Real Estate

WASHINGTON – As part of the Obama Administration’s effort to prevent and effectively end homelessness, the U.S. Department of Housing and Urban Development announced today that it will offer $1.9 billion for fiscal year 2015 to support existing and new homelessness programs. Funded throughHUD’s Continuum of Care (CoC) Homeless Assistance Program Notice of Funding Availability (NOFA), this notice will further incentivize local applicants to pursue permanent housing using a Housing First approach to target their resources to proven strategies.

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Are you looking for ways to find new investors for your project?  What if you could provide something better than a return.  If you have ever been to a GDF seminar, then you know that the three major components to any funding deal are:

1.  Job Creation

2. Provides Economic Development Activities

3.  Shovel Ready

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WASHINGTON: In a long awaited announcement several months late, the U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) announced more than $3.5 billion in New Markets Tax Credit awards aimed at stimulating investment and economic growth in low-income urban neighborhoods and rural communities nationwide. A total of 76 organizations (Allocatees) across the country will receive tax credit allocation authority under the 2014 round of the New Markets Tax Credit Program.

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WASHINGTON – The U.S. Department of Housing and Urban Development today announced $29 million in grants to help approximately 1,200 extremely low-income persons and families living with HIV/AIDS annually. These grants provide a combination of housing assistance and supportive services for this vulnerable population.

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WASHINGTON – The Obama Administration announced eight additional Promise Zones across the country, including six cities, one rural area, and one tribal community. Promise Zones are high poverty communities where the federal government partners with local leaders to increase economic activity, improve educational opportunities, leverage private investment, reduce violent crime, enhance public health and address other priorities identified by the community.  Through the Promise Zone designation, these communities will work directly with federal, state and local agencies to give local leaders proven tools to improve the quality of life in some of the country’s most vulnerable areas.

U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro and U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced new Promise Zone designations in the following communities:

  1. Camden, New Jersey
  2. Hartford, Connecticut
  3. Indianapolis, Indiana
  4. Minneapolis, Minnesota
  5. Sacramento, California
  6. St. Louis/St. Louis County, Missouri
  7. Pine Ridge Indian Reservation of the Oglala Sioux Tribe, South Dakota
  8. South Carolina Low Country

“From my time as Mayor to my tenure as Secretary, I’ve seen first-hand how a Promise Zone designation can spark progress and possibilities in underserved neighborhoods,” said HUD Secretary Castro.  “A zip code should never limit the hopes that folks have for themselves or for their children.  We’re proud to be working with a wide-variety of local leaders to strengthen neighborhoods and to unlock doors of opportunity that have been closed for far too long.”

“The Promise Zone effort is proof positive that partnerships are the key to community economic development,” said Agriculture Secretary Vilsack. “Families and children in rural and tribal communities are full of potential to compete and succeed in the 21st Century.  When we invest our resources and establish long-lasting public-private alliances to strengthen educational opportunities, deliver health care, build infrastructure and create jobs, we are investing in our country’s future.”

To celebrate the newly designated zones, events were held across the country in each of the new urban zones.  Secretary Julián Castro, U.S. Department of Housing and Urban Development visited St. Louis, Secretary Arne Duncan, U.S. Department of Education visited Minneapolis, CEO, Wendy Spencer, Corporation for National and Community Service visited Indianapolis, Deputy Secretary, Nani Coloretti, U.S. Department of Housing and Urban Development, visited Hartford and HUD Regional Administrators held events in Camden, NJ and Sacramento, CA.  To highlight the rural zone designations of South Carolina's Low Country and South Dakota's Pine Ridge Indian Reservation, Secretary Tom Vilsack hosted media calls for South Carolina and South Dakota.

Background on Promise Zones:

Today’s newly designated Promise Zones join five others that President Obama designated in January, 2014 – San Antonio; Los Angeles; Philadelphia; Southeastern Kentucky Highlands and the Choctaw Nation of Oklahoma. The work underway in these communities is already showing results. For example:

  • In San Antonio, the George Gervin Youth Center was awarded a $1.1 million YouthBuild grant from the Department of Labor to establish an education and training program for at-risk young people.  The program is enrolling 64 people and preparing them for jobs in good, middle-class careers including jobs in the nursing and the building trades. The Gervin Center also received a $2 million Training-to-Work grant from the Department of Labor to help young men and women participating in work-release programs gain the job skills necessary to launch them on a path to high-demand jobs.
  • In Los Angeles, the Unified School District is supporting college and career readiness programs for 6,500 students in 16 schools, while Advocates for Youth is developing a teen pregnancy prevention plan with community partners.  Access to healthy foods is also a high priority in the L.A. Promise Zone.  Business leaders and the East Hollywood Farmers Market are involved in various initiatives including establishing six community-supported agricultural sites to expand access to nutritious food options.  The City is also conducting outreach to low-income tenants to reduce lead hazards in homes and will be placing AmeriCorps volunteers in schools and job training sites to counsel students on post-secondary education options and career choices.
  • In Philadelphia, the Juvenile Justice Center is providing career training for youth who have been involved with the justice system.  Promise Zone partners are creating access to healthy food and improving the business infrastructure for sustainable food production.  Drexel University is leading a collaborative effort to increase the number of neighborhood children who have access to high quality child care and improve school performance.  Security cameras were installed at a high-crime hot spot and businesses are being encouraged to take advantage of subsidized cameras along key Promise Zone commercial corridors.  Specific plans are being developed to preserve affordable housing to avoid displacement of long-time residents as the neighborhood improves.
  • In Barbourville, Kentucky, the Knox County Hospital is utilizing funding from the USDA’s Community Facilities Program to expand medical care services for a rural population of approximately 31,883 people and to secure more than 200 jobs.
  • In the Choctaw Nation, nineteen Head Start classrooms in thirteen centers received direct support from the Department of Health and Human Services to provide early education, nutrition, and health services to 310 children and their families.

