NCSHA Blogs
Rural Housing Service Seeks Applicants for Preservation Demonstration Program
On September 23, the Rural Housing Service published a Notice of Funding Availability (NOFA) announcing the availability of $20 million for a demonstration program intended to preserve and revitalize existing Section 515, Section 514, and Section 516 rental housing properties.
HUD Clarifies Review Process for Multifamily Property Owner’s Fair Housing Marketing Plans
On September 22, HUD Deputy Assistant Secretary for Multifamily Housing Programs Ben Metcalf issued a memorandum clarifying previous guidance on the review and approval of multifamily property owners’ Affirmative Fair Housing Marketing Plans (AFHMP).
HUD Announces National Disaster Resilience Competition
Earlier this week, the U.S. Department of Housing and Urban Development (HUD), in collaboration with the Rockefeller Foundation (Rockefeller), announced the National Disaster Resilience Competition (NDRC). The competition will award nearly $1 billion in HUD disaster recovery funds to eligible communities across the nation. HUD states the competition will help the selected communities recover from previous disasters and improve their ability to respond to and recover from natural hazards in the future. Rockefeller will provide technical support and offer training workshops to every eligible state and local government along with assisting applicants applying for HUD funding.
House Passes Continuing Resolution, Funds Federal Programs Into December
On September 17, the House passed by a vote of 319 to 108 a continuing resolution (CR), H.J. Res. 124, that continues funding for all federally funded programs through December 11, 2014 at slightly below FY 2014 funding levels, on an annualized basis. To offset new funding provided through a few targeted provisions in the CR while not exceeding the overall FY 2014 spending level, the CR includes an across-the-board funding reduction of almost 0.06 percent, compared to FY 2014 levels. The Senate is expected also to approve the CR this week.
NCSHA Urges FHFA To A Take Balanced Approach To GSE G-Fees and Support Reduced Fees for HFA Loans
Earlier this week, NCSHA submitted a letter responding to the Federal Housing Finance Agency’s (FHFA) June 5 Request for Input that solicited comments on the guarantee fees (g-fees) that Fannie Mae and Freddie Mac charge lenders in exchange for guaranteeing single-family mortgage loans. In its letter, NCSHA urges FHFA to take a balanced approach to setting the g-fees that gives equal consideration to the need to protect Fannie Mae and Freddie Mac’s financial stability and FHFA’s mission to support an efficient and accessible housing finance market.
Banking Regulators Propose New CRA Reforms
Yesterday, the Office of the Comptroller of the Currency (OCC), the Federal Deposit and Insurance Corporation (FDIC), and the Federal Reserve released new proposed guidelines for how bank examiners will enforce the Community Reinvestment Act (CRA). The new guidance amends the agencies’ “Questions and Answers” worksheet, which is intended to provide clarification on how CRA requirements are enforced. The revisions are part of an ongoing effort the agencies have undertaken to align CRA standards with modern banking practices.
Report Finds National Foreclosure Mitigation Counseling Program Achieves Positive Results
Earlier this week, the Urban Institute (UI) released its final evaluation of the National Foreclosure Mitigation Counseling (NFMC) program. Congress created the NFMC program in 2008 to address the nation’s foreclosure crisis through foreclosure mitigation counseling operated through state and local agencies and nonprofits.
CAP Report Outlines Concerns with FHA Distressed Asset Stabilization Program
The Center for American Progress (CAP) released a report last week which provides an overview of the Federal Housing Administration’s (FHA) Distressed Asset Stabilization Program (DASP). The report focuses on how DASP facilitates loan sales, who is buying the loans, and the outcomes of the loan purchases. CAP’s analysis of DASP is based on HUD’s recently released post-sale results report, which NCSHA summarized here.
Moody’s Report Highlights Positive HFA Economic Trends
A report released last week by Moody’s Investors Service finds that HFAs in FY 2013 experienced increased profitability, higher asset-to-debt ratios, and growing fund balances as a percentage of bonds outstanding. The study, which is based on audits from 49 states and 4 rated local HFAs, discusses three major findings:
