The latest information on funding availability for HUD-subsidized Section 202 housing. This section also provides updates and information on regulatory guidance and legislative advocacy around housing finance, refinancing and preservation.
We've featured some articles below, but be sure to check out all of our affordable housing content.
On Sept 4, the U.S. Department of Housing and Urban Development (HUD) published housing notice H 2014-13 Revisions to Large Loan Risk Mitigation Policies, which revises large loans policy. This notice supersedes Notice H 2011-36 and Notice H 2014-03 providing HUD's underwriting standards for large multifamily loans above $25 million and/or which support projects exceeding unit thresholds.
The U.S. Department of Housing and Urban Development (HUD) issued a memorandum dated August 7, 2014, regarding the use of lender-ordered multifamily accelerated processing (MAP) appraisals in lieu of a separate rent comparability study (RCS) for mark-up-to-market transactions in FHA-insured loans.
With fiscal year 2015 beginning soon after the upcoming congressional recess, we have contacted every senator to urge support for language allowing the U.S. Department of Housing and Urban Development (HUD) to use remaining 2014 funds, residual receipts, collections and other unobligated balances to keep the newly authorized housing with supportive services demonstration program moving forward in the next fiscal year. Appropriators in the U.S. House of Representatives included more restrictive language in their version of the spending bill. We will continue working to preserve the Senate language as the fiscal 2015 spending process continues.
Local Initiatives Support
Corporation (LISC) and LeadingAge DC and LeadingAge Maryland are hosting a 2-day
training for board members, owners, and managers of affordable senior housing to
be held at the LeadingAge (national) offices in Washington DC in June. This
training is based upon HUD's Partners in Housing: Basic and Advanced
Preservation trainings that were taught throughout the country in 2012 and 2013
and has been designed to focus on issues particular to non-profit senior housing
A new U.S. Department of Housing and Urban Development memorandum regarding the FHA Low Income Housing Tax Credit Pilot, created to test the Single Underwriter Operating model, outlines 6 policy changes that HUD intends to address through revisions to the MAP Guide later this year, but that HUD can implement through the use of waivers effective today. The intent is to make the pilot available to a wider array of projects.