- August 1, 2014
Last night, the U.S. Securities and Exchange Commission announced an extension of the deadline for municipal bond issuers, including state HFAs, to report voluntarily possible disclosure violations through its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative to December 1, 2014. The original deadline was September 9.
- July 29, 2014
HUD published today a final rule requiring mortgagees participating in FHA multifamily mortgage insurance programs to return to FHA excess bond funds remaining after an FHA payment is used to satisfy bonds issued to finance the project.
- July 29, 2014
On July 24, House Budget Committee Chairman Paul Ryan (R-WI) released a discussion draft, Expanding Opportunity in America, proposing reforms to federal anti-poverty programs. One of the proposals is a pilot program called the Opportunity Grant. The pilot would begin in a limited number of states and would consolidate several federal means-tested programs, including Housing Choice Vouchers (vouchers), Section 8 project-based rental assistance, Pubic Housing, the Community Development Block Grant (CDBG), and Section 521 Rural Rental Assistance.
- July 16, 2014
According to the Administration's June Housing Scorecard, released earlier this month, the housing market has continued to show signs of progress as sales of new and existing homes continue to rise and foreclosure starts and completions continue to fall. Home equity has also shown strong gains for homeowners, reaching the highest level in seven years.
- July 14, 2014
On July 10, House Financial Services Committee members John Delaney (D-MD), John Carney (D-DE), and Jim Himes (D-CT) introduced comprehensive housing finance reform legislation. The bill, entitled the Partnership to Strengthen Homeownership Act of 2014, H.R. 5505, would wind down Fannie Mae and Freddie Mac and authorize Ginnie Mae to provide an explicit federal guarantee on mortgage-backed securities (MBS).
- July 11, 2014
The Senate yesterday confirmed former HUD Secretary Shaun Donovan’s nomination to be the new Director of the Office of Management and Budget (OMB) by a vote of 75-22. Donovan is filling the vacancy left by former Director Sylvia Mathews Burwell, who is now the Secretary for the Department of Health and Human Services (HHS).
- July 9, 2014
San Antonio Mayor Julian Castro was confirmed by the Senate as HUD Secretary today by a vote of 71-26. The Senate is expected to confirm current HUD Secretary Shaun Donovan’s nomination to replace Sylvia Mathews Burwell as Director of the Office of Management and Budget (OMB) later this month, although a date for the confirmation vote has not been set.
- July 8, 2014
The National Rural Housing Coalition recently published a report, entitled Rural America’s Rental Housing, which describes how lower incomes, higher poverty rates, and other factors continue to present obstacles to renters trying to find affordable housing in rural areas.
- June 30, 2014
Last week, housing professionals convened in Chicago for the Housing Credit event of the year. Leaders from state allocating agencies and program experts from all aspects of the industry were brought together for informative sessions, networking events, and the bustling Housing Credit Marketplace.
- June 30, 2014
Treasury and HUD will partner together in a new initiative to lower the financing costs for HFA multifamily loans originated through the FHA-HFA Risk-Sharing Program, Secretary of the Treasury Jacob Lew announced June 26. During remarks delivered at the five-year anniversary summit for the Making Home Affordable program (MHA), Lew said that he had directed Treasury’s Federal Financing Bank (FFB) to use its authority to finance mortgages insured under the Risk-Sharing Program. Mary Miller, the Treasury Under Secretary for Domestic Finance, indicated that Treasury was considering enacting such a policy in a speech a couple week ago.