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On Feb. 19, the National Housing Conference’s Center for Housing Policy released its annual Housing Landscape report entitled, "The Housing Affordability Challenges of America’s Working Households."
Rental Assistance Demonstration (RAD) is the centerpiece of HUD’s strategy to preserve at-risk public and assisted housing. The first component allows public housing and moderate rehabilitation properties to convert, under a competition limited to 60,000 units, to long-term Section 8 rental assistance contracts. And the second component allows Rent Supplement, Rental Assistance Payment, and Mod Rehab properties to convert tenant-based vouchers issued upon contract expiration or termination to project-based assistance.
On Feb. 4, HUD issued Notice PIH 2014-04, amending Notice PIH 2013-08, regarding Tenant Protection Vouchers (TPVs). Congress first made funds available for TPVs last fiscal year, and made an additional $5 million available for them this fiscal year.
Q: I know that the new income limits, which HUD released on Dec. 18, must be used for all new move-in transactions. But is an applicant eligible to be housed from the waiting list if he has been determined to be eligible based on the prior year’s income limits and, just prior to the applicant being housed, new income limits are published that would make him ineligible?
Q: Under HUD rules, to be a “legitimate tenant organization,” an organization must include at least one representative of the site owner or its management. True or false?
On Jan. 16, the Senate passed by a vote of 72 to 26 the fiscal year (FY) 2014 omnibus spending bill, H.R. 3547. The House approved the same bill on Jan. 15 with a vote of 359 to 67, with an overwhelming majority vote from both parties. The omnibus, which includes all 12 appropriations bills, sets the final appropriations levels and funds all federally funded agencies, including HUD, through the end of FY 2014, which occurs on Sept. 30, 2014.
HUD recently issued a notice requesting public comment on its efforts to establish a baseline assessment of the renewable energy capacity in HUD’s public housing and federally assisted multifamily housing portfolios. The assessment will support President Obama's Climate Action Plan, which calls for the installation of 100 megawatts (MW) of renewable energy generation capacity by 2020 at LIHTC properties (Treasury), Rural Development properties (USDA), and public housing and multifamily-assisted properties (HUD).
If you think your local tax assessor may have overvalued your site, it may be a good idea to hire a company that specializes in appealing real estate tax assessments. When tax assessors overvalue assisted sites, they mistakenly assume that an assisted site's value is similar to that of nonsubsidized sites in the area. They may assess an assisted site as though it had the income and marketability of a nonsubsidized site, even though HUD regulations limit rental income and hold down its sale value.
Recently Harvard’s Joint Center for Housing Studies’ (JCHS) released a report entitled America’s Rental Housing: Evolving Markets and Needs. The report describes how the 2008 recession has affected rental housing trends. Currently, there are 43 million rental households, representing 35 percent of Americans—the highest rate in more than a decade. Additionally, a disproportionate number of lower-income families and individuals living in rental housing pay an excessive share of their income towards rent.
Building on $2 billion in financing commitments from the private sector for energy-efficiency updates to commercial buildings under the President’s Better Buildings Challenge, HUD recently expanded the challenge to multifamily housing and launched the Better Buildings Accelerators to support state- and local government-led efforts to cut energy waste and eliminate market and technical barriers to greater building efficiency.
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