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GAO Report Lays Out Framework for Considering Changes to Housing Finance System
Last week, the U.S. Government Accountability Office (GAO) released a report examining the government’s role in the housing finance market and identifying key issues for policymakers to consider when reforming the housing finance system. The agency released this report to help policymakers asses various housing finance reform proposals to ensure that any housing finance reform proposal they enact will effectively accomplish their goals.
HUD Posts Notice for Transferring HAP Contract Budget Authority
On October 9, HUD issued a notice outlining policies and procedures for transferring remaining budget authority of a project-based Section 8 Housing Assistance Payments (HAP) Contract under Section 8 (bb)(1) of the U.S. Housing Act of 1937.
HUD Publishes Section 811 and Section 202 Proposed Rule
HUD published in the October 7 Federal Register a Proposed Rule for implementing statutory reforms made to the Section 811 Housing for Persons with Disabilities and Section 202 Housing for the Elderly programs by the Frank Melville Supportive Housing Investment Act of 2010 and the Section 202 Supportive Housing for the Elderly Act of 2010, both of which were enacted on January 4, 2011.
HUD Releases Final FY 2015 FMRs, Announces Intention to Modify FMR Methodology for FY 2016
On October 3, HUD published final FY 2015 Fair Market Rents (FMRs). FMRs are used to determine payment standards for a number of housing assistance programs, including the Housing Choice Voucher and the project-based section 8 programs. The FY15 FMRs are effective as of October 1, 2014.
Supreme Court Agrees to Hear Texas Disparate Impact Fair Housing Case
On October 2, the Supreme Court announced its decision to take up the Texas Department of Housing and Community Affairs (TDHCA) v. Inclusive Communities Project case, which focuses on whether TDHCA violated the Fair Housing Act by disproportionately awarding Housing Credits to developers building properties in areas with high minority concentrations.
HUD Releases 2015 DDA and QCT Designations
On October 3, HUD issued a notice designating Difficult to Develop Areas (DDA) and Qualified Census Tracts (QCT) for 2015. Housing Credit properties developed in areas with a DDA or QCT designation are eligible to receive up to a 30 percent basis boost. 2015 is last year for which HUD will designate DDAs spanning entire metropolitan areas.
HUD Seeks Comments on Draft Fair Housing Assessment Tool for Entitlement Jurisdictions
HUD is poised to publish a solicitation for comments on a draft Assessment of Fair Housing (AFH) Tool that local governments administering HOME, CDBG, and various other HUD programs and Public Housing Authorities working in partnership with local governments would use to help them identify barriers to fair housing, set fair housing goals, and assure compliance with HUD’s soon to be finalized Affirmatively Furthering Fair Housing regulations.
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.
