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| 252nd Edition: 9/2/2019 - 9/6/2019 |
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HUD Releases Revision 4 of the RAD Notice
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On September 5, HUD released Revision 4 of the RAD Notice (Notice H-2019-09 PIH 2019-23 (HA)). The Notice is effective immediately, except with respect to changes in the project eligibility and project selection criteria, which are subject to a 30-day comment period. Any new waivers or alternative requirements will take effect 10 days after publication in the Federal Register. HUD has provided a summary of key changes, which is available here.
In the Notice, HUD clarifies certain requirements of First Component RAD projects and makes some important changes with respect to resident notice requirements, streamlining RAD conversions for small PHAs, rent setting in certain PBRA projects, and expands certain RAD rights to non-RAD PBV tenants in the same project. For the Second Component, HUD implements a number of global revisions, including Davis Bacon applicability, updates a number of Mod Rehab requirements, and sets September 30, 2019 as the deadline for owners of Rent Supp and RAP projects to apply for RAD conversion, with a final conversion deadline of November 30, 2019. Under the Second Component, HUD also implements its new RAD for PRAC program, which will allow Section 202 PRAC properties to convert to long-term PBRA or PBV contracts. Under the RAD for PRAC program, an Elderly Housing Use Agreement will replace the Capital Advance and related PRAC documents, and a number of programmatic changes will occur, including distribution limitations, use of sales proceeds, reserve requirements, and supportive services for the elderly. HUD has also released a blackline comparing the new RAD Notice to the prior RAD Notice.
HUD has scheduled a number of upcoming webinars on Revision 4:
- Public housing conversions, September 19, 2019 2:00 p.m. EST
- Section 202 PRAC conversions, September 26, 2019 2:00 p.m. EST
- Mod Rehab conversions, October 3, 2019 2:00 p.m. EST
- Resident rights in Public housing conversions, October 10, 2019 2:00 p.m. EST
- Resident rights in Section 202 PRAC and Mod Rehab conversions, October 17, 2019 2:00 p.m. EST.
Additional R&C analysis of the changes to RAD and their impact on pending and future transactions will be forthcoming soon.
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Treasury and HUD Release Housing Finance Reform Proposals
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On September 5, the Administration released wide-ranging housing finance reform proposals, including Treasury's plan to end FHFA's conservatorship of Fannie Mae and Freddie Mac and implement substantial changes. HUD also released a companion proposal that would restructure the FHA, modernize IT systems, create the Office of Rental Subsidy and Asset Oversight, eliminate the statutory RAD cap, and make other modifications intended to remove regulatory barriers.
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HUD Publishes CDBG Mitigation Notice for the U.S. Virgin Islands On September 4, HUD published the CDBG Mitigation Notice for the U.S. Virgin Islands (USVI). This notice allocates $744,188,000 in CDBG-MIT funds to the USVI per the Further Additional Supplemental Appropriations for Disaster Relief Requirements Act of 2018. Read the Notice |
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HUD Updates NOFA for FY 2019 Specialized Housing and Services for Victims of Human Trafficking On September 4, HUD updated the NOFA for FY 2019 Specialized Housing and Services for Victims of Human Trafficking NOFA to include non-citizens. Up to $1.35 million is available. The program application is due October 30, 2019. Read the Notice |
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HUD's OLHCHH Will Present LSHR Amendment Training Program HUD's Office of Lead Hazard Control and Healthy Homes (OLHCHH) will host a training program about the LSHR Amendment on October 8 from 1:30 p.m. - 4:30 p.m. EST in New York, NY. The training will focus on the Amendment as it relates to TBRA, PBA and public housing programs. Register |
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Commerce Seeks Input RE: Policies Impacting Disadvantaged Communities and Qualified OZs On September 3, the Dept. of Commerce announced plans to review government-wide policies impacting investments in disadvantaged communities including in OZs, with a focus on economic development practices, regulations and guidance materials. Commerce specifically seeks input on streamlining infrastructure programs, leveraging of Federal grants, and coordination of resources, among others, aimed at maximizing OZ investment impact. Comments are due October 18, 2019. Read the Notice |
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Julie McGovern to Moderate Panel at RAD Collaborative Southeast Regional Convening
September 12, 2019 The Fall 2019 RAD Collaborative Southeast Regional Convening will take place September 11-13 at the Sheraton Greensboro at Four Seasons in Greensboro, NC. This event will focus on HUD's latest RAD revisions. On September 12, R&C Member Julie McGovern will moderate a panel titled "State of Play-RAD & Section 18 Opportunities & Tips Plenary Discussion." Read More |
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Matthew Greeson to Speak at Virginia Housing Credit Conference
September 24, 2019 The Virginia Housing Alliance's 2019 Housing Credit Conference will take place September 24-25 at The Omni Richmond Hotel in Richmond, VA. This event will provide best practices for utilizing LIHTCs. R&C Member Matthew Greeson will speak on a panel about mixed use and mixed credit developments. Read More |
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PIH Notice HUD Publishes Guidance on the Rate Reduction Incentive in Public Housing
September 3, 2019
PIH 2019-24 This notice provides guidance to PHAs on the use and eligibility of the RRI. It supersedes and replaces PIH-2014-18 (HA) and supplements information in the current EPC, UPP and Operating Fund Grant processing notices. Read More |
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