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12/20/2023

HUD No. 23-281
HUD Public Affairs
(202) 708-0685 FOR RELEASE
Tuesday
December 19, 2023
HUD Awards $10 Million to Help Vulnerable Families and Youth in Foster Care at Risk of Homelessness
Nationwide, Public Housing Authorities (PHAs) identify homeless or at-risk youth with a foster care history and families whose insufficient housing is the primary reason their children are in foster care.

WASHINGTON - The U.S. Department of Housing and Urban Development (HUD) awarded today $10 million for over 600 vouchers to 13 public housing authorities nationwide, to identify youth with a history of foster care involvement who are homeless or at risk of homelessness and families whose lack of adequate housing is the primary reason their children are in foster care.

This funding, offered through HUD's Family Unification Program (FUP) will provide 625 Family Unification Program (FUP) vouchers to youth and families to find housing and will help strengthen coordination among public housing authorities (PHAs), public child welfare agencies (PCWAs), and Continuums of Care (CoCs) and increase access to supportive services for those who need them. See listing of agencies below who have received funding below.

“Keeping youth and families off the streets is essential to our efforts to reduce and ultimately end homelessness,” said HUD Secretary Marcia L. Fudge. “This funding will help our local partners aid youth and allow families to get into more permanent and stable housing. HUD is committed to ending homelessness, and this funding and partnership help us continue that critical part of our mission.”

As part of FUP, PHAs that partner with PCWAs and CoCs offer Housing Choice Vouchers (HCVs) to two groups:

Families for whom the lack of adequate housing is a primary factor in the imminent placement of the family's child, or children, in out-of-home care; or the delay in the discharge of the child, or children, to the family from out-of-home care; and
Youth aged 18 to 24, who have either exited foster care or will do so within the next 90 days, and meet the criteria outlined in Section 475(5)(H) of the Social Security Act, are eligible if they are homeless or at risk of homelessness and are 16 years or older.
PHAs administer the FUP in partnership with PCWAs, which are responsible for referring FUP families and youths to the PHA for the determination of eligibility for rental assistance. After the PCWA makes the referral, the PHA places the FUP applicant on its waiting list, assesses whether the family or youth meets HCV program eligibility requirements, and manages all other processes related to voucher issuance and administration.

There is no time limit on FUP vouchers issued to families. FUP vouchers issued to youth are limited to 36 months unless the youth meets the requirements to receive an extension of their voucher assistance under the Fostering Stable Housing Opportunities (FSHO) amendments. Under FSHO, FUP youth may receive an additional 24 months of voucher assistance if they meet certain requirements. In addition to rental assistance, FUP youths must receive supportive services for 36 months. Examples of the skills targeted by these services include money management, job preparation, educational counseling, and proper nutrition and meal preparation.

PHA Name

Vouchers Award

Funding

1.

Santa Clara County Housing Authority

42

$1,175,590

2.

Sonoma County Housing Authority

53

$1,182,229
3.

Housing Authority of the County of San Diego

49

$1,131,976
4.

Housing Authority of the City and County of Denver

52

$862,761
5.

Hialeah Housing Authority

44

$566,650
6.

Chicago Housing Authority

55

$778,477
7.

Jefferson Parish Housing Services and Development District

46

$417,064
8.

Mississippi Regional Housing Authority VIII

52

$376,940
9.

Home Forward (Portland, OR)

56

$788,081

10.

Rhode Island Housing and Mortgage Finance Corporation

28

$354,369
11.

Housing Authority of the City of Austin

50

$772,020
12.

Housing Authority of the County of Salt Lake dba Housing Connect

50

$628,548
13.

