May 6 - 7, 2014 • Blackstone Hotel • Chicago, IL
Led by industry experts, this conference will convene some of the most experienced developers, financiers, technical experts and policy makers who are advocating for, and redefining the preservation of the nation’s affordable housing stock.
The speakers will address today’s issues head-on, providing candid insights, observations, and real-life examples against the backdrop of an improving economy.
Topics at this conference will cover some of the most important opportunities and obstacles associated with developing and preserving affordable housing in 2014 and beyond, including:
- New policy and tax reform initiatives on Capitol Hill and at HUD (U.S. Department of Housing and Urban Development)
- Assessment of the budget deficit impact on HUD programs
- The importance of RAD (Rental Assistance Demonstration) in protecting public housing and HUD-assisted rental housing portfolios
- Evaluation of the improved equity and debt markets, and leveraging federal programs with private debt and equity
- Using green practices to enhance and create efficiencies in affordable housing development
Don’t miss this opportunity to meet with industry leaders and connect with professional colleagues. Register today!
FHA Low Income Housig Tax Credit Pilot Program Revisions Memorandum
Click here to access Memorandum from Theodore Toon, Director, Multifamily Development, HTD regarding FHA Low Income Housig Tax Credit Pilot Program Revisions.
RAD 2nd Component Conversions and the Continuing Resolution
The 2nd Component of the Rental Assistance Demonstration offered owners of Rent Supplement, Rental Assistance Payment, and Mod Rehab contracts the ability to convert the tenant-protection assistance that would have been issued at contract termination or expiration to long-term Project-Based Voucher contracts. This option was set to expire on September 30, 2013, but Section 149 of the Continuing Resolution (CR) that was enacted by Congress allows HUD to extend the 2nd Component of RAD through January 15, 2014 (the duration of the CR).
This extended authority allows owners and administering PHAs the opportunity to close out projects that were not able to close prior to September 30, 2013. Unfortunately, given the limited duration of this extended authority (paired with Notice timing and HUD processing requirements), as well as the limited availability of tenant-protection funds, HUD is not able to accept new prospective conversion requests during the CR. However, as Retroactive conversion actions rely on already-funded TPVs administered by a local PHA, Retroactive conversion applications that can meet all Notice requirements and submit a completed application by January 15, 2014 will be accepted.
Owners with contract expirations that fall within the period of the CR (October 1, 2013 through January 15, 2014) should reach out to their MF project managers to request short-term contract extensions, which will allow owners the time to apply for RAD if authority is granted through the FY14 Budget. If a contract extension is not desired, the MF project manager will proceed in requesting tenant protection vouchers for affected residents.
Any questions about this process can be directed to the RAD team at RAD@hud.gov.
(Friday, June 27, 2013) By a vote of 22-8, the full Senate Appropriations Committee approved the FY2014 Transportation, Housing and Urban Development, and Related Agencies Appropriations Bill. The overall proposed budget authority for the federal agencies, including HUD, covered by the bill is $54B, $2.3B more than the 2013 enacted level. Below are the final numbers for selected HUD programs:
* Project Based Section 8, $10.8B
* Tenant Based Section 8, $17.6B
* CDBG, $3.15B
* Public Housing Capital Fund $2B
* Public housing Operating Fund, $4.6B
* Veterans Vouchers, $75M
* HOME, $1B
* Choice Neighborhoods, $250M
Note that the Senate provided more funding for HUD programs than the House Subcommittee. We will keep you posted with further developments.
Click here for the full text of the Summary.
MIDYEAR MEETING REPORT - June 19, 2013
More than 25 Institute members participated, either in person or by phone, in the 2013 midyear meeting, held today in Nixon Peabody's Washington, DC office. Our guest HUD speaker was Ted Toon, Acting Director of the Office of Multifamily Housing Development in the Office of Multifamily Housing Programs (Mr. Toon also concurrently serves as Associate DAS for the Office of Affordable Housing Preservation ("OAHP").
Mr. Toon briefed members on his "top 10" issues, which included HUD's recently announced reorganization, FHA's booming business and the transformation of OAHP. Mr. Toon expects the reorganization to be implemented later this year after negotiations are concluded with HUD's unions. Congressional approval is not required, only notification.
FHA is processing multifamily loans at a commitment level of $112 million each day. At this rate, commitment authority will run out in mid August. HUD is requesting an additional $5 billion from Congress. Mr. Toon stated that HUD is meeting its own deadlines more than 75% of the time, and has cleared up previous backlogs.
OAHP, which has been the office overseeing the mortgage restructuring program for the past 15 years, has expanded its scope to include the Rental Assistance Demonstration ("RAD") program. As of July 1st, OAHP will begin to process all Section 236 IRP decoupling proposals and will offer an online application tool. The tool is meant to assist owners and is not mandatory. On June 18th, HUD held a meeting to present its soon to be released processing requirements. OAHP also announced that it would soon issue a revised decoupling notice which will include so-called "Re-decouplings".
House Subcommittee Marks Up FY 2014 HUD Appropriations Bill
Today the House Subcommittee on Transportation, Housing and Urban Development marked up the FY 2014 spending bill for several agencies, including HUD. Full Committee markup is scheduled for June 27th. The total HUD appropriation is $28.5 billion, down $5 billlion from the FY 2013 enacted levels, and $3 billion below the sequestration levels. Highlights include:
* Project Based Section 8, $9.4B
* Tenant Based Section 8, $17B
* CDBG, $1.6B
* Public Housing Capital Fund $1.5B
* Public housing Operating Fund, $4.2B
* Veterans Vouchers, $75M
* HOME, $700M
* Choice Neighborhoods, $0
The spending bill extends the RAP/Rent Supp component of RAD until 2015 (the existing authority sunsets on September 30, 2013) and expands the number of public housing units eligible to participate in the first component of RAD from 60,000 units to 150,000 units.
Prior to the meeting, a dozen IRHP members were treated to a private tour of the Thomas Jefferson Building of the Library of Congress, led by our own Chuck Edson. As you might expect, the tour of this magnificent building was peppered with pop quizzes and anecdotes - leaving us all a little more knowledgeable and highly entertained.
HUD Memo For Guidance To Section 8 Owners Affected By Sequestration
Please see the attached memo for guidance that was distributed via e-mail to Section 8 owners. This is about the Department’s plans to manage the funding of the Section 8 program under the cuts imposed by the FY2013 Sequestration.