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A year after Hurricane Sandy devastated coastal communities in the Northeast, HUD has allocated a combined $5.1 billion through a second round of recovery funds to five states and New York City. Provided through HUD’s Community Development Block Grant (CDBG) Program, these recovery funds will help affected communities meet remaining housing, economic development, and infrastructure needs.
Many owners and managers of assisted sites use leases that give them the right to conduct periodic inspections of units to discover unsafe and unsanitary conditions and unreported maintenance problems. Early detection of these and similar situations can help prevent problems, such as insect and rodent infestations, offensive odors, major repair jobs, and flooding.
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 required to publish the FMRs at least annually to be effective on Oct. 1 of each year.
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, at the FY 2013 post-sequestration funding level of $986 billion.
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 payments from an asset is not income until the amount invested is recouped.
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 anniversary date on or after Feb. 11, 2014. OCAFs are annual factors used to adjust Section 8 rents renewed under Section 524 of the Multifamily Assisted Housing Reform and Affordabilit...
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 assistance. The two sources of funding HUD is referring to are housing assistance payments and Federal Housing Administration (FHA)-insured mortgages.
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