- December 5, 2016
- September 27, 2016
- September 22, 2016
HUD Implements Small Area FMRs in High-Cost Areas - HUD has issued a final rule officially implementing Small Area Fair Market Rents in place of 50 percentile fair market rents for high-cost metro areas. Importantly, it makes key changes suggested by NAA/NMHC. (Dec. 1, 2016)
Apartment Industry Applauds Administration’s Call to Remove Local Barriers - NAA/NMHC have issued a statement following the Obama Administration’s release of a Housing Development Toolkit to encourage local governments to remove barriers to the development of apartment homes and increase overall housing affordability. (Sept. 27, 2016)
Cantwell, Hatch and Wyden Introduce Affordable Housing Bill - Senators Maria Cantwell and Orrin Hatch have introduced the Affordable Housing Credit Improvement Act of 2016. The comprehensive bill expands and strengthens the Low Income Housing Tax Credit (LIHTC).
HUD Issues Final Multifamily Mortgage Insurance Rates – HUD has issued the final rules cutting the FHA multifamily mortgage insurance rates to spur the financing of affordable housing and energy-efficient apartments. The decision is anticipated to result in the rehabilitation of an additional 12,000 units of affordable housing each year.
Check the 2016 Area Median Income Limits - HUD recently released its fiscal year 2016 Area Median Income Limits. AMIs are used to set eligibility thresholds for several federal subsidy programs, including the Low-Income Housing Tax Credit and Section 8 programs.
Holland Testifies on Affordability - Clyde Holland, chairman and CEO of Holland Partner Group, testified on Capitol Hill on March 22 in front of the House Committee on Financial Services Housing and Insurance Subcommittee on the challenge of meeting the increasing demand for multifamily homes for millions of working Americans.
HUD Cuts Multifamily Mortgage Insurance Rates, Spurs Affordability - HUD Secretary Julián Castro has announced that the FHA will cut multifamily mortgage insurance rates to spur the financing of affordable housing and energy-efficient apartments. The move will result in the rehabilitation of an additional 12,000 units of affordable housing each year.
Congress Cuts Affordable Housing Red Tape - President Obama has signed the “Fixing America's Surface Transportation (FAST) Act” into law. The $300 billion package funds the highway and transit system in our nation for five years. Of interest to the industry is language that improves and streamlines several of HUD’s rental housing programs.
Industry Responds to House Call for Housing Affordability Solutions - NAA and NMHC have provided a comprehensive overview of the affordability challenges facing the nation in response to House Financial Services Committee Chairman Jeb Hensarling’s call for solutions and a recent series of hearings on affordable housing. We emphasized that demand for apartments across the nation is outstripping supply and offered numerous related recommendations.
House Passes Highway Bill with Key Housing Affordability Amendment - The House has passed a six-year $325 billion package to fund the highway and transit system. It includes an NAA/NMHC amendment that encourages owners to invest in affordable properties.
NAA/NMHC Address Affordable Housing Challenges - Letter to House Financial Services Committee explains that demand for affordable housing cannot be met by government programs alone. Instead, creative solutions among local, state and federal collaborations, and partnerships between the public and private sectors, are critical. But to be successful, burdensome regulations, rules and mandates must also be addressed.
NAA/NMHC Comment on HUD’s Proposed Fair Market Rents (FMRs) – HUD has included instructions for contesting a FMR in its request for public comment and taken steps to be more transparent in its methodology. FMRs vary based on several factors like local housing supply and demand, economic conditions and apartment unit size.
Affordable Housing Gets Multiple Hearings on Capitol Hill – Both the full House Financial Services Committee and a Subcommittee focused on affordable housing with hearings recently. One examined whether legislative changes are needed to help ensure affordability and promote self-reliance and upward economic mobility. The other looked at the “Housing Opportunity Through Modernization Act of 2015” which provides common-sense reforms to federal affordable housing programs.
Industry Briefs Obama Administration Officials at Treasury and HUD – NAA/NMHC discussed important issues to the apartment housing industry in key meetings with Administration officials at both HUD and the Treasury Department in September. Specifically, the discussions focused on expanding affordable apartment housing opportunities.
Industry Coalition to USDA: Follow Through on Rural Rental Housing - Industry groups have advised decision-makers at the U.S. Department of Agriculture that they are violating their obligation to provide rental assistance.
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