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HUD Accepting Entries for 19th Annual HUD Secretary’s Opportunity and Empowerment Award

HUD and the American Planning Association (APA) recently announced they are accepting entries for the 19th annual HUD Secretary's Opportunity and Empowerment Award.

Fannie Mae Introduces Revamped Affordable Loan Product

Yesterday afternoon, Fannie Mae introduced the HomeReady™ product, a new lending option for low- and moderate-income borrowers. This new initiative will replace Fannie Mae’s MyCommunityMortgage® products, which are currently the firm’s primary offering for low-income consumers.

FHA Announces New Initiatives to Promote Green Single-Family Housing

On August 24, the Federal Housing Administration (FHA) announced two new policies designed to promote energy-efficient single-family housing. This announcement was part of a broader set of green energy initiatives that the Obama Administration announced the same day.

Moody’s Report Finds HFAs in Strong Position to Capitalize on Surge in Millennial Homebuyers

Last week, Moody's Investors Service (Moody's) released a report projecting the impact a surge in millennial homebuyers will have on state Housing Finance Agencies (HFAs). Moody's concludes that if home purchases by millennials were to increase by 20 percent, HFAs would originate an additional 12,800 loans for the sector and an average of 300 additional loans per year.

FHFA Establishes 2015-2017 Affordable Housing Goals for Fannie Mae and Freddie Mac

The Federal Housing Finance Agency (FHFA) adopted a final rule yesterday establishing affordable housing goals for the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac for 2015 through 2017. The final rule increases the GSEs’ affordable single-family and multifamily goals from those FHFA initially proposed in August 2014.

HOME Coalition Organizes Nationwide Grassroots Effort to Save HOME

Over the past few weeks, the HOME Coalition -- led by the National Council of State Housing Agencies (NCSHA) --- has spread the word about the need to protect and restore funding for the HOME Investment Partnerships Program (HOME).

HUD Announces Grant Program for Experienced Rural Housing Nonprofits

The Department of Housing and Urban Development (HUD) recently announced the availability of funds under its Rural Capacity Building for Community Development and Affordable Housing Grants program. The Rural Capacity Building program is a way HUD recognizes the vital role nonprofit organizations play in implementing community-building programs like the Community Development Block Grant Program (CDBG) and the HOME Investment Partnerships Program, especially in rural areas.

Rural Housing Service Announces New Round of Multifamily Preservation and Revitalization Funding

Earlier this week, the United States Department of Agriculture's (USDA) Rural Housing Service (RHS) announced the application schedule for the next round of Multifamily Preservation and Revitalization (MPR) funds. MPR is a demonstration program designed to preserve and revitalize rural rental housing projects under Section 514, Section 515, and Section 516 of the Housing Act of 1949.

Provision to Rescind Hardest Hit Funds Removed From Senate Highway Bill

Senate leaders have removed a provision that would have rescinded unobligated Hardest Hit Fund (HHF) program funds from a transportation reauthorization bill (the DRIVE Act) that it is currently considering. NCSHA summarized the now-deleted provision in a blog post published yesterday.

GAO Recommends Joint IRS-HUD Oversight of the Housing Credit Program

The U.S. Government Accountability Office (GAO) yesterday released its report on federal oversight of the Low Income Housing Tax Credit program, which concludes that there are deficiencies in the Internal Revenue Service’s (IRS) oversight of the program and recommends that Congress consider designating HUD as a joint administrator of the program.

Senate Transportation Bill Would Rescind Hardest Hit Funds

Last night, the Senate voted 62-36 to begin consideration of the DRIVE Act (H.R. 22), which would reauthorize the federal Highway Trust Fund and other surface transportation programs for six years. To pay for the reauthorization, the bill includes several provisions that impact HFAs and the housing market.

Senate Finance Committee Extends 9 Percent Housing Credit Minimum Rate and Establishes 4 Percent Minimum Rate for Aquisition

On July 21, the Senate Finance Committee approved legislation extending for two years various tax provisions that expired at the end of 2014, including the minimum 9 percent Housing Credit rate. The legislation also would establish for the first time a minimum 4 percent Credit rate for acquisition. The minimum rates would apply retroactively to the start of 2015 and prospectively for allocations made before January 1, 2017. The minimum 4 percent rate would not apply to bond-financed developments.