• August 14, 2014
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    Earlier this month, the Obama Administration released its July Housing Scorecard. The report states that the housing market has continued to show signs of progress as sales of existing homes continue to rise for the third consecutive month, while foreclosure starts and completions remain in decline. Sales of new homes are markedly lower than last month despite May’s numbers being revised downward since last month’s report.

  • August 11, 2014
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    Earlier today, Federal Housing Commissioner and Assistant Secretary for Housing Carol Galante announced in a letter to stakeholders that she will be leaving HUD this fall. Galante has served in her current position since the end of 2011, having first joined the Federal Housing Administration (FHA) in 2009 as the Deputy Assistant Secretary for Multifamily Housing.

  • August 7, 2014
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    Earlier this week, the National Association of Bond Lawyers released a paper designed to help state HFAs and other municipal issuers determine whether they should consider self-reporting misleading statements they may have made in their bond offering documents as part of the U.S. Securities and Exchange Commission’s (SEC) Municipalities Continuing Disclosure Cooperation initiative (MCDC).

  • August 5, 2014
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    Congress has departed Capitol Hill for a five-week recess period without passing any FY 2015 appropriations bills. It is expected that Congress will approve in September a short-term continuing resolution (CR) funding all federally funded agencies until after the mid-term elections and possibly into December. The new fiscal year begins on October 1.

  • August 1, 2014
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    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
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    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
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    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
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    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.