A group of LeadingAge housing members and staff met with Housing and Urban Development (HUD) Secretary Julian Castro in late October to discuss issues important to America’s elderly population.
HUD has published Opting In, Opting Out a Decade Later, which updates a 2006 research report addressing why HUD-assisted properties leave the affordable market. Specifically, the report focused on Section 8 project-based rental assistance and the Section 236 and 221(d)(3) Below Market Interest Rate (BMIR) mortgage subsidy programs.
Paycheck to Paycheck is comprised of an online, interactive database and accompanying report prepared by the Center for Housing Policy, the research division of the National Housing Conference, that compares wages for selected occupations with the income needed to buy or rent a home.
On August 7, 2015, HUD issued the long-awaited Section 8 Renewal Policy Guidebook. Many of the changes impact how Section 8 contracts are administered, how rents are raised, and the rules around the use of the Rent Comparability Study (RCS). Here we expand on our earlier analysis of the major changes and impacts on non-profit member options and opportunities.
In August and September, many HUD offices issued announcements warning that owners who make or take distributions from project funds in violation of their business agreements with HUD may be subject to both civil and criminal penalties, as well as administrative sanctions, such as debarment from participating in federal programs.