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Affordable Housing Update

Affordable Housing Update. NCDA Conference January 23, 2014. FY 2014 HOME Budget Picture. HOME FY 14 Appropriation - $1.0 billion Level funding (FY 12 and pre-sequester FY 13) Removed FY 12/13 Appropriation requirements from any project subject to new HOME final rule CHDO capacity

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Affordable Housing Update

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  1. Affordable Housing Update NCDA Conference January 23, 2014

  2. FY 2014 HOME Budget Picture • HOME FY 14 Appropriation - $1.0 billion • Level funding (FY 12 and pre-sequester FY 13) • Removed FY 12/13 Appropriation requirements from any project subject to new HOME final rule • CHDO capacity • Market Assessment/Developer Assessment/Underwriting • 4-year project completion deadline • 6-month deadline for sale of homebuyer units

  3. HOME Rulemaking • HOME Rule published July 24, 2013 • Most provisions apply prospectively to projects committed after 8/23/13 • Certain provisions have delayed effective dates • 10/23/13 - CHDO Reservations eliminated • 7/24/14 – Policies/Procedures, Financial Oversight • 1/24/15 – Property Standards, Inspections, Utility Allowances • Technical Corrections to be published soon

  4. HOME Rule Guidance/Training • 22 HOME Briefings held August – October • Remote briefing done for AK/HI being posted • Section-by-Section Analysis • FAQs • Webcasts (4 posted)

  5. Upcoming HOME Guidance • Applicability Chart • New/Revised CPD Notices • CHDO • Underwriting and Subsidy Layering • Homebuyer Policies • Match • Cost Allocation • Commitments • Written Agreements

  6. Upcoming HOME TA & Training • CHDO Workshops (for CHDOs and PJs) • 20-30 beginning in early Spring • Updated Building HOME, HOME Regulations Cert and Admin Cert courses • Financial Management for HOME PJs • Project Underwriting & Subsidy Layering • Underwriting Homebuyers • Micro-Webcast Series - hands-on topics • Updated HOME Income Guide and updates to income calculator

  7. Where to Find It • For section by section analysis, FAQs, webcasts, guidance, TA products, and training, visit: https://www.onecpd.info/home/

  8. Additional HOME Rulemaking • HUD expects to draft another proposed rule for HOME to include: • HERA exception to HOME rents for units occupied by HCV holders; • Implementing new Violence Against Women Act (VAWA) provisions; • Commitment and expenditure changes related to GAO decision; • Alternative to 221(d)(3) limits • Any necessary amendments to new rule provisions.

  9. HOME Limits Update • HOME rent limits and income limits • Expected in February • Maximum per unit subsidy limits (221(d)(3)) • Use 2012 limits until HUD issues notice permitting interim use of Sec 234 mortgage limits • HOME homeownership value limits (95%) • 2014 limits posted on 1/10/14 • Changed methodology to increase values

  10. Upcoming Policy & Financial Changes • GAO has ruled that HUD can no longer count commitments cumulatively • Grant by grant commitments and expenditures • HUD-OIG/OMB have ruled that CPD may no longer used FIFO accounting to commit and disburse funds. • IDIS being reprogrammed for FY 15 grants • Affects all programs using IDIS. • HUD will provide more information and guidance as it becomes available.

  11. IDIS Enhancements • New IDIS PR20 – Production Reports • National and PJ-specific report • Includes information on: Funding, Commitments, Disbursements, Leveraging, Completions by tenure type and activity type, and Beneficiary Characteristics • Can be run at any time in IDIS

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