King County Housing Authority (WA)

48

$934,197

Total Award

625

$9,968,902

12/01/2023

HUD No. 23-266
HUD Public Affairs
(202) 708-0685 FOR RELEASE
Wednesday
November 29, 2023
FHA Proposes Enhancements to Make Home Rehabilitation Program More Effective for Homebuyers and Homeowners
Proposed changes to the 203(k) Rehabilitation Mortgage Insurance Program are designed to expand FHA-insured mortgage financing for families purchasing or refinancing single family homes in need of repair or rehabilitation.

WASHINGTON - Today, the Federal Housing Administration (FHA) posted proposed changes to its 203(k) Rehabilitation Mortgage Insurance Program for industry feedback. The 203(k) program is designed to help borrowers purchase a home or refinance an existing mortgage and include the cost of repairs or rehabilitation into one new mortgage. The proposed changes would update key provisions of the program and are designed to make it more useful for today’s market, increase flexibility for borrowers, and decrease operational burdens for lenders, 203(k) Consultants, and other program participants.

“At HUD, we are focused on ensuring Americans can make the repairs necessary to keep their homes safe and energy efficient,” said HUD Secretary Marcia L. Fudge. “Thanks to the enhancements we proposed today, home rehabilitation will be more accessible for millions of homebuyers and homeowners through the Federal Housing Administration.”

FHA’s Standard 203(k) program can be used for both remodeling and rehabilitation, including structural repairs such as repairing a foundation, and requires the use of an FHA-approved 203(k) Consultant. The Limited 203(k) program may only be used for minor renovation and non-structural repairs, such as installing energy saving improvements, and does not require the use of a 203(k) Consultant.

“We are committed to making this program work well for the nation’s homebuyers and homeowners,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. “Our proposed changes to the 203(k) program add to our larger goals of increasing both housing supply and affordability through FHA’s offerings.”

The proposals announced today reflect input FHA received from its Request for Information published in the Federal Register on February 14, 2023, and include:

Increasing the maximum allowable rehabilitation costs for the Limited 203(k) program from $35,000 to $50,000 ($75,000 in high-cost areas) to address increased costs associated with repairs.
Allowing 203(k) Consultant Fees to be included in the financed mortgage amount for the Limited 203(k) program, as is currently permissible in the Standard 203(k) program.
Increasing the allowable rehabilitation period for the Standard 203(k) program from six months to 10 months, and for the Limited 203(k) program from six months to seven months, to account for longer repair and rehabilitation timeframes common for more complex projects.
Increasing the allowable initial draw amount to include up to 75 percent of material costs, versus the 50 percent permitted under the existing policy, so the borrower can make payment to a supplier or manufacturer.
Updating the 203(k) Consultant Fee schedule, including a streamlining of and substantial increases for, allowable fees for preparation of work write-ups and architectural exhibit reviews. FHA is also proposing increases to the maximum amount for other allowable fees, including the Draw Inspection Fee and the Change Order Request Fee. Proposed fee increases are designed to appropriately compensate Consultants for their role and incent more Consultants to participate in the program.
“The thoughtful responses we received from the industry through our February request for help in identifying barriers to program use were instrumental in the development of these proposed policy updates,” said Deputy Assistant Secretary for Single Family Housing Sarah Edelman. “We are looking forward to receiving feedback on the draft Mortgagee Letter so that we can move forward to final policy updates.”

10/27/2023

HUD No. 23-246
HUD Public Affairs
(202) 708-0685 FOR RELEASE
Friday
October 27, 2023
Biden-Harris Administration Encourages Communities and Developers to Explore More Commercial to Residential Conversions
New White House Guidebook and Updated HUD Notice would provide new tools to help expand housing supply affordability

WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) and the Biden-Harris Administration announced important updates that will help bolster our nation’s housing supply and improve housing affordability. The White House released a guidebook, developed in partnership with HUD and other federal agencies, that will help communities and housing providers identify federal resources to finance the conversion of commercial properties to residential uses and mixed-use development. See today’s White House fact sheet here.

