Department of Housing and Urban Development News Briefs - December 2017

Wednesday, December 6, 2017

The U.S. Housing and Urban Development (HUD) announced Oct. 19 federal disaster assistance to California in the wake of wildfires. President Donald Trump issued a major disaster declaration for Butte, Lake, Mendocino, Napa, Nevada, Orange, Sonoma and Yuba counties, allowing HUD to offer foreclosure relief and other assistance to certain families living in these counties. HUD granted immediate foreclosure relief, offered forbearance and loan modification options, made mortgage insurance available, made insurance available for both mortgages and home rehabilitation and shared information with the Federal Emergency Management Agency and the state on housing providers that may have available units in the impacted counties.

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Bellwether Enterprise Real Estate Capital LLC announced Oct. 4 the closing of $42 million in refinancing for three affordable housing properties in Charlotte, N.C. The properties include Southside Homes, a $24.1 million affordable housing refinancing loan for a multifamily property. The property serves seniors, families and individuals with disabilities. There are 381 one-, two-, three- and four-bedroom apartments. Also included are Edwin Tower and Charlottetown Terrace, part of CHA Towers. Edwin Tower serves seniors and includes 176 one- and two-bedroom apartments. Charlottetown Terrace serves individuals with disabilities and features 161 one-bedroom apartments. The loans provided are part of a larger portfolio Rental Assistance Demonstration program transaction. 

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HUD released Nov. 2 the operating cost adjustment factors (OCAFs) for project-based rental assistance Section 8 contracts with an anniversary date of Feb. 11, 2018, or later. OCAFs are used primarily to adjust rents for contracts renewed under Sections 515 and 525 of the Multifamily Assisted Housing Reform and Affordability Act of 1997. The 2018 OCAFs have a national average of 2.2 percent and range from 2.9 percent for Alaska to 0.9 for the Pacific Islands. The Federal Register notice is available at www.hudresourcecenter.com.