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The latest in industry news with the insight of Dominion Due Diligence Group (D3G) President, Rob Hazelton

 

New RAD Multi-Site Bond Program

This week’s announcement by the Georgia DCA (a State Finance Housing Agency (SFHA)) is a welcomed addition to financing options for RAD projects. 

I am especially excited because this program was established in cooperation with HUD to bolster public housing agency access to the LIHTC program.    

We hope to see more SFHA’s be creative and implement similar multi-site bond buying programs or financing pools with HUD assistance to assist in the preservation of public housing as they convert to long-term Section 8 contracts. 

Kudos to DCA and HUD for being creative! 

 

RAD Multi-Site Bond Program - Press Release ->GA-DCA-RAD-Multi-Site-Bond-Program.docx

HUD MAP Guide 2015 - Draft for Feedback - Released February 2015

The draft FHA Multifamily Accelerated Processing (MAP) Guide was posted on February 27, 2015 for stakeholder review and feedback.

 

HUD indicates the new Draft MAP Guide has revisions which can be categorized into three main areas:

 (1) Technical corrections and edits to the current version, based on operational experience; 

(2) Integration of previously published policy (e.g. Mortgagee Letters, Housing Notices, Memos, and less formal guidance) issued since 2011; and

(3)  Incorporation of the significant organizational and operational business model changes associated with the Multifamily for Tomorrow transformation initiative.  

 

The great news is that HUD is soliciting public comment and stakeholder feedback through April 30, 2015.    To facilitate HUD’s review and analysis of feedback, stakeholders are encouraged to use a “Feedback Response Worksheet” in Excel format that can be accessed here.  Now, let’s all curl up with the 907 page document and have a good read!

 

*For MAP Guide 2015 Draft Appendices and other resources on this subject, please visit our Resource Center under HUD/FHA Resources.

Rental Assistance Demonstration (RAD) again in the Federal Register

On Thursday, January 29th, 2015, the Rental Assistance Demonstration (RAD) once again made the Federal Register.  HUD is proposing to reprioritize the RAD waiting list in order to give priority to the deals that have a higher likelihood of closing.  This notice is open for comment until March 2, 2015. 

Read the full notice here.     

Great news from New Orleans HUD: Homes for all of it's homeless veterans!

In this industry of affordable housing preservation, often we are working so hard that we forget to see the change we make in people’s lives.   I was touched when one of my employees forwarded me the following article prefacing it with:

“Hey Rob,  I don't know if you've already seen this article, but I was so happy to read this, I wanted to share it with you. I know a lot of us, myself included, have worked on HUD projects in New Orleans, and it's really great to see the difference we can make. I am so happy and proud to be a part of a company that works toward ensuring SAFE and affordable housing. Even if we only played a small part in this, we got to be part of the solution to getting a couple hundred people who served our country off the streets and into homes!“

http://m.csmonitor.com/USA/Society/2015/0109/In-a-US-first-New-Orleans-finds-homes-for-all-its-homeless-veterans  

Just wanted to share that view with everyone, as it reminds us that we should all be grateful to have the opportunity to help others in the work we perform.  Doing well, by doing good, is a great thing.  

Let’s raise a cheer for 2015 and push for more affordable housing for those that need it the most!

 

RAD FHA Lenders: Frequently Asked Questions

 

D3G is an active participant in the Mortgage Bankers Association (MBA) and has been on monthly conference calls between FHA Lenders and HUD RAD staff.  These calls have been very informative and serve as question and answer sessions to improve the process of RAD transactions using HUD’s multifamily mortgage insurance programs.  

Last week HUD produced a list of “RAD FHA Lenders Frequently Asked Questions” which is a summary of the larger topics discussed over the past 6 months.   

I find two of the more important FAQs for my direct industry to be A (Scattered Sites) and C (RPCA with Section 221(d4) programs). 

Enjoy the new clarifications, and we can expect these FAQs to be incorporated into the revised pending RAD Notice 2012-32 expected in mid-March.

rad_fha_faqs.pdf

 
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