What’s trending in Affordable Housing



April 17, 2019

NP Affordable Housing Blog

Author(s): Nathaniel S. Cushman, Tatiana E. Gutierrez, Richard Michael Price, Rebecca Simon, Kathie Soroka, Monica Hilton Sussman, Deborah VanAmerongen

HUD proposes revisions to Section 3 regulations, NOFA for Section 202 funds, grounds for delaying REAC inspections, changes to physical inspection protocol, guidance on Section 22 voluntary conversion for small PHAs to convert to Section 8 and RAD for PRAC guidance published for comment. Here’s what’s trending in affordable housing and community development.

HUD

HUD proposed revisions to Section 3 regulations

Proposed regulatory changes focus on retention over initial hiring and results over process.—Kathie Soroka, Richard Michael Price and Tatiana Gutierrez

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HUD guidance on Section 22 Voluntary Conversion allows small PHAs to convert to Section 8

PHAs with 250 units or less can convert to Section 8 through a new process.Kathie Soroka, Richard Michael Price and Tatiana Gutierrez

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Want to build a Section 202 project? Money is available!

For the first time since 2010, HUD has issued a NOFA for Section 202 funds.—Deborah VanAmerongen and Kathie Soroka

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Grounds for delaying REAC inspections

On March 21, Deputy Assistant Secretary for Multifamily issued a memorandum to HUD in the field and owners and management agents regarding delaying REAC inspections beyond the new 14-day timeline.—Tatiana Gutierrez

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HUD announces major changes to physical inspection protocol

HUD is shortening notices of REAC inspections to 14 days; more changes to come.—Rebecca Prybell, Kathie Soroka and Richard Michael Price

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RAD

RAD for PRAC guidance published for comment

HUD recently released draft guidance on RAD for PRAC, asking for comments by March 12. The guidance is responsive to industry concerns, but the biggest question — rents — remains uncertain.—Kathie Soroka, Deborah VanAmerongen, Monica Hilton Sussman and Nathaniel Cushman

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Upcoming Events

Affordable Housing Opportunity Zones

Location: Live Webinar

Date: April 26, 2019, 1:00 p.m. Eastern time

Speaker: Richard Michael Price, Ken Silverberg, Kathie Soroka

Topics include: Gain an understanding of Opportunity Zones and current guidance and potential issues in structuring transactions.

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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