On February 20, HUD announced that it would dramatically reduce the advance notice it provides to public housing authorities (PHAs) and private owners of HUD-subsidized apartment developments for inspections. HUD’s new standard provides PHAs and private owners 14 days’ notice before an inspection, a shift from current notice which can frequently extend up to four months.
Read HUD’s notice.
Housing News
During the second week of February, Senate President Karen Spilka and House Speaker Robert DeLeo announced their leadership teams and committee assignments for the 2019-2020 legislative session.
Lawmakers in Washington reached a deal to fund the federal government for the remainder of the 2019 fiscal year, which runs until October 1. The President signed the bill today, February 15, after it passed both the Senate and House yesterday evening, February 14, with veto-proof majorities.
Mark Calabria was approved by the Senate Banking Committee on a party-line vote (13-12) to advance his nomination to the full Senate for confirmation as Director of the Federal Housing Finance Agency (FHFA). The FHFA Director oversees the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as the Federal Home Loan Bank (FHLB).
Check out CHAPA's February 2019 Housing Briefs for state and federal housing updates as well as recent research and reports.
Senator Mike Crapo (R-ID), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, released an outline for reform of the housing finance system that would convert Fannie Mae and Freddie Mac into private guarantors of mortgage-backed securities to be sold through a platform operated by Ginnie Mae.
The Office of the Comptroller of the Currency (OCC), The Federal Reserve Board, and the Federal Deposit Insurance Corporation (FDIC) recently invited comment on a proposed rule change governing when appraisals are required for certain residential real estate transactions. The proposed rule would increase the threshold level for when appraisals are required from $250,000 to $400,000, meaning transactions at or below $400,000 would not be required to conduct an appraisal.
On January 31, Governor Baker announced funding to help end youth homelessness through grants to local providers and a new housing pilot to support homeless youth and to help connect them with education, employment, and housing supports and services. In total, the Baker-Polito Administration awarded $3 million in funding to ten community partners throughout the state will help youth and young adults with the supports they need to prevent or end homelessness.
As the lights turned on at HUD after the longest government shutdown in U.S. history, the department renewed funding for thousands of local homelessness programs, including over $78 million directed at Massachusetts that will be disbursed to 196 local organizations. Here is a complete list of Massachusetts grants.