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HUD recently published a notice in the Federal Register establishing operating cost adjustment factors (OCAFs) for eligible multifamily housing properties. OCAFs are used to adjust the rent to current market conditions on eligible multifamily housing projects with project-based contracts issued under Section 8 of the United States Housing Act of 1937 and renewed under the Multifamily Assisted Housing Reform and Affordability Action of 1997 (MAHRA).
The median renter now pays nearly the same as the median owner in total housing costs.
Every two years, HUD and the Census Bureau produce the American Housing Survey (AHS), the most comprehensive analysis of the nation's housing inventory. The AHS is the largest regular national housing sample survey in the U.S. and tracks housing units over time.
On Sept. 1, HUD released the FY 2023 Fair Market Rents (FMRs). HUD is required by law to set FMRs every year. FMRs are an estimate of the amount of money that would cover gross rents (rent and utility expenses) on 40 percent of the rental housing units in an area. They go into effect on Oct.
HUD recently released an updated version of its Public Housing Agency (PHA) Disaster Readiness, Response, and Recovery Guidebook to assist PHAs in effectively navigating the disaster process. Data shows disasters disproportionally affect low-income and historically marginalized communities, including the families and individuals who live in HUD-assisted housing. And these events have operational impacts on housing agencies.
On Sept. 15, Representative Adam Smith (D-WA) introduced the Expanding Service Coordinators Act. The two primary programs that fund service coordinators for residents of federally assisted housing are the Multifamily Housing Service Coordinator program and the Resident Opportunity and Self-Sufficiency Service Coordinator program.
The Government Accountability Office (GAO) recently reminded HUD of some ways it could improve its operations. In November 2021, GAO reported that 67 percent of its recommendations for HUD made four years prior were implemented. And HUD has implemented four of GAO’s 13 priority recommendations.
HUD recently released an agenda for economic justice that describes actions the department will take to help low-income renters build assets, along with a Notice of Funding Opportunity for $113 million for the Family Self-Sufficiency (FSS) program to help HUD-assisted families increase earned income and improve financial stability.
A surge in consumer prices has made the affordability challenge for renters even more severe, particularly for low-income households and households of color, according to The Joint Center for Housing Studies of Harvard University (JCHS) annual report, “The State of the Nation’s Housing 2022. As a result, finding affordable housing has become more critical as emergency pandemic aid runs out.
The House Appropriations Committee recently approved a fiscal 2023 funding bill that covers the Department of Transportation and HUD. This was the last of 12 annual government funding bills to pass out of the committee this year and its passage capped off weeks of partisan battles over how the government should be funded. The Transportation-HUD funding bill approved in committee greenlit more than $90 billion in funding, up 12 percent from the previous year, with a $9 b...
HUD Secretary Marcia Fudge recently announced “Our Way Home,” a new national initiative to increase and preserve affordable housing supply. As part of the initiative, HUD is seeking to learn from and elevate lessons from communities that are building and preserving affordable homes. HUD intends to engage communities in discussions on housing supply policies and resources in the coming months.
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