HUD has announced the 2019 OCAFs used for rent adjustments on properties renewed under Sections 515 or 524 of the MAHRA as follows: AZ-2.7; CA-2.9; NV 2.7.
The California Department of Housing and Community Development is pleased to announce the release of the Notice of Funding Availability (NOFA) for approximately $77 million in Supportive Housing Multifamily Housing Program (SHMHP) funds. This funding provides loans to individuals, public agencies, or private entities (including for-profit, limited profit, or non-profit), for the development of multifamily rental housing containing permanent supportive housing and new construction or rehabilitation of multifamily rental housing developments. Applications are due February 8, 2018. To better serve you, we’ve turned the SHMHP webpage into a one-stop shop. Now, you’ll find everything you need in one place. An SHMHP Workshop is scheduled in Santa Ana, December 18, 2018 9:00 am – 12:30 pm, at the City Hall of Santa Ana, 20 Civic Center Plaza, Santa Ana, CA 92701. Register here.
CTCAC is set to issue the TCAC final proposed regulation changes with revisions to various items. Also attached is the comment matrix that lists and responds to public comments and explains the proposed revisions. The TCAC Committee will consider the final proposed regulation changes at the December 12, 2018 meeting. For more information visit California Tax Credit Allocation Committee.
NAHMA has provided information regarding two recent Rural Housing updates on Rent Incentive Options, and Acquisitions by Non-Profit Organizations and Public Bodies.
Guidance on Use of Rent Incentive Options in Multi-Family Housing Properties: Many Rural Development MFH properties that are experiencing vacancies need to attract applicants in order to improve cash flow and maintain financial viability; in some rental markets, a short-term rent incentive of no more than three months may be useful in improving occupancy and project cash flow. Recently, the Rural Housing Service published an Unnumbered Letter providing guidance on rent incentive options in situations where multi-family owners or agents can be allowed to address a potential vacancy problem, either immediately or as part of a Servicing Work Out Plan (SWOP). For the last two fiscal years, a pilot of this policy was tested in four States, with good utilization and results of increased occupancy. To read the attached Unnumbered Letter online, please click here.
Short Sale and Real Estate Owned (REO) Acquisitions By Nonprofit Organizations and Public Bodies: Rural Development strongly supports nonprofit and public bodies in their efforts to improve rural communities across America. This includes providing homes in rural areas to prevent homelessness, as well as temporary housing initiatives for displaced individuals in substance abuse recovery, including opioid addiction. Agency regulation permits voluntary/short sales by borrowers, as well as the sale of REO properties at a discount with special preferences to nonprofits and public bodies providing transitional housing to reduce homelessness. The Rural Housing Service recently published an Unnumbered Letter providing guidance regarding short sales by borrowers nationwide, as well as the sale of Real Estate Owned (REO) properties in decentralized foreclosure and REO states working with these organizations. The agency has determined that selling REO properties will take priority over leasing. To read the attached UL online, please click here.