obligations under these programs. The groups warn that underfunding these programs will have a negative impact on residents and affordable rental housing stock.

HUD INVITES COMMENTS ON CHOICE NEIGHBORHOODS INITIATIVE

WASHINGTON, D.C. - March 23, 2011

The U.S. Department of Housing and Urban Development (HUD) today invited public comments on a proposed information collection for the Choice Neighborhoods Initiative, a program that aims to revitalize severely distressed assisted housing and improve access to public services. HUD may use as much as $65 million of the HOPE VI program’s appropriations to award Choice Neighborhoods grants to communities. Comments regarding the proposal are due by May 23.

HUD RELEASES 2011 ANNUAL ADJUSTMENT FACTORS

WASHINGTON, D.C. - March 17, 2011

The U.S. Department of Housing and Urban Development (HUD) yesterday published fiscal year 2011 Contract Rent Annual Adjustment Factors (AAFs) in the Federal Register and on the agency's web site. Owners participating in Section 8 housing assistance payment programs, including New Construction, Substantial Rehabilitation and Moderate Rehabilitation programs; Loan Management and Property Disposition programs; and the Project-Based Certificate program are required to provide annual adjustment to monthly rentals for units under the contract. AAFs are used to adjust rents for units during the initial term of the housing assistance program contract and for all units in the Project-Based Certificate program. The factors are based on a formula using residential rent and utility cost changes from the latest annual Bureau of Labor Statistics Consumer Price Index survey.

HUD REQUESTS COMMENTS ON FAIR MARKET RENT METHODOLOGY

WASHINGTON, D.C. - March 9, 2011

The U.S. Department of Housing and Urban Development (HUD) today requested comments about the manner in which it calculates the trend factor used in its fair market rent (FMR) estimates. FMRs are required to be ‘‘trended so the rentals will be current for the year to which they apply.’’ In the Federal Register notice, HUD proposes several alternative methods for calculating the trend factor and requests comments on the alternatives as well as other suggestions. HUD will accept public comments until April 8, 2011.

BILL TO CAPITALIZE NATIONAL HOUSING TRUST FUND INTRODUCED

WASHINGTON, D.C. - March 8, 2011

Sen. Jack Reed, D-R.I., introduced legislation last week that would contribute $1 billion to the National Housing Trust Fund for the creation, preservation and rehabilitation of affordable housing. S. 489, the Preserving Homes and Communities Act of 2011, would provide the funds through proceeds from the sale of warrants provided to the Treasury by banks in exchange for receiving Troubled Asset Relief Program funds. Sen. Reed says the bill would also protect consumers by increasing the transparency of the foreclosure process. S. 489 is based on similar legislation introduced in 2009 and was referred to the Committee on Banking, Housing and Urban Affairs.

February

HUD RELEASES 2011 BASIC STATUTORY MORTGAGE LIMITS

WASHINGTON, D.C. - February 24, 2011

The U.S. Department of Housing and Urban Development (HUD) today published a notice in the Federal Register adjusting the basic statutory mortgage limits for multifamily housing programs for calendar year 2011. The release includes the new mortgage limits for multifamily loans under the Section 207, Section 220, Section 221(d)(3), Section 221(d)(4) and Section 231 programs. Additional information about the limits can be found in the release.

ADMINISTRATION RELEASES HOUSING FINANCE REFORM PROPOSAL

WASHINGTON, D.C. - February 11, 2011

The Obama Administration today delivered a report to Congress proposing a plan to reform the housing finance market. The proposal would gradually reduce Fannie Mae and Freddie Mac’s role in the market and ultimately wind down both institutions, which the administration says would create the conditions for private capital to play the predominant role in housing finance. The report also stresses a commitment to affordable rental housing and calls for a dedicated funding source for affordability efforts. Additional information is available on the GSE Reform page.

Tune in to the February 15 Tax Credit Tuesday podcast to hear more about the plan and what it means for the affordable housing community. More information on the subject can also be found in this month’s Journal of Tax Credits.