CDFI Fund: Request for Public Comment Issued on CDFI Certification Target Market Verification
The Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is soliciting comments concerning pre-approved Target Market assessment methodologies related to the Community Development Financial Institution (CDFI) Certification process. To be a Certified CDFI, an entity must demonstrate that it serves at least one eligible Target Market (either an Investment Area or…
HUD: FHA Proposes to Adjust Title I Manufactured Home Loan Program Loan Limits Annually
Consistent with the Biden-Harris Administration’s Housing Supply Action Plan, today’s proposed rule sets forth a methodology for regularly adjusting the limits on loans that finance manufactured homes titled as personal property. The Federal Housing Administration (FHA) is announcing today the publication of a proposed rule in the Federal Register to increase and index the loan limits for its Title…
FEMA: President Biden Approves Major Disaster Declaration for Illinois
FEMA announced that federal disaster assistance has been made available to the state of Illinois to supplement state and local recovery efforts in the areas affected by severe storms and flooding from July 25-28, 2022. The President’s action makes federal funding available to affected individuals in St. Clair County. Assistance can include grants for temporary housing…
HUD: $12.4 Million Loan Guarantee Announced for Baltimore, MD
Renovation and Expansion of a Historic Recreation Center Supported by Loan Guarantee The U.S. Department of Housing and Urban Development (HUD) today announced a $12.4 million loan guarantee for the renovation and expansion of the Chick Webb Recreation Center in East Baltimore, Maryland. The loan guarantee, offered through the Section 108 Loan Guarantee Program (Section 108),…
HUD: Important New Milestone Reached in American Rescue Plan’s Emergency Housing Voucher Program
“At HUD we are pleased that over 35,000 households have been averted from homelessness and have successfully leased their own rental housing thanks to our Emergency Housing Voucher Program. This marks a major step forward in our efforts to realize the ambitious goals we set when the program was established through the President’s American Rescue…
SBA: Over $4 Million in New Funding to Expand Veteran Business Owner Outreach Announced
The deadline to apply is November 23, 2022 Today, the U.S. Small Business Administration (SBA) announced a new funding opportunity for up to $400,000 to be awarded to up to 12 entities including private organizations, colleges and universities, private sector firms, nonprofit organizations and state, local or tribal governmental agencies to provide critical training and counseling to aspiring…
CFPB: Threshold for Smaller Loan Exemption for Appraisal Requirements for Higher-Priced Mortgage Loans Announced for 2023
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000. The threshold amount will be effective January 1, 2023, and is based on the…
CFPB: Dollar Thresholds in Regulation Z and Regulation M for Exempt Consumer Credit and Lease Transactions Announced for 2023
The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2023 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). By law, the agencies are required to adjust the thresholds annually based on the annual…
CFPB: New Report Finds High Fees Charged on Student Banking Products Endorsed by Colleges
Some financial institutions and colleges may be steering students to more expensive financial products The Consumer Financial Protection Bureau (CFPB) published a report on terms and fees associated with banking products marketed in partnership with colleges to students. The report raises questions about whether some marketing deals between colleges and financial institutions comply with Department…