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Department of Housing and Urban Development News Briefs - March 2016

On Feb. 1, the Federal Housing Administration (FHA) published a new Multifamily Accelerated Processing program (MAP) guide. The handbook provides lenders with a consolidated operating manual for multifamily underwriting through the MAP program. Revisions included in this updated version are chapters discussing the low-income housing tax credit (LIHTC) and other tax credits, as well as master lease structuring to facilitate the use of new markets tax credits (NMTCs) and historic tax credits (HTCs). FHA notes in a press release that while all provisions of this new MAP guide will become effective for all applications for FHA multifamily mortgage insurance received after May 28, FHA has the authority to approve transactions that incorporate the new policies immediately for projects with Firm Commitments issued or reissued after date of publication. The MAP guide is available at www.hudresourcecenter.com.

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The U.S. Department of Housing and Urban Development (HUD) announced Jan. 28 proposed changes to the fiscal year (FY) 2016 mortgage insurance premiums (MIP) for certain Federal Housing Administration (FHA) multifamily housing insurance programs. The proposed upfront capitalized MIP for affordable housing is 25 or 30 basis points, dependent upon the classification of the property under HUD. The upfront capitalized MIP for green and energy-efficient housing is 25 basis points. The proposed FY 2016 MIP rates would be effective beginning April 1. The federal register notice is available at www.hudresourcecenter.com.

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On Jan. 8, for the first time, HUD and the U.S. Department of Veterans Affairs (VA) awarded $5.9 million in grants to 26 tribes to offer a permanent home and supportive services to Native American veterans who are experiencing or at risk of experiencing homelessness. HUD is making available $5.9 million in grant funding to Indian tribes and tribally designated housing entities (TDHEs) to fund rental assistance and associated administrative fees.  Indian tribes and TDHEs participating in this program will partner with the VA to provide healthcare assistance to eligible Native American veterans. Julián Castro, secretary of HUD, announced the winners in Tulsa, Okla., at the winter meeting of the Inter-Tribal Council of the Five Civilized Tribes. In total, 26 tribes will deliver and manage the housing vouchers on tribal lands. The Tribal HUD-VASH Program will provide rental assistance and supportive services to Native American veterans who are homeless or at risk of homelessness living on or near a reservation or other Indian areas.

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HUD released a notice Feb. 3 announcing proposed rulemaking regarding strengthening oversight of over-income tenancy in public housing. HUD is considering rules for the oversight to ensure that individuals and families residing in HUD public housing still have a need for housing assistance from HUD after admission. The decision for proposed rulemaking comes after a report issued by HUD’s Office of Inspector General (OIG) that found, through comparison of annual household income reported in HUD’s Public and Housing Information Center, that as many as 25,226 families were subsequently over-income. The Federal Register notice is available at www.hudresourcecenter.com.

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HUD announced Dec. 17 nearly $100 million in combined funding for aiding local public housing authorities and their partners to help residents increase earned income and financial literacy, reduce or eliminate the need for welfare assistance and make progress toward economic independence and self-sufficiency. The funding is provided through HUD’s Jobs Plus Pilot program and Family Self-Sufficiency program. The Jobs Plus Pilot program provided $24.3 million, while the Family Self-Sufficiency program provided $75 million.

Journal Category:

Department of Housing and Urban Development

Authors:

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