As part of this announcement, HUD is releasing an updated notice on how its Community Development Block Grant (CDBG) funding, $10 billion of which has been allocated during this Administration, can be used to boost housing supply – including acquisition, rehabilitation, and commercial-to-residential conversions. This notice is the latest update on how to use CDBG resources to support the development of affordable housing. States and localities can also access up to five times their annual CDBG allocation in low-cost loan guarantees to fund projects such as the conversion of properties to housing or mixed-use development.

“Addressing the affordable housing crisis requires an all-of-the-above approach,” said Secretary Marcia L. Fudge. “The White House guidebook on commercial-to-residential conversions and the updated CDBG notice are just a few of the steps that HUD is taking to help our state and local partners to boost supply.”

In addition, HUD recently released an issue of Evidence Matters focused on office-to-residential conversions, which provides a research overview of the issues motivating the surge in interest in conversions and highlights local examples of conversion projects. HUD is providing additional research funding to develop case studies that can serve as road maps for localities interested in pursuing conversion projects. The Notice of Funding Opportunity recently closed, and awards will be made soon.

“HUD is hard at work listening to stakeholders and exploring solutions that will help expand and preserve housing supply in the country,” said Deputy Secretary Adrianne Todman. “With a shortage of millions of homes nationwide, we need to utilize every resource at our disposal to increase housing supply.”

These actions build off the significant progress the Administration and HUD have already made in implementing President Biden’s Housing Supply Action Plan that details the concrete steps the Administration is taking to ease the burden of housing costs for households by boosting supply. Agencies across the government have taken action to incentivize state and local zoning reforms, pilot new forms of financing, expand and improve existing forms of financing, support innovation in housing production, and much more.

The CDBG notice published today provides updated and expanded guidance on a wide range of housing-related activities that may be funded through the CDBG program – including acquisition, adaptive reuse, rehabilitation, reconstruction, housing counseling, and fair housing planning activities. The notice also clarifies that manufactured housing units that are part of the community’s permanent housing stock are eligible for acquisition or direct homeownership assistance through the CDBG program. Additionally, the notice highlights the importance of planning in protecting and preserving housing and community resilience and provides guidance on how CDBG can support energy and climate-related rehabilitation and tornado safe homes and public facilities.

09/14/2023

HUD No. 23-197
HUD Public Affairs
(202) 708-0685 FOR RELEASE
Wednesday
September 13, 2023
HUD Awards $10 Million to Public Housing Agencies for Safety and Security Needs
Grants to support crime prevention, carbon monoxide (CO) detectors, smoke detectors, and fire alarms in 56 communities.

WASHINGTON - The U.S. Department of Housing and Urban Development (HUD) today awarded $10 million to 56 Public Housing Agencies (PHAs) to make needed capital improvements in public housing developments that serve to enhance safety and security for residents. See the full list of awardees here.

“Children and families rely on investments like the Emergency Safety and Security Program to improve public housing and provide safety and security measures,” said Secretary Marcia L. Fudge. “This federal funding helps ensure that communities can handle emergency situations, strengthen their security measures, and provide families and individuals with the tools needed to save lives.”

“Housing authorities need to prioritize resident health and safety,” said Richard J. Monocchio, Principal Deputy Assistant Secretary for Public and Indian Housing. “These awards are vital sources of funding for agencies to address pressing concerns that impact residents' quality of life, safety, and long-term health.”

The funds are awarded through HUD’s Capital Fund Emergency Safety and Security Program, which supports public housing authorities as they address the safety of public housing residents. These grants may be used to install, repair, or replace capital equipment or systems that contribute to a safer living environment for residents, including security systems/surveillance cameras, fencing, lighting systems, emergency alarm systems, window bars, deadbolt locks, doors, and carbon monoxide detectors.

These funds also support the Biden-Harris Administration’s Comprehensive Strategy to Prevent and Respond to Gun Crime and Ensure Public Safety. This strategy is highly preventative by implementing proven measures to reducing violent crime and attacking its root causes. This includes stemming the flow of fi****ms used to commit crimes, invest in evidence-based community violence interventions, and support local law enforcement with federal tools and resources.

