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The Joint Center for Housing Studies of Harvard University recently released the latest version of its annual report, The State of the Nation’s Housing 2024. The report finds that housing costs continue to rise for both the for-sale and the for-rent housing markets.
Annual premium increases for affordable housing sites are ranging from 30% to 100%.
A broad coalition of groups representing America’s housing providers, lenders, and residents recently sent members of Congress and the Biden administration a letter outlining a number of bipartisan policies to address the causes of rising insurance premiums across the nation’s housing market.
HUD recently announced nearly $90 million available to reduce residential health hazards for low-income families, including lead-based paint hazards, carbon monoxide, mold, radon, fire safety, and asbestos. This initiative is part of President Biden’s Lead Pipe and Paint Action Plan to remove lead paint and other home health hazards in low-income communities.
More than 700 properties have already signed up for the free service.
Recently, HUD’s Office of Multifamily Housing Programs sent out information on HUD’s Energy and Water Benchmarking Service available for sites participating in HUD’s Multifamily project-based rental assistance programs. This free service provides participating owners with data on energy and water consumption at their sites.
HUD recently announced that it has entered into a Voluntary Compliance Agreement (VCA) with HUD-funded Tennessee housing providers that will pay $50,000 in compensation to the aggrieved parties. The VCA resolves findings of noncompliance related to Section 504 of the Rehabilitation Act of 1973 and Title II of the Americans with Disabilities Act, as well as findings of noncompliance related to the Violence Against Women Act (VAWA).
The share of low-rent units dropped from 22% of the stock to just 16% in the past decade.
Harvard University’s Joint Center for Housing Studies (JCHS) recently released its biennial report on the state of rental housing in the United States (available here). The report analyzes trends and issues related to the changing nature of demand; the cost, character, and location of the stock; and the government policies that affect the supply of rental housing, both market-rate and subsidized units.
Owners will find more administrative flexibility within the GRRP rules.
As part of President Biden’s Investing in America agenda, HUD recently announced it’s awarding $173.9 million in new loans and grants under the Green and Resilient Retrofit Program’s (GRRP) Comprehensive and Elements categories. The GRRP came about from a provision of the Inflation Reduction Act (IRA) of 2022, which provides $837.5 million in funding and up to $4 billion in loan authority to HUD for affordable housing properties.
The national average increase of the new OCAFs is 5.3 percent.
HUD recently announced the 2024 Operating Cost Adjustment Factors (OCAFs). These figures are used to adjust Section 8 rents under the Multifamily Assisted Housing Reform and Affordability Act of 1997 (MAHRA). These annual factors reflect the fluctuating costs of running a Multifamily Housing site, applied to rents on their anniversary dates. The recently published OCAFs provided are applicable to eligible projects having a contract anniversary date on or after Feb. 11, 2024.
HUD’s Office of Inspector General (OIG) recently issued its annual report summarizing what it considers the most serious management challenges facing the department. The report represents OIG’s independent perspective on the top management challenges facing HUD in fiscal year (FY) 2024 and beyond.
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