Department of Housing and Urban Development News Briefs - January 2015

Thursday, January 1, 2015

On Dec. 2, the U.S. Senate confirmed the appointment of Nani Coloretti to serve as deputy secretary of the U.S. Department of Housing and Urban Development (HUD) after President Barack Obama’s nomination in March 2014. She will be responsible for managing HUD’s day-to-day operations, including a $45 billion annual budget and approximately 8,500 employees. Before joining HUD, Coloretti was an assistant secretary at the U.S. Department of the Treasury. Following the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, Coloretti was the acting chief operating officer of the newly established Consumer Financial Protection Bureau. She also served as a policy adviser and budget director in San Francisco. Previously, she served as a consultant at the Law and Economics Consulting Group, as a health finance and budget analyst in the Clinton administration’s Office of Management and Budget, and as a budget analyst for Hawaii.

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HUD and the National League of Cities (NLC) announced Nov. 20 a new Memorandum of Understanding (MOU) to fight against veteran homelessness across the United States. The MOU will allow HUD and NLC work together to develop and execute regional forums to raise the awareness and understanding of the benefits of joining the Mayors Challenge to End Veteran Homelessness, a commitment announced by first lady Michelle Obama in June 2014 to end veteran homelessness by the end of 2015. HUD’s announcement stated that to date, more than 255 cities, counties and states have pledged to end veteran homelessness in their communities by 2015 using federal, state, local and nonprofit resources. The MOU will make available HUD’s resources to coordinate outreach efforts to identify and engage veterans experiencing homelessness; target rapid rehousing interventions; leverage housing and services resources; increase early detection and access; and closely monitor progress toward the goal. More information is available at www.hud.gov.

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Redmellon Restoration and Development received the 2014 National Trust/HUD Secretary’s Award for Excellence in Historic Preservation on Nov. 13 for its work on Iberville Offsites, a collective of 46 homes in New Orleans’ Treme neighborhood. The award was given at the 2014 National Preservation Conference in Savannah, Ga. Co-recipients of the award include Prudential Financial Inc., Enterprise Community Investment, the city of New Orleans, J.W. Drennan Construction, Kronberg Wall Architects and Planners, The New Orleans Redevelopment Authority and The New Orleans Women’s’ Shelter. Enterprise Community Investment syndicated the low-income housing tax credits (LIHTCs), with Morgan Stanley investing $10.5 million in equity. Neighborhood Stabilization funds were also provided, administered through the New Orleans Redevelopment Authority. Iberville Offsites are part of the Iberville Choice Neighborhoods project, a collaboration of the U.S. Department of Housing and Urban Development with the Housing Authority of New Orleans and city of New Orleans.

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Churchill Mortgage Investment, a subsidiary of Churchill Stateside Group (CSG), announced Nov. 4 that HUD approved Churchill Mortgage Investment as a LIHTC payment-in-lieu-of-taxes (PILOT) program lender. The PILOT program uses HUD’s Section 223(f) program and allows CSG to guide affordable housing developers through a Federal Housing Administration (FHA) mortgage insurance application process. Keith Gloeckl, chief executive officer of CSG, said in a press release that the refined FHA processes will lead to more developers obtaining the lower rates and terms of FHA-insured executions.