- 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.
- June 27, 2014
According to Harvard's Joint Center for Housing Studies' annual The State of the Nation's Housing report released on June 26, the nation's housing recovery is continuing to push forward, but complications still exist for both renters and homeowners. Although home construction and sales increased in 2013, rising prices and interest rates may keep more families from becoming homeowners. Furthermore, increasing demand for rental homes and lacking rental assistance may continue to keep renting unaffordable for low- and moderate-income families.
- June 25, 2014
On June 24, the Senate Budget Committee approved HUD Secretary Shaun Donovan's nomination to be Director of the Office of Management and Budget (OMB) by a vote of 15-6. On June 25, the Senate Banking Committee approved by a vote of 16-6 San Antonio Mayor Julian Castro's nomination to replace Donovan as HUD Secretary.
- June 25, 2014HUD Implements Statutory Changes to Section 8 Inspections, Extremely Low-Income Definition, and Utility Allowances
In the June 25 Federal Register, HUD published a notice of statutory changes implementing provisions included in the FY 2014 omnibus appropriations bill enacted in January 2014. The notice, effective July 1, 2014, establishes the terms and conditions for implementing changes to the statutory definition of a public housing agency (PHA), the frequency of required housing inspections, the statutory definition of extremely low-income (ELI), and utility allowances.