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Department of Housing and Urban Development News Briefs - December 2016

The U.S. Department of Housing and Urban Development (HUD) released a notice Oct. 24 finalizing a rule to protect housing of survivors of domestic and dating violence, sexual assault and stalking. HUD’s rule implements provisions in the Violence Against Women Act (VAWA) of 2013. It includes provisions that ensure survivors are not punished for being a victim or for being affiliated with a victim. The notice is available at www.hudresourcecenter.com.

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HUD and the New York State Homes and Community Renewal (HCR) on Oct. 6 celebrated the completed renovation of Marien-Heim Tower, an affordable development for seniors in Brooklyn, N.Y. The development leveraged HUD’s Rental Assistance Demonstration (RAD) program for the $52.7 million acquisition and rehabilitation of the 1975 building. HCR’s Housing Finance Agency (HFA) provided $26.5 million in tax-exempt construction bonds, $15.8 million in permanent bonds and $18.7 million in 4 percent low-income housing tax credits (LIHTCs). Richman Equity syndicated the tax credits and Citibank was the tax credit investor. Renovations included apartment upgrades, property energy and green improvements, façade and exterior repairs and replacements and quality-of-life improvements. Renovations were also done on the community room, library and laundry room, as well as the senior center. The 181-apartment property is available to seniors aged 62 and older. The Marien-Heim Tower renovations totaled $16 million.

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On Oct. 4, HUD proposed utility benchmarking of water and energy in its portfolio of public and assisted, as well as newly-insured, multifamily housing. HUD’s proposal seeks to establish procedures for building owners to input utility and energy data into the U.S. Environmental Protection Agency’s free, Web-based Energy Star Portfolio Manager. The utility benchmarking initiative would apply to approximately 2.2 million units of HUD-assisted affordable housing, including developments with project rental assistance contracts, multifamily properties with mortgages insured by the Federal Housing Administration (FHA) and public housing authorities (PHAs) with more than 250 public housing units. This proposal is part of President Barack Obama’s Climate Action Plan.

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Love Funding announced Oct. 17 the closing of a $14.1 million loan to refinance Huntington Meadows Apartment Homes in Austin, Texas. The affordable apartment community provides 200 apartments for residents. Financing was secured through the HUD’s 223(f) loan insurance program. 

Journal Category:

Department of Housing and Urban Development

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