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Monday, December 17, 2018

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.

Wednesday, December 12, 2018

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.

Monday, December 10, 2018

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.

Wednesday, November 21, 2018

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.

Wednesday, November 14, 2018

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.

Wednesday, November 7, 2018

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

Tuesday, November 6, 2018

The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac each have $35 billion multifamily lending caps for 2019. Those figures are unchanged from 2018 and are based on FHFA’s projections of the size of the 2019 multifamily originations market. The FHFA will review its estimates of the multifamily loan origination market each quarter and will adjust caps if necessary, although it will not reduce the caps.

Friday, October 19, 2018

The Treasury Department today released the first tranche of proposed guidance for the opportunity zones (OZ) incentive, addressing gains invested in qualified opportunity funds. Treasury also released a related revenue ruling. Treasury will accept comments for 60 days.

Friday, October 5, 2018

The U.S. Department of Housing and Urban Development (HUD) this week issued guidance for Housing Trust Fund grantees. Notice CPD-18-12 outlines commitment and expenditure requirements, as well as how HUD determines compliance with deadline requirements. The notice is effective until it is amended, superseded or rescinded.

Friday, September 28, 2018

The Federal Housing Administration (FHA) today announced that it is extending its multifamily risk-sharing initiative with the Federal Financing Bank for eligible housing finance agencies (HFAs) through the end of 2018, a decision that will likely reduce the cost of FHA-insured multifamily risk-sharing loans. The risk-sharing initiative was originally scheduled to stop accepting new applications from HFAs at the end of September, but will now accept applications through Dec. 31 for commitments up to the program maximum of $3 billion.

Thursday, September 27, 2018

The U.S. Department of Housing and Urban Development and the U.S. Virgin Islands today announced the formal execution of a $243 million grant agreement through the Community Development Block Grant-Disaster Recovery program to help residents of the U.S. Virgin Islands recover from hurricanes Irma and Maria.

Wednesday, September 26, 2018

Sen. Elizabeth Warren, D-Mass., today introduced the American Housing and Economic Mobility Act of 2018, legislation that would invest $445 billion in the Housing Trust Fund, $523 billion in rural housing programs and strengthen provisions in the Community Reinvestment Act to hold more financial intuitions accountable and strengthen sanctions for failure to follow rules.

Thursday, September 20, 2018

The U.S. Department of Housing and Urban Development (HUD) today announced the formal execution of a $1.5 billion grant agreement–including $1 billion for housing–to help Puerto Rico recover from hurricanes Irma and Maria. The housing funds through the Community Development Block Grant–Disaster Recovery program include $10 million for rental assistance, specifically for properties that serve the elderly and other vulnerable households.

Wednesday, September 19, 2018

U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today announced that HUD’s Rental Assistance Demonstration (RAD) program has preserved 100,000 units. The RAD program provides public housing authorities with access to private investment to preserve public housing properties and address the backlog of deferred maintenance.

Friday, September 14, 2018

Novogradac estimates the U.S. median income will increase by more than 5 percent in 2019 and by nearly 4.4 percent in 2020, based on 2017 American Community Survey data released Thursday. Low-income housing tax credit (LIHTC) properties and U.S. Department of Housing and Urban Development Section 8 limits increases are capped at the greater of 5 percent or double the median-income change, meaning the estimated cap for 2019 will be more than 10 percent and the 2020 cap will be almost 8.8 percent.

Tuesday, September 11, 2018

Reps. Jeb Hensarling, R-Texas, and John Delaney, D-Md., last week released draft legislation that would wind down Fannie Mae and Freddie Mac over a five-year period and create a mortgage insurance program run through Ginnie Mae. Under the legislation, Ginnie Mae would leave the U.S. Department of Housing and Urban Development and become a stand-alone agency.

Tuesday, September 11, 2018

The U.S. Department of Housing and Urban Development (HUD) will publish in Wednesday’s Federal Register a notice establishing an expedited process to review requests for relief from HUD regulatory and administrative requirements for counties in presidentially declared major disaster declaration (MDD) areas during calendar year 2018.

Tuesday, September 4, 2018

The U.S. Department of Housing and Urban Development (HUD) today awarded $98.5 million to 285 local public housing authorities across the country to provide permanent affordable housing to nearly 12,000 non-elderly persons with disabilities under its Section 811 Mainstream Housing Choice Voucher Program.

Wednesday, August 29, 2018

The U.S. Department of Housing and Urban Development (HUD) will publish Friday in the Federal Register a notice of fiscal year 2019 fair market rents (FMRs). The new FMRs will be effective Oct. 1 unless HUD receives a request for re-evaluation of a specific area FMR. HUD also responds in the notice to a May Federal Register notice concerning the use of FMR surveys in calculating Renewal Funding Inflation Factors. HUD plans to continue using the surveys.

Tuesday, August 14, 2018

The Community Development Financial Institutions (CDFI) Fund today reminded prospective fiscal year 2018 Capital Magnet Fund (CMF) applicants that the deadline for online submission of the SF-424 grant application through grants.gov is Aug. 20 at 11:59 p.m. ET and the deadline for creating an organizational account through the CDFI Fund’s Awards Management Information System (AMIS) is Aug. 27 at 11:59 p.m. ET.