Newsroom
SEC Delays MCDC Self-Reporting Deadline for Municipal Issuers to December 1
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.
Final HUD Rule on Excess Multifamily Claims Adopts NCSHA-Recommended Changes
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.
House Budget Committee Chair Releases Proposal to Reform Federal Anti-Poverty Programs
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.
June Housing Scorecard Shows Continuing Progress
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.
Three House Democrats Release Housing Finance Reform Bill
On July 10, House Financial Services Committee members John Delaney (D-MD), John Carney (D-DE), and Jim Himes (D-CT) introduced comprehensive housing finance reform legislation. The bill, entitled the Partnership to Strengthen Homeownership Act of 2014, H.R. 5505, would wind down Fannie Mae and Freddie Mac and authorize Ginnie Mae to provide an explicit federal guarantee on mortgage-backed securities (MBS).
Senate Confirms Donovan’s Nomination to Head OMB
The Senate yesterday confirmed former HUD Secretary Shaun Donovan’s nomination to be the new Director of the Office of Management and Budget (OMB) by a vote of 75-22. Donovan is filling the vacancy left by former Director Sylvia Mathews Burwell, who is now the Secretary for the Department of Health and Human Services (HHS).
Senate Confirms Julian Castro as HUD Secretary
San Antonio Mayor Julian Castro was confirmed by the Senate as HUD Secretary today by a vote of 71-26. The Senate is expected to confirm current HUD Secretary Shaun Donovan’s nomination to replace Sylvia Mathews Burwell as Director of the Office of Management and Budget (OMB) later this month, although a date for the confirmation vote has not been set.
Coalition Report Proposes Federal Strategies to Preserve Access to Affordable Rural Rental Housing
The National Rural Housing Coalition recently published a report, entitled Rural America’s Rental Housing, which describes how lower incomes, higher poverty rates, and other factors continue to present obstacles to renters trying to find affordable housing in rural areas.
Treasury Secretary Announces New Initiative to Support FHA-HFA Risk-Sharing Loans
Treasury and HUD will partner together in a new initiative to lower the financing costs for HFA multifamily loans originated through the FHA-HFA Risk-Sharing Program, Secretary of the Treasury Jacob Lew announced June 26. During remarks delivered at the five-year anniversary summit for the Making Home Affordable program (MHA), Lew said that he had directed Treasury’s Federal Financing Bank (FFB) to use its authority to finance mortgages insured under the Risk-Sharing Program. Mary Miller, the Treasury Under Secretary for Domestic Finance, indicated that Treasury was considering enacting such a policy in a speech a couple week ago.
Harvard Joint Center for Housing Studies Report Details Housing Recovery, Affordability Challenges
According to Harvard's Joint Center for Housing Studies' annual The State of the Nation's Housing report released on June 26, the nation's housing recovery is continuing to push forward, but complications still exist for both renters and homeowners. Although home construction and sales increased in 2013, rising prices and interest rates may keep more families from becoming homeowners. Furthermore, increasing demand for rental homes and lacking rental assistance may continue to keep renting unaffordable for low- and moderate-income families.
Donovan, Castro Nominations Approved by Senate Committees
On June 24, the Senate Budget Committee approved HUD Secretary Shaun Donovan's nomination to be Director of the Office of Management and Budget (OMB) by a vote of 15-6. On June 25, the Senate Banking Committee approved by a vote of 16-6 San Antonio Mayor Julian Castro's nomination to replace Donovan as HUD Secretary.
HUD Implements Statutory Changes to Section 8 Inspections, Extremely Low-Income Definition, and Utility Allowances
In the June 25 Federal Register, HUD published a notice of statutory changes implementing provisions included in the FY 2014 omnibus appropriations bill enacted in January 2014. The notice, effective July 1, 2014, establishes the terms and conditions for implementing changes to the statutory definition of a public housing agency (PHA), the frequency of required housing inspections, the statutory definition of extremely low-income (ELI), and utility allowances.
