Affordable Housing Update
NCDA Conference
January 23, 2014
FY 2014 HOME Budget Picture
• HOME FY 14 Appropriation - $1.0 billion
• Level funding (FY 12 and pre-sequester FY 13)
• Removed FY 12/13 Appropriation requirements from
any project subject to new HOME final rule
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CHDO capacity
Market Assessment/Developer Assessment/Underwriting
4-year project completion deadline
6-month deadline for sale of homebuyer units
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HOME Rulemaking
• HOME Rule published July 24, 2013
– Most provisions apply prospectively to projects
committed after 8/23/13
– Certain provisions have delayed effective dates
• 10/23/13 - CHDO Reservations eliminated
• 7/24/14 – Policies/Procedures, Financial Oversight
• 1/24/15 – Property Standards, Inspections, Utility
Allowances
– Technical Corrections to be published soon
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HOME Rule Guidance/Training
• 22 HOME Briefings held August – October
– Remote briefing done for AK/HI being posted
• Section-by-Section Analysis
• FAQs
• Webcasts (4 posted)
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Upcoming HOME Guidance
• Applicability Chart
• New/Revised CPD Notices
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Slide 5
CHDO
Underwriting and Subsidy Layering
Homebuyer Policies
Match
Cost Allocation
Commitments
Written Agreements
Upcoming HOME TA & Training
• CHDO Workshops (for CHDOs and PJs)
– 20-30 beginning in early Spring
• Updated Building HOME, HOME Regulations Cert and Admin Cert
courses
• Financial Management for HOME PJs
• Project Underwriting & Subsidy Layering
• Underwriting Homebuyers
• Micro-Webcast Series - hands-on topics
• Updated HOME Income Guide and updates to income calculator
Slide 6
Where to Find It
• For section by section analysis, FAQs,
webcasts, guidance, TA products, and training,
visit:
https://www.onecpd.info/home/
Slide 7
Additional HOME Rulemaking
• HUD expects to draft another proposed rule for
HOME to include:
– HERA exception to HOME rents for units occupied by
HCV holders;
– Implementing new Violence Against Women Act
(VAWA) provisions;
– Commitment and expenditure changes related to GAO
decision;
– Alternative to 221(d)(3) limits
– Any necessary amendments to new rule provisions.
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HOME Limits Update
• HOME rent limits and income limits
– Expected in February
• Maximum per unit subsidy limits (221(d)(3))
– Use 2012 limits until HUD issues notice permitting
interim use of Sec 234 mortgage limits
• HOME homeownership value limits (95%)
– 2014 limits posted on 1/10/14
– Changed methodology to increase values
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Upcoming Policy & Financial Changes
• GAO has ruled that HUD can no longer count
commitments cumulatively
– Grant by grant commitments and expenditures
• HUD-OIG/OMB have ruled that CPD may no longer
used FIFO accounting to commit and disburse funds.
– IDIS being reprogrammed for FY 15 grants
– Affects all programs using IDIS.
• HUD will provide more information and guidance as
it becomes available.
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IDIS Enhancements
• New IDIS PR20 – Production Reports
– National and PJ-specific report
• Includes information on: Funding, Commitments,
Disbursements, Leveraging, Completions by tenure type
and activity type, and Beneficiary Characteristics
• Can be run at any time in IDIS
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