Department of Housing and Urban Development News Briefs – June 2019

Thursday, June 6, 2019

The U.S. Department of Housing and Urban Development (HUD) published a notice in the Federal Register March 14 revising the fiscal year 2019 fair market rents (FMRs) for 10 areas, based on data provided to HUD. The FMRs apply to the Housing Choice Voucher program and the Moderate Rehabilitation Single-Room Occupancy program. The revised FMRs will take effect April 13. The 10 areas include four in Oregon, four in California and two in New England.

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HUD’s Real Estate Assessment Center (REAC) inspections of HUD-assisted or HUD-insured multifamily housing need improvement, according to a report issued March 21 by the Government Accountability Office (GAO). The GAO report makes 14 recommendations, focused on how REAC selects, trains and monitors contractors who perform the inspections.

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President Donald Trump issued a memorandum March 27 on federal housing finance reform, including frameworks to reform housing government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, programs of HUD, the Federal Housing Administration and Ginnie Mae. Trump called on the secretaries of the Treasury Department and HUD to develop plans to achieve a series of goals, including the end to conservatorship of the GSEs, which includes defining their roles in promoting affordable housing. Treasury Secretary Steven Mnuchin was directed to publish the memorandum in the Federal Register.

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