Recent Housing News

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During his address to the National Association of Home Builders, HUD Secretary Ben Carson said that the Administration plans to tie the allocation of grants to the elimination of restrictive local zoning regulations <http://salsa3.salsalabs.com/dia/track.jsp?v=2&c=x1zpNtRct1t8xtMCXJVZMC2JkXUipk7u> . Secretary Carson noted that "if we tell a local jurisdiction that the likelihood of them being a recipient of a significant grant is significantly increased if they get rid of the barriers, I think there will be a little more attention to that — and that's what we're going to be doing." Secretary Carson also pointed out that HUD is planning to release a revision to its Section 3 regulation, which is aimed at getting grant recipients to hire low-income workers, in the next couple of months. (PoliticoPro, February 21)
The Federal Housing Administration (FHA) has announced the expansion of its pilot program <http://salsa3.salsalabs.com/dia/track.jsp?v=2&c=la4vjCNXFNPULsN9%2BHB5ES2JkXUipk7u> that streamlines FHA mortgage insurance applications for affordable housing developments that have equity from Low Income Housing Tax Credits (Housing Credits). The FHA is expanding this pilot to include new construction and substantial rehabilitation under its Section 221(d)(4) and Section 220 Programs. According to FHA, the program will ensure faster and more efficient processing for low-risk, Housing Credit transactions by eliminating redundant reviews. (HUD, February 21)