What's trending in Affordable Housing

May 31, 2016

Author(s): Meghan C. Altidor, Edward J. Campbell, Harry J. Kelly, Allen A. Lynch, II, Richard Michael Price, Jeffrey W. Sacks

New proposed regulations published by HUD, HUD releases updated version of its Section 232 handbook, Governor Baker announces $100 million MassHousing fund, New TCAC policy on over-income tenants. Here’s what’s trending in affordable housing.


Blog Round-Up—Five New Regs

HUD has been busy the last couple of weeks and it seemed like a good opportunity to note new rules and notices funding the Housing Trust Fund, new procedures for 2530s, new rules on sexual orientation and gender identity discrimination and two sets of property inspections changes.—Richard Michael Price

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Brave new world: HUD proposed broadband installation and climate change planning requirements

Two new proposed regulations were published by HUD today. The first would require installation of broadband internet infrastructure in new construction and substantial rehabilitation in certain HUD-funded programs, and the second requires states and other local agencies to include planning for broadband access and coping with the consequences of climate change in their Consolidated Plans.—Harry J. Kelly

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Seniors Housing and Care

HUD Section 232 Handbook update proposes significant benefits to senior housing financing

HUD released an updated version of its Section 232 handbook, which covers the Healthcare Mortgage Insurance Program, including the LEAN processing system. The proposed changes should make it easier for senior housing companies to obtain financing through HUD.—Allen A. Lynch, II

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RAD for PRACs: Great news for 202s

Last week, by an 89–8 vote, the Senate approved Fiscal Year 2017 Funding for HUD that includes a bonus for owners of HUD Section 202 properties with PRAC contracts.—Meghan C. Altidor

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Governor Baker announces $100 million MassHousing fund for creation of workforce housing

Massachusetts Governor Charlie Baker has announced a new $100 million fund for the creation of workforce housing, which is being defined as rental housing for households earning 61% to 120% of area median income.—Jeffrey W. Sacks

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New TCAC policy on over-income tenants

In response to the recent uptick in resyndication applications, the California Tax Credit Allocation Committee (TCAC) and the California Debt Limit Allocation Committee (CDLAC) have issued a new policy to address the issue of over-income tenants in deeply targeted units.—Edward Campbell

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Upcoming Events

IPED Annual Historical Tax Credit Summit

Location: W Hotel | Washington, DC

Date: June 9–10, 2016

Speakers: John Cornell, Jessica Glynn Worthington, Forrest Milder, David Schon and Elizabeth Young

Topics include: The basics of Historic Rehabilitation Tax Credits, working with the National Park Service and the states, 50(d) income, combining historic tax credits with new markets tax credits, low-income housing tax credits, and loans from affiliates, plus much more.

CARH 2016 Annual Meeting & Legislative Conference

Location: Ritz-Carlton Pentagon City | Arlington, VA

Date: June 12–14, 2016

Speakers: Richard Michael Price, Hon. Thomas Reynolds, Monica Sussman and Sally Vastola

Topics include: Rural housing.

NCSHA Housing Credit Connect

Location: Sheraton Seattle Hotel | Seattle, WA

Date: June 13–16, 2016

Speakers: Tom Giblin, Richard Goldstein, John Marti and Deborah VanAmerongen

Topics include: Washington report, IRS policy, HUD policy, sustainable development, compliance and management, asset management, rural housing, plus much more.

NP Webinar: What Borrowers Need to Know about FHA’s Revised MAP Guide

Location: Online

Date: June 15, 2016

Speakers: Edward Campbell, Susanna Mitchell, Dana Roper, Alex Rosso, Monica Sussman and Patrice Harris

Topics include: FHA’s revised Multifamily Accelerated Processing (MAP) Guide.

The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

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