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07/11/2023

55+ Condo, just reduced!

07/11/2023

Auction Property in Elgin, IL!

07/11/2023

Auction property in Naperville, IL!

07/11/2023

Auction Property in Beecher, IL!

06/26/2023

HUD No. 23-123
HUD Public Affairs
(202) 708-0685 FOR RELEASE
Wednesday
June 21, 2023
HUD Awards More Than $14.4 Million in Housing Counseling Grants
Awards will support efforts to expand housing services and counseling into underserved communities

WASHINGTON - The U.S. Department of Housing and Urban Development’s (HUD) Office of Housing Counseling (OHC) is announcing today that it has awarded more than $14.4 million in housing counseling grant funding to 180 housing counseling organizations. The awards will support the comprehensive housing counseling services provided by grantees to homebuyers, homeowners, and renters, and will help to continue the important work that began in 2021 to reach deeper into underserved communities through partnerships between HUD-approved housing counseling agencies, Historically Black Colleges and Universities (HBCUs), and other Minority Serving Institutions (MSIs).

“Homeownership is the primary way most people in this country build wealth. It has the power to transform not only your life, but the lives of your family members,” said HUD Secretary Marcia L. Fudge. “Housing counseling services help ensure current and prospective homeowners have all the tools they need to purchase and maintain the homes of their dreams.”

“Partnering with a housing counselor empowers individuals and families with the education and resources they need to make informed decisions regarding their housing needs,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. “These awards help to ensure that households across the country have access to high quality housing counseling services, particularly those for whom systemic barriers and racial inequities have made it difficult to obtain safe and affordable housing.”

“We are pleased to fund these HUD-approved housing counseling agencies that offer vital resources to consumers, including pre-purchase homebuying information, foreclosure and rental eviction prevention, mortgage options for seniors seeking to age-in-place, and disaster recovery counseling,” said Deputy Assistant Secretary for Housing Counseling David Berenbaum.

In fiscal year 2022, HUD awarded more than $53 million in grants to support the critical services delivered by the nation’s housing counselors. HUD-approved housing counseling agencies provide services to address a full range of housing counseling needs. These services include assisting homebuyers in evaluating their readiness for a home purchase and navigating the home buying process, helping households find affordable rental housing, offering financial literacy training to individuals and families, and providing foreclosure prevention counseling for struggling homeowners. In addition to providing counseling to homeowners and renters, HUD-approved housing counseling agencies support emergency preparedness and disaster recovery efforts, assist homeless persons in finding transitional housing, and help seniors determine whether a HECM or other reverse mortgage makes sense for them.

At the HUD-sponsored Innovative Housing Showcase this past weekend, Secretary Fudge hosted the House Party 2.0, in which panels spoke about resources and opportunities. A DJ with live music welcomed community members to the National Mall to learn about resources, such as housing counseling and fair housing initiatives, and how to access them.

06/17/2023

HUD No. 23-119
HUD Public Affairs
(202) 708-0685

FOR RELEASE
Friday
June 16, 2023

HUD MAKES $2 MILLION IN FUNDING AVAILABLE TO SMALL COMMUNITIES THROUGH MAIN STREET PROGRAM

WASHINGTON - Today, the US Department of Housing and Urban Development (HUD) announced a Notice of Funding Opportunity (NOFO) of $2 million through the HOPE VI Main Street Program. This grant program provides assistance to communities looking to create affordable housing in central business districts (Main Street areas) that are undergoing redevelopment. HUD is looking to target Main Street areas in cities with this funding opportunity.

“HUD recognizes that cities are in need of revitalization across the country,” said HUD Secretary Marcia L. Fudge. “We want to support city governments in their efforts to restore economically crucial business districts by providing housing in these areas.”

