Housing

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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The level of commercial/multifamily mortgage debt outstanding increased by $40.4 billion in the first quarter of 2015, as all four major investor groups increased their holdings, according to a release from the Mortgage Bankers Association. The new 1st quarter numbers represent a 1.5 percent increase over the fourth quarter of 2014.

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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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HUD-VASH vouchers in Indian Country will build on national effort to end Veteran homelessness

WASHINGTON – Today the U.S. Department of Housing and Urban Development (HUD) announced that the HUD and U.S. Department of Veterans Affairs (VA) program that helps homeless veterans find permanent supportive housing will, for the first time, expand directly into Native American communities.  This support for veterans 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.

The HUD-VASH program will now be opened to tribes so they may directly serve Native American veterans living on or near tribal lands. To expand the HUD-VASH program, $4 million will be invested specifically to support Native American veterans experiencing homelessness by providing them with secure housing and connecting them with clinical services and case management. This groundbreaking new effort will expand opportunity for approximately 650 veterans who are currently homeless or at risk of homelessness.

“Ensuring that our men and women who served in uniform receive the care and support they’ve earned is a national responsibility,” said HUD SecretaryJulián Castro.  “But for too long, fulfilling that responsibility to many Native American veterans has been borne by Indian Country alone. We’re changing that this year.”

Expanding the HUD-VASH program will inform and improve how HUD serves Native American veterans, as well as further the goals of ending homelessness in tribal communities more broadly. While there is a need for the program in Indian Country, HUD is calling on both national and regional Native American leaders, associations and communities to offer insight into the design of the expansion, including ways that tribes estimate homelessness, what criteria HUD should establish in allocating funding, what medical providers are offering care to veterans, and how HUD can target program assistance in ways that encourage the creation of new housing.

To expedite the program expansion, HUD has requested tribal responses through its Office of Native American Programs within 30 days rather than the traditional 60 day comment period.

In addition, six of HUD’s Regional Field Offices will host public listening sessions with Native American communities in their areas. Those who can attend sessions are encouraged to do so.

As HUD celebrates its 50th anniversary this year, Secretary Castro is focused on advancing policies that create opportunities for all Americans, including the broader Administration goal of ending homelessness among veterans. HUD-VASH is an important part of that effort to provide critical housing and services to veterans experiencing homelessness that also includes HUD’s Continuum of Care program, VA’s Supportive Services for Veteran Families (SSVF), and the Mayors Challenge to End Veteran Homelessness.

Since the release of Opening Doors, the nation’s first ever Federal strategicplan to prevent and end homelessness, all forms of homelessness have declined significantly, particularly among veterans.In November 2014, HUD, VA and the U.S. Interagency Council on Homelessness (USICH) released a national estimate of veteran homelessness in the United States which showed a decline of 33 percent (or 24,837 people) since 2010.  This includes a nearly 40 percent drop in the number of unsheltered veterans sleeping on the street.

Since 2008, HUD and VA have awarded almost 70,000 HUD-VASH vouchers and served more than 82,000 veterans experiencing homelessness.  Rental assistance and support services provided through HUD-VASH are a critical resource for local communities in ending homelessness among veterans.

In the traditional HUD-VASH program, VA Medical Centers (VAMCs) assess veterans experiencing homelessness before referring them to local housing agencies for these vouchers. Decisions are traditionally 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 traditional HUD-VASH program rent privately owned housing and generally contribute no more than 30 percent of their income toward rent.  VA offers eligible veterans experiencing homelessness with clinical and supportive services through its medical centers across the U.S., Guam and Puerto Rico.

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 Provident Bank Foundation is committed to enhancing the quality of life in New Jersey and Pennsylvania communities in Provident Bank's marketplace. Since its founding in 2003, the Provident Bank Foundation has granted more than $19 million to not-for-profit organizations and institutions working toward stronger communities.

The Provident Bank Foundation makes grants in three priority areas: community enrichment, education, and health, youth & families.

  • Our giving to community enrichment focuses on programs that drive economic development, contribute to a more well-rounded community experience, and provide increased access to information and specialized learning opportunities.
  • Our efforts in education support innovative programming that expands access to, and improves the quality of, well-rounded educational experiences for people of all ages.
  • Our contributions to health, youth, and families aim to ensure people of all ages and means have the ability to improve the quality of their lives, including having a safe place to live and access to quality healthcare.

 

Click HERE for the full details about this RFP.

 

HOW TO APPLY

 

This is a two-step process. All applicants must complete and submit the online Letter of Intent (LOI). Only submit one entry per organization.

 

Step 1: Complete the Online LOI form

 

  • Your application will not be reviewed unless an LOI has been submitted
  • Any questions regarding navigating the online system, review the Step- by-Step Guide

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.

2015 Loan limits for highest and lowest cost areas to remain unchanged

WASHINGTON - The Federal Housing Administration (FHA) today announced the agency's news schedule of loan limits for 2015. These loan limits are effective for case numbers assigned on or after January 1, 2015, and will remain in effect through the end of the year.

FHA's calculation for maximum loan limits in high cost metropolitan areas of the country will remain the same as the 2014 level of $625,500. The current standard loan limit for areas where housing costs are relatively low will also remain unchanged at $271,050.

Each year, FHA recalculates its national loan limit based on a percentage calculation of the national conforming loan limit. Depending on those limits, FHA's minimum national loan limit "floor" is at 65 percent of the national conforming loan limit. The floor applies to those areas where 115 percent of the median home price is less than 65 percent of the national conforming loan limit.

Conversely, any area where the loan limit exceeds the "floor" is considered a high cost area. The maximum FHA national loan limit "ceiling" is at 150 percent of the national conforming limit. In areas where 115 percent of the median home price (of the highest cost county) exceeds 150 percent of the conforming loan limit, the FHA loan limits remain at 150 percent of the conforming loan limit.

Areas are eligible for FHA loan limits above the national standard limit, and up to the national ceiling level, based on median area home prices. Additional information and loan limit adjustments for two-, three-, and four-unit properties, and in Special Exception Areas, are noted in FHA's mortgagee letter. An attachment to the Mortgagee Letter provides information on which counties are eligible for loan limits above the national standard. Borrowers with existing FHA insured mortgages may continue to utilize FHA's Streamline refinance program regardless of their loan balance.

The mortgage loan limits for FHA-insured reverse mortgages will also remain unchanged. The FHA reverse-mortgage product, known as the Home Equity Conversion Mortgage (HECM), will continue to have a maximum claim amount of $625,500, with actual loan limits based on property value, borrower age, and current interest rates. Reverse mortgages allow homeowners age 62 and older to age in place by borrowing against the value of their homes without any requirements for monthly payments; no repayment is required as long as a homeowner lives in the home. The reverse mortgage is repaid, with interest, when the homeowner leaves the home.