Today’s Promise Zone communities were selected from 123 applications from 36 states, Puerto Rico and Washington, DC. Each urban, rural, and tribal Promise Zone applicant was asked to put together a clear description of how the Promise Zone designation would accelerate and strengthen the community’s own efforts at comprehensive community revitalization. Each Promise Zone will be coordinated by a lead community based organization in partnership with the Obama Administration.  HUD will be the federal lead for the six urban designees, while USDA will serve as the lead federal partner to the tribal and rural Promise Zones.

All Promise Zones will receive priority access to federal investments that further their strategic plans, federal staff on the ground to help them implement their goals, and five full-time AmeriCorps VISTA members to recruit and manage volunteers and strengthen the capacity of the Promise Zone initiatives.

Third Round Promise Zone Competition

A competition to select a third round of Promise Zones will commence later this year. In the Summer of 2015, HUD will publish a Notice in the Federal Register requesting public comment on the proposed selection process, criteria, and submissions for the final round of the Promise Zones initiative.   This notice will provide urban, rural, and tribal communities the opportunity to help shape the third round application guide and efforts to support other communities more effectively in future years.

Guidance allows lenders to assign loan to HUD and keep non-borrowing spouse in the home


WASHINGTON – The Federal Housing Administration (FHA) today issued a new policy under its Home Equity Conversion Mortgage (HECM) Program giving FHA-approved lenders the option to delay calling HECMs with eligible  ‘non-borrowing spouses’ due and payable.  A delay would postpone foreclosure normally triggered by the death of the last surviving borrower.   FHA’s new guidance will allow reverse mortgage lenders to assign eligible HECMs to HUD upon the death of the last surviving borrowing spouse, thereby allowing eligible surviving spouses the opportunity to remain in the home despite their non-borrowing status.


Last year, FHA amended its HECM policies to allow for the deferral of foreclosure, or ‘due and payable status’ for certain Eligible Non-Borrowing Spouses for case numbers assigned on or after August 4, 2014.  Today’s action allows lenders to offer similar treatment for eligible HECMs and Eligible Non-Borrowing Spouses with FHA case numbers issued before August 4, 2014.


Under FHA’s new policy, lenders will be allowed to pursue claim payments for HECMs with Eligible Surviving Non-Borrowing Spouses and Case Numbers assigned before August 4, 2014 by:


  • Allowing claim payment following sale of the property by heirs or estate;
  • Foreclosing in accordance with the terms of the mortgage, and filing an insurance claim under the FHA insurance contract as endorsed; or
  • Electing to assign the HECM to HUD upon the death of the last surviving borrower, where the HECM would not otherwise be assignable to FHA. (The MOE Assignment)


By electing the Mortgagee Optional Election Assignment, lenders will be permitted to modify their FHA mortgage insurance contracts to permit assignment of an eligible HECM to HUD despite the HECM being eligible to be called due and payable as a result of the death of the last surviving borrower.

Read FHA’s new mortgagee letter.

WASHINGTON – U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums new borrowers will pay by half of a percent.  This action is projected to save more than two million FHA homeowners an average of $900 annually and spur 250,000 new homebuyers to purchase their first home over the next three years.

Today’s action also reflects the improved economic health of FHA’s Mutual Mortgage Insurance Fund (MMIF).  FHA’s recent annual report to Congress demonstrates the economic condition of the agency’s single-family insurance fund continues to improve, adding $21 billion in value over the past two years.

“This action will make homeownership more affordable for over two million Americans in the next three years,” said U.S. Department of Housing and Urban Development Secretary Julián Castro.  “Since 2009, the Obama Administration has taken bold steps to reduce risks in the mortgage market and to protect consumers.  These efforts have made it possible to take this prudent measure while also ensuring FHA remains on a positive financial trajectory.  By bringing our premiums down, we’re helping folks lift themselves up so they can open new doors of opportunity and strengthen their financial futures.”

In the wake of the nation’s housing crisis, FHA increased its premium prices to stabilize the health of its MMI Fund.  In addition, the Obama Administration took dramatic steps to safeguard consumers in the mortgage market to ensure responsible borrowers continued to have access to mortgage capital as many private lending sources tightened their lending standards.

