NCSHA Blogs
Urban Land Institute Soliciting Applications for Awards Program
The Urban Land Institute's (ULI) Robert C. Larson Housing Policy Leadership Awards submission period is currently open. The awards, named after a former ULI trustee and ULI Foundation chairman, aim to honor local and state initiatives, programs, and policies that support and promote the production, rehabilitation, or preservation of affordable housing. Applicants for the awards must be a state (or a department or office within a state) or a unit of a local jurisdiction. The programs or policies submitted for the awards must have at least 25 percent of the units dedicated to households earning up to 120 percent of the HUD area median income (AMI). Exceptions can be made to the AMI requirement for programs and policies based in very high-cost areas if the applicant demonstrates the need for the initiative.
FHFA Proposes New Capital Reserve Requirements for Fannie Mae and Freddie Mac Seller/Servicers
st week, the Federal Housing Finance Agency (FHFA) announced that it was proposing new minimum financial eligibility requirements for Fannie Mae and Freddie Mac Seller/Servicers. All Seller/Servicers, whether bank-affiliated or non-bank servicers, would have to meet these standards to be eligible to do business with Fannie Mae and/or Freddie Mac.
HUD Reports Worst Case Housing Needs Still High Despite Recent Decline
On February 3, 2015, HUD released its Worst Case Housing Needs: 2015 Report to Congress summary report. This report is the 15th in a biannual series that HUD prepares for Congress, using the latest American Housing Survey, to discuss trends and causes of worst case housing needs. HUD plans to release the full report this spring.
Preliminary Analysis of the Administration’s Proposed FY 2016 Budget
On February 2, 2015 the Administration sent Congress its FY 2016 Budget, proposing funding for all federal programs, including HUD and the Department of Agriculture’s (USDA) rural housing programs. NCSHA has posted on its website a preliminary analysis of the Budget’s housing proposals and will provide a more comprehensive analysis soon.
National Development Council Soliciting Award Applications
The National Development Council (NDC) is soliciting applications for its NDC Academy 2015 Awards . NDC Academy will take place in Washington, DC from May 12-14. NDC uses the awards to highlight successful projects from around the country and provide NDC Academy attendees an opportunity to examine and apply successful practices to their local communities.
HUD Releases Housing Trust Fund Interim Rule
Today’s Federal Register contains the new HUD Interim Rule implementing the Housing Trust Fund (HTF). The Interim Rule establishes regulations governing HTF administration and the allocation formula for grant distribution to states. It says HUD will consider public comment on the Interim Rule once funding is available and grantees gain experience administering the program.
Royce Introduces Bill to Prohibit GSE Funding for the Housing Trust Fund
Senior House Financial Services Committee member Ed Royce (R-CA), introduced legislation (the Pay Back the Taxpayers Act of 2015) yesterday that would prevent Government-Sponsored Enterprises Fannie Mae and Freddie Mac (the GSEs) from directing funds to the Housing Trust Fund and the Capital Magnet Fund. Royce signaled his intention to introduce the bill while questioning Federal Housing Finance Agency Director Mel Watt at a Financial Services Committee hearing held yesterday.
House Committee Questions Watt on GSE High LTV Lending and the Housing Trust Fund
Mel Watt, the director of the Federal Housing Finance Agency (FHFA), appeared before a House Financial Services Committee hearing yesterday. During the hearing, Republican and Democratic Committee members engaged Director Watt and each other over recent FHFA actions to increase Fannie Mae and Freddie Mac’s support for affordable housing.
Guest Post: What Effect Will Lower FHA Mortgage Insurance Premiums Have on First-Time Homebuyers?
As mentioned in Tuesday’s State of the Union address, the Federal Housing Administration (FHA) announced that it will lower costs of government mortgages by reducing the annual Mortgage Insurance Premium (MIP) rate on most of its new single family home loans by 50 basis points, beginning on January 26. This left many wondering what exactly this means for borrowers and, in particular, what effect it might have on first-time homebuyers who make up a high portion of FHA borrowers and who largely remain on the sidelines.
Secretary Castro: It’s Time to Remove the Stigma from Promoting Homeownership
Declaring 2015 “A Year of Housing Opportunity,” HUD Secretary Julián Castro said yesterday that more must be done to promote affordable homeownership. Delivering a speech at the National Press Club, Castro told the audience that mortgage lending standards have gotten too tight, preventing many creditworthy borrowers from taking out a home loan. He said that the Administration would take action to ensure that more Americans could purchase a home.
