The Office of Housing has authorized a global 30-day extension to all owners with fiscal years that ended Dec. 31, 2013. This extension is being offered to allow owners and auditors additional time to adapt to the requirements of Housing Notice H 2013-23, and the Financial Assessment Subsystem (...
In Section 236 multifamily housing, HUD subsidizes the interest on an owner’s mortgage. In exchange, HUD sets a basic rent, and the tenant must pay either the basic rent or 30 percent of his income, whichever is higher. A Section 236 site may also receive other forms of rent subsidy under...
On Dec. 18, HUD released its fiscal year (FY) 2014 Median Family Income estimates and FY 2014 Income Limits. These income limits are used to determine income eligibility for HUD’s assisted housing programs, including public housing, Section 8, Section 202, and Section 811. The income...
On Dec. 18, the Senate passed by a vote of 64 to 36 the Bipartisan Budget Act of 2013, H.J. Res. 59. The House passed the legislation on Dec. 12 by a vote of 332 to 94. The bill is the result of the agreement reached between the two Budget Conference Committee chairs, House Budget Committee...
According to a report by the Center on Budget and Policy Priorities (CBPP), because of the sequestration cuts instituted on March 1 of this year, state and local housing agencies are facing substantial shortfalls in funding to renew the Housing Choice Vouchers that more than 2.1 million low-...
On Oct. 28, the House passed by voice vote the Vulnerable Veterans Housing Reform Act of 2013, H.R. 1742. The bill, sponsored by Rep. Joe Heck, R-Nev., prevents Veterans Affairs Department aid and attendance payments from being counted as income when considering eligibility for housing grants...
On Nov. 4, HUD’s Office of Multifamily Housing Programs published a Notice in the Federal Register to solicit comments about a proposal for the Small Multifamily Building Risk Share Initiative that will help facilitate financing of small multifamily buildings.
According to a report by the Center on Budget and Policy Priorities (CBPP), rental assistance helped 339,000 veterans afford housing in March 2013, the most recent period for which data are available.
On Sept. 27, 2013, HUD released a “Contingency Plan for Possible Lapse in Appropriations” if Congress failed to approve funding for the federal government past Sept. 30. Nearly two weeks later, as this issue is being published, Congress still hasn’t been able to pass a bill to...
For sites that receive less than $500,000 in combined federal financial assistance, HUD recently issued Notice 2013-23 that revises the financial reporting requirements for small multifamily housing developments. Specifically, the notice eliminates the audit requirements for small entities (...
On Aug. 22, 2013, HUD announced it had posted Change 4 to HUD Handbook 4350.3 REV-1, “Occupancy Requirements of Subsidized Multifamily Housing Programs.” This represents the first formal change to the Handbook since July 2009. Aspects of Change 4 have appeared since 2009 in the form...