Today’s reduction will significantly expand access to mortgage credit for these families and is expected to lower the cost of housing for the approximately 800,000 households who use FHA annually.

FHA’s new annual premium prices are expected to take effect towards the end of the month. FHA will publish a mortgagee letter detailing its new pricing structure shortly.

The City of Fremont (City) is announcing a Notice of Funding Availability
(NOFA) for the creation of affordable rental housing in Fremont.

Approximately $8.0 million in funding is available to support predevelopment, acquisition and construction or rehabilitation of affordable housing.  The funding is intended to fill the financing gap between a project’s total development cost and other available financing sources.

The funding available through this NOFA is for capital costs only; no financing is available to fund operating subsidies or supportive services. It should be noted that if additional housing funds become available to the City during the NOFA evaluation process, the amount awarded through this NOFA may also increase.
Qualified affordable housing developers that can meet the NOFA requirements
and demonstrate their ability to finance, design, build/rehabilitate and manage affordable housing are encouraged to submit proposals. All proposals must be received by February 13, 2015.  Applications submitted after the deadline will not be considered. Funding will be awarded by the City on a competitive basis to the project or projects that provide the best opportunity to address the City’s affordable housing needs.

The City reserves the right to request that Applicants submit additional information as may be requested by staff to clarify submitted information. Also, the City reserves the right to reject any and all proposals for any reason, and at its sole discretion.

Click here for more information.


WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) today announced the second round of housing assistance to help 1,984 homeless veterans find permanent supportive housing.  The rental assistance announced today is provided through the HUD-Veterans Affairs Supportive Housing (HUD-VASH) Program which combines rental assistance from HUD with case management and clinical services provided by VA.  Last October, the two agencies awarded $62 million in HUD-VASH vouchers to assist more than 9,000 homeless veterans.

With HUD approaching its 50th anniversary next year, Secretary Julián Castro is focused on advancing policies that create opportunities for all Americans, including the broader Administration goal of ending homelessness among veterans.

“It is unacceptable that after their service and sacrifice, too many of our veterans find themselves living on our streets and in our shelters,” said SecretaryCastro.  “We’ve made significant progress reducing homelessness among veterans by a third in just four years, and these vouchers will continue to help communities build on these gains, providing targeted assistance to those in need to ensure that every veteran has a home.”

Welcoming the progress made with HUD and local partners under the leadership of President Obama, VA Secretary Robert McDonald added, “As long as there remains a single veteran living on our streets, there is more work to be done. HUD-VASH vouchers are a vital tool in our efforts to reduce veteran homelessness.”

“Through the HUD-VASH program, communities are making historic progress toward ending homelessness by connecting veterans who have the most intensive service needs to the foundation of a home with supportive services,” said Laura Green Zeilinger, Executive Director of the U.S. Interagency Council on Homelessness.  “The grant awards announced today add crucial resources to this effort, helping to deliver on the promise that every veteran who has served America has a home in America.”

HUD-VASH is an important part of the Obama Administration’s efforts to provide critical housing and services to veterans experiencing homelessness that also includes HUD’s Continuum of Care program as well as VA’s Supportive Services for Veteran Families (SSVF).

Since 2008 more than 68,000 vouchers have been awarded and over 80,000 homeless veterans have been served through the HUD-VASH program.  Rental assistance and support services provided through HUD-VASH are a critical resource for local communities in ending homelessness among our nation’s Veterans.

Additionally, Opening Doors: Federal Strategic Plan to Prevent and End Homelessness serves as a roadmap for how the federal government will work with state and local communities to confront the root causes of homelessness, especially among former servicemen and women. As evidence of that commitment, President Obama has asked for an additional $75 million for HUD-VASH vouchers to serve veterans experiencing homelessness in his fiscal year 2015 budget request to Congress.

In the HUD-VASH program, VA Medical Centers (VAMCs) assess veterans experiencing homelessness before referring them to local housing agencies for these vouchers. Decisions are based on a variety of factors, most importantly the duration of homelessness and the need for longer term, more intensive support in obtaining and maintaining permanent housing.  The HUD-VASH program includes both the rental assistance the voucher provides and the comprehensive case management that VAMC staff offers.

Veterans participating in the HUD-VASH program rent privately owned housing and generally contribute no more than 30 percent of their income toward rent.  VA offers eligible homeless veterans clinical and supportive services through its medical centers across the U.S., Guam and Puerto Rico.



​​​The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac to begin setting aside and allocating funds to the Housing Trust Fund and the Capital Magnet Fund pursuant to the Housing and Economic Recovery Act of 2008 (HERA).   HERA authorized FHFA to temporarily suspend these allocations, and FHFA informed Fannie Mae and Freddie Mac of a temporary suspension on November 13, 2008.  In letters sent today (links below), FHFA notified Fannie Mae and Freddie Mac of the agency’s decision to reverse the temporary suspension.

Separately, FHFA sent to the Federal Register an Interim Final Rule to address the statutory requirement that the allocations may not result in transferring their expense to originators or other Enterprise counterparties.  The Interim Final rule is effective upon publication and has a 30-day comment period.