HUD News in Review banner image for May 18, 2022

HUD News in Review: May 18, 2022

HUD News in Review banner image for May 18, 2022

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Here are the latest announcements by the Department of Housing and Urban Development:

Actions announced by Secretary Fudge to increase affordable housing

Date Posted: May 16, 2022

HUD Secretary Marcia L. Fudge announced on Monday actions planned by the Biden-Harris Administration, to help increase the supply of affordable housing.

The Biden-Harris Administration Action Plan to Ease the Burden of Housing Costs sets both legislative and administrative goals to expand affordable housing in the country within the next five years.

As stated by the HUD press release, it “will play a central role in carrying out these actions, including through the following immediate next steps:

  • Supporting production and availability of manufactured housing…
  • Advancing HOME as a key tool for the production and preservation of affordable rental and homeownership housing…
  • Continuing to drive housing production through the Federal Financing Bank’s Risk Sharing Program…
  • Improving the alignment of federal funds to reduce transaction costs and duplications and accelerate development…
  • Supporting new and existing affordable housing in Indian Country…
  • Directing supply to owner-occupants and mission-driven entities instead of large investors…
  • Encouraging use of CDBG for local acquisition and local sales to owner-occupants and mission-driven entities…
  • Promoting modular, panelized, and manufactured housing – and construction R&D.”

More information about this action plan can be found here.

FSS program eligibility to be expanded

Date Posted: May 16, 2022

HUD announced on Monday that it will publish a rule to expand eligibility for the Family Self-Sufficiency Program for “tenants of privately owned multifamily properties subsidized with Project-Based Rental Assistance,” as said in its press release.

The rule will also expand FSS program eligibility for any adult member of the household (as opposed to only the Head of Household).

“The updates we are announcing today are critical to the Department’s work to ensure that the families we serve are connected to the support and opportunities needed to meet their financial goals and build assets,” HUD Secretary Marcia L. Fudge said.

More information about this rule announcement can be found here.

HUD announces $10.3B for housing and community development grants

Date Posted: May 17, 2022

Grants totaling $10.3 billion will be used by HUD to build and modernize affordable housing, and develop economic opportunities across the U.S.

HUD Secretary Marcia L. Fudge said:

“This funding is an investment in our communities and provides important services to some of our most vulnerable residents…Our local partners will be able to use these resources to boost housing supply, expand economic opportunity, and lift up American families.”

Details on how the grants will be allocated can be found here.

New HUD Assistant Secretary sworn in last week

Date Posted: May 13, 2022

Elizabeth de León Bhargava was sworn in last Thursday as HUD’s Assistant Secretary for Administration.

“HUD’s Office of Administration plays a vital role in the department’s work, and I’m pleased to join such a talented staff in strengthening and enabling HUD’s workforce,” Bhargava said. “I look forward to joining Secretary Fudge and HUD in delivering our mission to create strong, sustainable, inclusive communities and quality affordable homes for all.”

More information about Assistant Secretary Bhargava being sworn in can be found here.

FYI program receives $1.4M in housing assistance

Date Posted: May 12, 2022

More than $1.4 million in housing assistance will be provided by HUD for the Foster Youth Independence program.

The FYI initiative helps “youth transitioning out of foster care who are experiencing or at risk of experiencing homelessness,” according to the HUD press release.

HUD Secretary Marcia L. Fudge said:

“The Foster Youth to Independence initiative fills a longstanding gap in support for young people who are transitioning out of foster care…During National Foster Care Month, we recognize the challenges young people face in the foster care system and recommit to improving housing outcomes for our nation’s foster youth.”

More information about this FYI funding can be found here.

FHA closed on $8.2M senior housing rehab project in CA

Date Posted: May 13, 2022

The Federal Housing Administration announced last week that it has closed on a $8.2 million mortgage to rehabilitate a senior housing property in California.

The property — Gloria Drive Apartments in Sacramento, CA — was built in 1982, and has 32 rental apartments for seniors 55 or older.

More information about this rehabilitation project can be found here.

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