There is a national shortage of 7 million affordable, available rental homes for extremely low-income renters, according to an annual study by the National Low Income Housing Coalition.
Sen. Elizabeth Warren, D-Mass., and two colleagues today introduced legislation to leverage federal funds to build as many as 3.2 million homes, mostly investment in the Housing Trust Fund (HTF) and Capital Magnet Fund (CMF). A companion bill to the American Housing and Economic Mobility Act was introduced by 14 members of the House of Representatives.
The U.S. Department of Housing and Urban Development (HUD) will publish a notice Thursday in the Federal Register 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.
The Trump administration today released its proposed $4.7 trillion budget for fiscal year 2020, which proposes reductions in funding for the U.S. Department of Housing and Urban Development (HUD), including the elimination of the Community Development Block Grant (CDBG) and HOME Investment Partnerships programs and the Public Housing Capital Fund. The budget request includes $44.1 billion in gross HUD appropriations, a 16.4 percent cut from FY 2018 levels, and a $9.6 billion, or 18 percent cut from FY 2019, to support the core functions.
The Internal Revenue Service will publish in Monday’s Federal Register final utility allowance regulations for low-income housing tax credit (LIHTC) properties. The final regulations make permanent the temporary rules under which charges for utilities are treated as paid to the utility company in situations where tenants pay the building owner for utilities based on actual consumption and the building owner pays the utility company.
The U.S. Department of Housing and Urban Development (HUD) today posted a draft section to be added to its Rental Assistance Demonstration (RAD) program notice seeking public feedback on its upcoming change to include Section 202 project rental assistance contracts under the RAD program.
The U.S. Department of Housing and Urban Development’s (HUD’s) Office of Community Planning and Development issued a notice with instructions for when jurisdictions should submit their fiscal year 2019 national Housing Trust Fund (HTF) allocation plans.
The Internal Revenue Service will publish in Tuesday’s Federal Register final regulations to amend compliance monitoring regulations for low-income housing tax credit (LIHTC) properties concerning physical inspections and the review of documentation. The regulations adopt temporary regulations published Feb. 25, 2016.
The U.S. Department of Housing and Urban Development (HUD) today announced a policy to grant public housing authorities and private owners of HUD-subsidized developments 14 calendar days’ notice before an inspection. The current standard for HUD’s Real Estate Assessment Center is up to 120 days. The new standard will be effective 30 days after publication.
Novogradac & Company LLP lowered its estimate of the increase in the national median income for 2019, based on the Congressional Budget Office’s (CBO) 10-Year budget and economic outlook released Monday. Novogradac now estimates the national median will increase 5.01 percent, compared to the earlier estimate of 5.15 percent based on the August 2018 CBO report. The estimated change in national median income for 2020 remains 4.37 percent.
President Donald Trump today announced a short-term funding agreement to end the partial federal government shutdown after 35 days. The agreement will allow the U.S. Department of Housing and Urban Development to fund expired and expiring housing contracts and will allow the Community Development Financial Institutions (CDFI) Fund to resume movement toward the announcement of new markets tax credit allocations. The legislative measure will fund the government through Feb. 15 and Trump said border security negotiations will continue during the interim.
President Donald Trump today named Comptroller of the Currency (OCC) Joseph M. Otting as acting director of the Federal Housing Finance Agency (FHFA) when current FHFA Director Mel Watt’s term ends Jan. 6. Otting would serve as acting FHFA director until a permanent director is confirmed and would concurrently carry out his duties as Comptroller of the Currency.
The number of people in the United States who experienced homelessness on a single night in 2018 narrowly increased, although homelessness among veterans and families with children declined, according to the latest national estimate by the U.S. Department of Housing and Urban Development. The 2018 Annual Homeless Assessment Report to Congress found that 552,830 people were homeless on a single night in January 2018, an increase of 0.3 percent compared to 2017.
The U.S. Department of Housing and Urban Development (HUD) will publish in tomorrow’s Federal Register notices of funding awards for the fiscal year (FY) 2017 Choice Neighborhoods Implementation, the FY 2018 Lead Technical Studies and Healthy Homes Technical Studies grant, the FY 2018 Housing Counseling Training grant, the FY 2018 Comprehensive Housing Counseling grant program and FY 2018 Choice Neighborhood Planning.
U.S. Department of Housing and Urban Development (HUD) Deputy Secretary Pam Patenaude today announced her decision to leave HUD in the new year. Patenaude’s statement said serving as HUD deputy secretary has been the highlight of her 35-year career in housing and that she and her husband look forward to returning to their home state of New Hampshire, where she will continue to promote President Donald Trump’s agenda.
President Donald Trump this week announced his intention to nominate Mark Calabria as the director of the Federal Housing Finance Agency (FHFA). Calabria, who would succeed Mel Watt as the FHFA chief, is currently the chief economist for Vice President Mike Pence and previously served as a senior aide on the Senate Banking Committee and as deputy assistant secretary for regulatory affairs at the U.S. Department of Housing and Urban Development. The FHFA oversees Fannie Mae and Freddie Mac. Calabria must be confirmed by the U.S. Senate for the five-year term.
The U.S. Department of Housing and Urban Development (HUD) will publish an amendment to a final notice in Tuesday’s Federal Register clarifying that there are no prevailing wage requirements in the second component of Rental Assistance Demonstration (RAD) program transactions. The second component included HUD’s legacy programs: Rent Supplement, Rental Assistance Payment, Section 8 Moderate Rehabilitation and Moderate Rehab Single-Room Occupancy.
The U.S. Department of Housing and Urban Development will publish in Friday’s Federal Register a notice establishing operating cost adjustment factors (OCAFs) for project-based assistance Section 8 contracts with an anniversary date of Feb. 11, 2019, or later. OCAFs are used to adjust Section 8 rents renewed under Section 515 or Section 524 of the Multifamily Assisted Housing Reform and Affordability Act of 1997.
The U.S. Department of Housing and Urban Development (HUD) announced federal relief Tuesday for those affected by California wildfires. President Trump issued a major disaster declaration for Butte, Los Angeles and Ventura counties, so HUD will now share information with the Federal Emergency Management Agency and the state about housing providers that may have available units for affected residents.
Results from Tuesday’s elections–with Democrats taking control of the House of Representatives and Republicans maintaining control of the Senate–and their effect on the affordable housing, community development and renewable energy communities are the subject of a Notes from Novogradac blog post and a
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