The main program objectives are to:

Redevelop Main Street areas
Preserve historic or traditional Main Street area properties by replacing unused commercial space in buildings with affordable housing units
Enhance economic development efforts in Main Street areas
Provide affordable housing in Main Street areas
Eligible applicants are limited to Units of General Local Governments with a population of 50,000 or less and 100 or fewer public housing units within its jurisdiction. The application deadline is on 10/12/2023.

Illinois Flat Fee

Naperville Flat Fee

Woodhall Midwest Properties

06/06/2023

HUD No. 23-107
HUD Public Affairs
(202) 708-0685 FOR RELEASE
Thursday
June 1, 2023
BIDEN-HARRIS ADMINISTRATION’S PAVE TASK FORCE ANNOUNCES NEW ACTIONS TO ADDRESS APPRAISAL BIAS

WASHINGTON - Today, the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), co-chaired by U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge and White House Domestic Policy Advisor Neera Tanden, announced a set of meaningful actions to deliver on the PAVE Action Plan and ensure that every American who buys a home has the same opportunities to build generational wealth through homeownership. These steps come two years since President Biden announced the creation of a first-of-its-kind interagency effort to root out bias in the home appraisal process – on the centennial of the Tulsa Race Massacre.

These actions being announced today will prevent algorithmic bias in home valuation, empower consumers to take action against appraisal bias, break down barriers to entry into the appraisal profession, and increase transparency and leverage federal data to inform policy, aid enforcement, and facilitate research on appraisal bias. Details of the actions can be found here.

“Owning a home provides a path to the American dream. Yet, that dream has been deferred for Black and Brown people, as we have consistently had our homes under-valued,” said HUD Secretary Marcia L. Fudge. “Having your home undervalued is bigger than just a number on a page. It can be the difference between getting a loan and not – between having enough money for retirement or not. Through the President’s PAVE Task Force, the Biden-Harris Administration is taking bold action to address appraisal bias – and renewing our commitment to doing everything in our power to root it out, once and for all.”

Homeownership remains the biggest driver of the wealth gap, with wide racial and ethnic disparities in homeownership rates and the financial return associated with owning a home. Today, the median white family holds eight times the wealth of the average Black family and five times the wealth of the average Latino family.

More than a year ago, the PAVE Taskforce released the PAVE Action Plan, the most wide-ranging set of commitments ever announced to advance equity in the home appraisal process. More information on the PAVE Task Force’s progress and work can be found in this fact sheet.

The Task Force membership is comprised of the following federal agencies and officials:

Secretary of Housing and Urban Development (co-chair)
White House Domestic Policy Advisor (co-chair)
Department of Justice
Secretary of Agriculture
Secretary of Labor
Secretary of Veterans Affairs
Comptroller of the Currency (OCC)
Chairman of the Board of Governors of the Federal Reserve (FRB)
Chairman of the Federal Deposit Insurance Corporation (FDIC)
Chairman of the National Credit Union Administration (NCUA)
Director of the Federal Housing Finance Agency (FHFA)
Director of the Consumer Financial Protection Bureau (CFPB)
Executive Director of the Appraisal Subcommittee (ASC)

06/03/2023

US Housing Market Weekly

June 2, 2023

Joe Cantu
VP Mortgage Banker
Compass Mortgage, Inc
NMLS #: 272224
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Office: 630-687-6022
Mobile: 312-513-5334
Fax: 630-687-6072
[email protected]
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What Debt Ceiling? And Who's Lying About The Jobs Report?
After dominating the news cycle for weeks, the debt ceiling issue is suddenly resolved and the bond market doesn't seem to care. The jobs report proved to be far more relevant, but with half of it indicating a much stronger labor market and the other half saying the opposite, who's telling the truth and why did rates only pay attention to the bad (good) news?

