HUD recently published final fair market rents (FMRs) for HUD fiscal year (FY) 2014. In general, the FMR for an area is an amount that would be needed to pay the rent and utilities of a privately owned, decent, and safe rental housing unit of a modest nature with suitable amenities. HUD is...
Section 223(f) insures mortgage loans to facilitate the purchase or refinancing of existing multifamily rental housing. These projects may have been financed originally with conventional or FHA-insured mortgages.
On Oct. 17, federal government agencies, including HUD and USDA, opened after Congress passed and President Obama signed the Continuing Appropriations Act of 2014, H.R. 2775. The bill, which received bipartisan support in both chambers, provides FY 2014 funding, effective Oct. 1 through Jan. 15...
When it comes to marketing your site, HUD expects that you will do what you said you were going to do when you completed your Affirmative Fair Housing Marketing Plan (AFHMP), Form HUD-935.2A.
In the November 2013 issue, errors needing clarification appeared in the article "12 Common Items You Shouldn't Include in Household Income," under "Item #7: Some Periodic Payments from Retirement Accounts." Change 2 of the HUD Handbook removed the idea that periodic...
On Sept. 25, the U.S. Senate voted to end debate and move to consider legislation the House of Representatives passed in a short-term spending bill that would provide funding until Dec. 15 for all federally funded agencies, including HUD and USDA, after FY 2013 ends on Sept. 30.
HUD recently published its “Notice of Certain Operating Cost Adjustment Factors for 2013” in the Federal Register.
The notice establishes operating cost adjustment factors (OCAFs) for project-based assistance contracts for eligible multifamily housing projects having an...
HUD recently issued Notice 2013-23 that revised the financial reporting requirements for small multifamily housing developments. Now, owners of small multifamily developments don’t have to submit audited financial statements if they receive less than $500,000 in combined federal financial...
Under the federal Fair Housing Act and HUD guidelines, you must make every effort to provide “reasonable accommodations” at your site for residents with disabilities. For example, if a resident with limited mobility requests a ground-floor unit, HUD expects that you would try to...
In a recent report made to Congress entitled "Worst Case Housing Needs 2011: Report to Congress," HUD reported dramatic increases in worst case housing needs during the 2009 to 2011 period that cut across demographic groups, household types, and regions. This rise in hardship among...
After giving Westchester County in New York one last chance to comply with its demands over a central element of a 2009 fair housing settlement, HUD has decided it would take $7.4 million in grants to help low-income areas away from the county and send them to other communities.
Employees at the Department of Housing and Urban Development won’t have to take the last two scheduled furlough days. In March, HUD announced it would furlough all 9,000 of its employees for seven days between May and August to offset automatic budget cuts due to sequestration. Furlough...
