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FHFA Releases Final Duty to Serve Rule for Fannie Mae and Freddie Mac
The Federal Housing Finance Agency (FHFA) yesterday released its final “Duty to Serve” rule requiring the Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac to support lending for housing for low-income families in three underserved segments of the housing finance market: manufactured housing, affordable housing preservation, and rural areas. The rule fulfills a statutory mandate placed on the GSEs by the Housing and Economic Recovery Act of 2008.
Congress Passes FY 2017 Stopgap Funding Bill
In the late hours of December 9, the Senate approved a House-passed Continuing Resolution (CR), HR 2028, to keep the federal government funded through April 28, 2017 and sent it to President Obama’s desk for signature just hours before the previous FY 2017 CR expired.
Trump Picks Ben Carson to Head HUD
President-elect Donald Trump's transition team announced this morning that he has selected Dr. Ben Carson to be his Administration's Secretary of the Department of Housing and Urban Development (HUD). Carson is former Republican candidate for President and served as the director of pediatric neurosurgery at Johns Hopkins Hospital in Maryland from 1984 until his retirement in 2013.
FHA Announces Increased Single-Family Loan Limits for 2017
The Federal Housing Administration (FHA) announced yesterday the county loan limits for its single-family mortgage programs for 2017 and issued a Mortgagee Letter that increases the minimum loan limit for low-price areas and the maximum loan limit for high-cost areas.
Trulia Report Finds Housing Credit Development has no Significant Impact on Surrounding Home Values
The authors analyzed the locations of over 3,000 properties located in the 20 least affordable metro areas and found that there was no significant effect on nearby home values resulting from Housing Credit development.
HUD Publishes Small Area Fair Market Rent Final Rule
On November 16, HUD published in the Federal Register a final rule regarding the use of small area fair market rents (SAFMR) in certain metropolitan areas, and replacing HUD’s existing 50th percentile fair market rent (FMR) policy for the Housing Choice Voucher (voucher) program.
FHFA Increases Fannie Mae and Freddie Mac Conforming Loan Limits for 2017
The Federal Housing Finance Agency (FHFA) announced November 23 that the maximum conforming loan limits for mortgages obtained by Fannie Mae and Freddie Mac will increase in 2017. This is the first time FHFA has increased the conforming loan limit since 2006.
HUD Announces VAWA Final Rule
On November 16, HUD published in the Federal Register the final rule implementing housing provisions under the Violence Against Women Reauthorization Act of 2013 (VAWA) as it applies to HUD programs. The rule codifies VAWA core protections across covered HUD programs to ensure individuals are not denied assistance, evicted, or have their assistance terminated because of their status as victims of domestic violence, dating violence, sexual assault and stalking, or for being affiliated with a victim.
FHA Report Says Health of Mortgage Fund Improving
Earlier today, HUD released its 2016 Annual Report to Congress on the financial status of the Federal Housing Administration's (FHA) Mutual Mortgage Insurance Fund (MMIF). The report finds that the value of the MMIF, which funds FHA's single-family homeownership and reverse mortgage loans, grew by $3.8 billion to $27.6 billion in fiscal year (FY) 2016, its fourth consecutive annual increase.
HUD Releases New Fair Housing Guidance for RAD Program
The Department of Housing and Urban Development (HUD) released November 10 PIH Notice 2016-17 (HA) to provide Public Housing Agencies (PHA), Rental Assistance Demonstration (RAD) program Project Owners, and RAD development partners with guidance on fair housing and civil rights regulations applicable to RAD First Component Public Housing conversions.
HUD Issues HOTMA Implementation Guidance
On October 24, HUD published in the Federal Register the initial implementation guidance for the Housing Opportunity through Modernization Act (HOTMA). HUD’s guidance clarifies which statutory provisions went into effect immediately upon the President signing HOTMA into law and which provisions will be phased in as HUD promulgates further regulations.
FHFA Releases 2016 Housing Report
Late last week, the Federal Housing Finance Agency (FHFA) released its Annual Housing Report for 2016. The report examines Fannie Mae’s and Freddie Mac’s affordable housing activities for 2015.