Let's take one paragraph to put the debt ceiling to bed. Last week's newsletter went into more detail on its relative unimportance--now confirmed by the absence of any major reaction after this week's Senate passage (and imminent signing this weekend). The following chart is potentially confusing, but it attempts to show one line that only cares about non-debt-ceiling stuff (the green one), one line that cares a great deal about the debt ceiling (the red one), and finally, the blue line of 10yr yields to serve as a proxy for longer-term rates. Bottom line: if the blue line correlates more with the green line, the debt ceiling wasn't a big deal for rates.

20230602 nl1.png

On to the jobs report! This month's installment showed much stronger job creation with payroll counts at 339k and more than 90k of upward revisions to the last 2 months. Analysts were expecting less than 200k. Super strong!

This month's installment also shows the unemployment rate ticking up to 3.7% from 3.4% last time, handily outpacing the 3.5% forecast. Occasionally, movement like that happens when the labor force participation rate changes, but it was perfectly steady this time. In other words, this is the opposite of super strong!

So who's lying?

The first thing to understand about "the jobs report" is that it is comprised of two separate data collection efforts. One is a survey of regular old people that relies on individual responses (aka "household survey"). The other is a more formal, more systematized reporting of the number of payrolls at various employers (aka "establishment survey").

The unemployment rate is derived from the household survey and nonfarm payrolls (NFP) comes from the establishment survey.

These two data collection efforts are absolutely massive. They are also highly regarded in terms of data integrity. In other words, the average investor has complete confidence that the Bureau of Labor Statistics is publishing the exact same data it collects.

Issues arise for a few reasons (sampling error, changes in seasonal adjustment factors, etc), but let's focus on the simple issue of "noise." Sure, NFP was much stronger, but it continues to trend lower.

This trend is easier to visualize if we take a 12 month average of the blue line as seen in the chart below. While we're at it, let's look back into the pre-pandemic labor market to see a more stable baseline (note the incessant ups and downs in the payroll count from month to month, even while the orange line is flat):

Zooming out also shows us that the jobs market is still finding its new normal after the lockdown shock of 2020. If you have ever wondered about the impact of the pandemic on the fabric of the labor market, we can simply adjust the y-axis to "show all" and remove all doubt (same lines as above, but charting the entire range):

All that to say that we should expect volatility and inconsistency in labor market readings as the underlying statistical math adjusts to a still-evolving post-covid economy.

But why did the bond market take the side of nonfarm payrolls (NFP)? In other words, why did rates move higher due to the job count instead of lower due to the uptick in unemployment (U/E)?

Simple! Market participants trust NFP much more than U/E to be a generally better early indicator of broad shifts in the labor market. Charts show why. Take the dot com recession as the first example of NFP clearly leading the way lower well before U/E. NFP bottomed almost 2 years earlier and peaked almost 3 years earlier on the other side of the recession.

Similar patterns hold true for the adjacent economic cycles.

Are there other reasons that help explain the mixed messages? Could it be something other than "noise?" Perhaps an excess of multiple job holders inflated NFP (1 person with 2 jobs counts as 2 payrolls). And could this in turn mean the labor market is weaker than it seems? Probably not. The multiple jobholder category actually tends to rise when things are going well for the labor market, despite all the spin suggesting otherwise.

All that to say that the part of the jobs report that the market cares about was indeed worth some upward pressure on rates this week. Fortunately, the damage wasn't excessive. In fact, rates ended the week noticeably lower than last week. It was only Friday that saw a moderate uptick.

From here, the market's focus will increasingly turn toward the upcoming Fed announcement on June 14th. Earlier this week, two separate Fed officials used the word "skip" to refer to the rate hike strategy. A skip is as good as a pause for financial markets, and a pause is the precursor to lower rates. The only question is how long we wait for that cycle to play out. The market reaction to the "skip talk" is most easily seen in Fed Funds Futures, which essentially allow investors to bet on Fed rate hikes/cuts. The chart equates to a lower chance of a rate hike on June 14th than seen last week.

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