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Department of Housing and Urban Development News Briefs - December 2013

On Oct. 24, the U.S. Department of Housing and Urban Development (HUD) released a notice regarding the final rule for combining and streamlining the former legacy public housing modernization programs. These programs include the Comprehensive Grant program (CGP), the Comprehensive Improvement Assistance program (CIAP) and the Public Housing Development program into the Capital Fund program (CFP). Some of the items the rule covers include defining qualified public housing agencies (PHA), allowing PHAs to request a total development cost (TDC) exception for certain capital and management activities that promote energy conservation and efficiency and the rule makes changes to replacement housing factor funds. The final rule implements section nine of the U.S. Housing Act of 1937. The notice is available at www.hudresourcecenter.com.

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On Oct. 16, Reno and Cavanaugh (R&C) closed a Rental Assistance Demonstration (RAD) transaction for Columbia Forrest Heights Apartments in DeKalb County, Ga. This is the first RAD transaction to proceed since the government shutdown. The development is a joint effort between the Housing Authority of DeKalb County (HADC) and Columbia Residential, a developer and manager of multifamily affordable housing communities. Columbia Forrest Heights will provide 80 new LIHTC and market rate units. There are a total of 56 LIHTC units are subsidized by either standard project-based vouchers, (PBVs) or RAD PBVs. RBC Tax Credit Equity, Sugar Creek Realty, Community & Southern Bank, the Georgia Housing & Finance Authority and HADC all provided funding.

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HUD released a notice on Oct. 29 regarding an information collection on multifamily rental project closing documents renewal of currently approved collection. These documents, used in Federal Housing Administration (FHA) multifamily rental projects are available on the HUD website. The documents include an extension of a currently approved collection with proposed HUD-initiated technical and substantive modifications and two proposed new forms: Consolidation Certifications – Borrower, and Escrow Agreement for Off-site Facilities. Comments are due by Dec. 30. The notice can be viewed at www.hudresourcecenter.com.

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Oct. 28 HUD released an announcement for a second round of recovery funding for communities affected by Hurricane Sandy. Five states – New York, New Jersey, Connecticut, Maryland and Rhode Island – and New York City will receive a combined total of $5 billion. Funds will go toward remaining housing, economic development and infrastructure needs. Grantees will be required to incorporate a risk assessment in their planning, as well as update its effects and needs assessments and conduct a comprehensive risk assessment. This is to inform infrastructure investments. There are additional requirements for larger infrastructure projects that either benefit multiple counties or have a total cost of at least $50 million (including a CDBG-DR investment of at least $10 million). The first round of funding was allocated last February.

Journal Category:

Department of Housing and Urban Development

Authors:

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