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Department of Housing and Urban Development News Briefs - October 2016

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) announced Aug. 22 a second round of funding to help provide permanent homes to homeless veterans. The rental assistance, provided through the HUD-Veterans Affairs Supportive Housing (HUD-VASH) program, will support an estimated 108 veterans experiencing homelessness in seven states. Awards ranged from $34,860 to $247,152. The states are California, Georgia, Kentucky, Michigan, North Dakota, Pennsylvania and Tennessee. In June, HUD awarded nearly $38 million to help more than 5,200 homeless veterans find homes.

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HUD Secretary Julián Castro announced Aug. 17 federal disaster assistance to Louisiana. The assistance will provide support to homeowners and low-income renters forced from their homes due to severe storms and flooding. This announcement was made in response to President Barack Obama’s disaster declaration for parishes throughout the state. HUD will work in assisting the state of Louisiana and local governments in reallocating existing federal resources toward disaster relief, granting immediate foreclosure relief, making mortgage insurance available, making insurance available for both mortgages and home rehabilitation and offering Section 108 loan guarantee assistance.

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Love Funding, a provider of Federal Housing Administration (FHA) multifamily, affordable and health care financing, announced July 25 the closing of a $74.4 million loan refinancing for Meadows Regional Medical Center in Vidalia, Ga. The loan was secured through HUD’s 242/223(a)(7) loan insurance program. Meadows Regional offers 64 private patient suites, 20 emergency treatment rooms and six surgical suites, along with a state-of-the-art cardiovascular lab.

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On Aug. 8, the Massachusetts Housing Finance Agency (MassHousing) announced a $16.8 million investment for the Robinson Cuticura Mill building in Malden. The four-story building, built in 1892 and converted into affordable housing in 1978, will retain its affordable status. Robinson Cuticura Mill Apartments has 94 apartments, 93 of which will retain affordability for 20 years as part of the federal Section 8 Housing Assistance Payment contract made with the investment. An affiliate of Beacon Communities LLC, which owns the Robinson Cuticura Mill Apartments, refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program.

Journal Category:

Department of Housing and Urban Development

Authors:

Novogradac

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