Recent News

Thursday, February 2, 2023

The U.S. Department of Housing and Urban Development (HUD) published an advance notice of proposed rulemaking (ANPR) and request for public comment in today’s Federal Register seeking input for the development of a standardized regulation for Section 8 project-based rental assistance (PBRA) programs. The ANPR includes questions on such subjects as reserve for replacement, rehabilitation, enforcement, the scope of regulation and more. HUD seeks comments from stakeholders to guide the work, with comments due by April 3.

Wednesday, January 25, 2023

The Biden administration today announced actions to increase fairness in the rental market and fair housing, as well as issuing a Blueprint for a Renters Bill of Rights. Among the actions are that the U.S. Department of Housing and Urban Development (HUD) will publish a notice of proposed rulemaking to require public housing authorities (PHAs) and owners of project-based rental assistance properties to provide at least 30 days’ advanced notice before terminating a lease due to nonpayment of rent. Other actions include that the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) will collect information to identify practices that unfairly prevent applicants and tenants from accessing or staying in housing and will use that information to inform enforcement and policy actions; the CFPB and FTC will work to ensure accurate information for credit reporting and hold background reporting agencies accountable for unreasonable procedures; and the Federal Housing Finance Agency (FHFA) will launch a public process to examine proposals to promote renter protection and limit “egregious rent increase” for future investments.

Wednesday, January 11, 2023

Novogradac has resources available for members of the affordable housing community to better understand what to expect this year regarding 2023 income limits. Calculation of the 2023 income limits would typically include information collected in 2020 for the American Community Survey (ACS), but due to the pandemic, the Census Bureau did not release a one-year ACS for 2020. As a result, the U.S. Department of Housing and Urban Development (HUD) has stated it will use 2021 ACS data for 2023 income limits, a decision that will push the release of 2023 income limits back by six weeks from its customary April date to May 15.

Wednesday, December 14, 2022

The Federal Housing Finance Agency (FHFA) today issued a final rule setting benchmarks for multifamily housing goals for Fannie Mae and Freddie Mac for 2023 and 2024 under a new percentage-based methodology. The final goals include that a minimum of 61% of all goal-eligible units in multifamily properties financed by properties purchased by Fannie and Freddie in each year be affordable to low-income families, defined as families with incomes of 80% or less of the area median income (AMI). 

Monday, December 5, 2022

The U.S. Department of Housing and Urban Development (HUD) today posted 2022 Rental Assistance Demonstration (RAD) contract rents.

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