On August 31, the U.S. Department of Housing and Urban Development (HUD) announced two actions that together will enable more families to rent a healthy, stable home at an affordable cost: publishing Fair Market Rents (FMRs) for Fiscal Year (FY) 2024 and releasing an additional $113 million in Housing Choice Vouchers to public housing agencies to help 9,500 families to meet these growing costs.
HUD is extending the compliance date for CPD programs until October 1, 2024. Compliance for programs was initially to begin October 1, 2023.
This month, the Affordable Housing Credit Improvement Act of 2023 reached 169 cosponsors in the House, maintaining strong bipartisan support with 84 Republicans and 85 Democrats. The Senate companion legislation has reached 27 cosponsors, with 14 Republicans, 12 Democrats and 1 Independent.
On July 27, HUD and the Biden Administration announced a series of actions to boost the supply of affordable housing and support renter protections.
U.S. Department of Housing and Urban Development’s Office of Policy Development and Research published demographic data on tenants living in Housing Credit properties
On August 8, The Government Accountability Office (GAO) released Affordable Housing: Improvements Needed in HUD’s Oversight of the Housing Trust Fund Program.
Fort Worth’s Neighborhood Services presented a 5-year plan to improve neighborhoods and address affordability to the City Council at the first public budget meeting.
The Federal Housing Administration (FHA) today published a Mortgagee Letter that increases the threshold at which a Multifamily loan is considered a Large Loan from $75 million to $120 million. This is the first increase in the threshold since 2014 and will enable a greater number of transactions to use standard underwriting processes when submitted for FHA Multifamily insurance.
NSPIRE improves HUD’s oversight by aligning and consolidating inspection regulations used to evaluate HUD housing across multiple programs.
HUD is awarding $45 Million for 3,379 Stability Vouchers to 135 public housing authorities (PHAs); 18 in Texas.
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