Industry News

OCC: Project REACh Anniversary Marked with Financial Inclusion Symposium

The Office of the Comptroller of the Currency (OCC) today hosted a financial inclusion symposium at its headquarters in Washington, D.C., to mark the second anniversary of Project REACh. The OCC’s Project REACh, or the Roundtable for Economic Access and Change, brings together leaders from the banking industry, national civil rights organizations, business, and technology to…

EDA: Last Week, Nearly $15 Million in American Rescue Plan Funds Invested

Last week, the following grants were made under the American Rescue Plan Funds program and the CARES Act Recovery Assistance program: July 12, 2022 – U.S. Department of Commerce Invests $4.7 Million in American Rescue Plan Funds to Establish a Regional BMX Facility and Support Tourism in Morgantown, West Virginia July 12, 2022 – U.S. Department of…

HUD: $10.4 Million Funding Opportunity Announced for Rehabilitation of Low-Income and Disabled Veterans’ Homes

U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge and U.S. Department of Veterans Affairs (VA) Secretary Denis McDonough today announced the availability of $10.4 million through the Veterans Housing Rehabilitation and Modification Pilot Program (VHRMP) for the rehabilitation of the homes of Veterans with low-incomes and disabilities. “Those who have served…

HUD: FHA Expands Mortgage Eligiblity for Borrowers Previously Affected by COVID-19

Updated guidance issued today provides new flexibility for lenders when calculating “effective income” for borrowers with previous employment gaps or loss of income due to a COVID-19 economic event. The Federal Housing Administration (FHA) announced on Thursday new flexibility for lenders when qualifying borrowers who experienced previous employment gaps or loss of income due to…

HUD: 100th Community Joins “House America” Homelessness Initiative

“Today we are marking a major milestone for our House America initiative,” says Secretary Fudge, announcing Santa Clara County, California as 100th House America community U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge today announced Santa Clara County, California as the 100th community to join the Administration’s House America initiative to tackle homelessness…

CFPB: Advisory Issued to Protect Privacy When Companies Compile Personal Data

Advisory affirms that “permissible purposes” are required to use and share credit reports and background reports Today, the Consumer Financial Protection Bureau (CFPB) issued a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the Fair Credit Reporting Act. The CFPB’s new advisory opinion…

HUD: $26 Million Rental Assistance Demonstration Conversion Closed with Philadelphia Housing Authority to Create 58 Newly Constructed Affordable Homes

New affordable rental homes are part of redevelopment plan for Philadelphia’s Sharswood/Blumberg community The U.S. Department of Housing and Urban Development’s Office of Multifamily Housing today announced that it has closed a Rental Assistance Demonstration (RAD) transaction with the Philadelphia Housing Authority (PHA) to build 58 newly constructed affordable rental homes in the Sharswood/Blumberg community….

EDA: Last Week, Over $15 Million in American Rescue Plan Funds Invested

Last week, the following grants were made under the American Rescue Plan Funds program and the CARES Act Recovery Assistance program: July 6, 2022 – U.S. Department of Commerce Invests $2.5 Million in American Rescue Plan Funds to Establish Business Incubator in Fairhope, Alabama July 5, 2022 – U.S. Department of Commerce Invests $7.2 Million in American…

HUD: $39.8 Million Rental Assistance Demonstration Conversion Transaction Closed to Preserve 299 Affordable Housing Units in Salt Lake City, UT

Transaction with the Housing Authority of the County of Salt Lake preserves low-income housing units for seniors and individuals with disabilities.  The U.S. Department of Housing and Urban Development’s Office of Multifamily Housing today announced that it has closed a Rental Assistance Demonstration (RAD) transaction with the Housing Authority of the County of Salt Lake…

EDA: $2 Million Invested to Replace Critical Water Infrastructure to Support Businesses in West Monroe, LA

Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $2 million grant to the city of West Monroe, Louisiana, to replace aging sewer infrastructure. This project will provide the modern infrastructure needed to support local businesses and residents’ needs. This EDA grant will be matched…