EDA: Recompete Pilot Program Launches to Fund Opportunity in Distressed Areas
As part of the President’s Investing in America Agenda, the U.S. Department of Commerce seeks applications to revitalize communities by creating and connecting people to good jobs The Biden-Harris administration, through the U.S. Department of Commerce’s Economic Development Administration (EDA), today launched the Distressed Area Recompete Pilot Program (Recompete) competition. Recompete was authorized by the CHIPS and…
Agencies Finalize Policy Statement on Commercial Real Estate Loan Accommodations and Workouts
Federal financial institution regulatory agencies today jointly issued a final policy statement on commercial real estate loan accommodations and workouts. The updates reinforce and build on existing supervisory guidance calling for financial institutions to work prudently and constructively with creditworthy borrowers during times of financial stress. The statement is substantially similar to a proposal issued…
CFPB: FFIEC Announces Availability of 2022 Data on Mortgage Lending
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2022 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,460 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly available information on mortgage market activity. The…
ABA: Foundation Announces Partnership with AMBA to Improve Financial Health of America’s Veterans
The ABA Foundation today announced the signing of a formal agreement with the Association of Military Banks of America (AMBA) to support the Veterans Benefits Banking Program (VBBP) and its goal of ensuring that America’s veterans have safe and easy access to their monetary benefits. The ABA Foundation will serve as AMBA’s 501(c)(3) non-profit fiscal sponsor for…
HUD: $75 Million in Funding Available for Tribal Communities for Community Development
Funds support development of infrastructure and community facilities in Tribal Communities The U.S. Department of Housing and Urban Development (HUD) announced that it will make available $75 million through the Indian Community Development Block Grant (ICDBG) Program. Grant funds may be used for infrastructure, community facilities, housing rehabilitation, public services, economic development, and more to support Native…
HUD: FHA Increases Dollar Amount Threshold for Large Multifamily Loans to Be Eligible for Standard Underwriting
Change facilitates greater flexibility for lenders when underwriting Multifamily transactions up to $120 million. The Federal Housing Administration (FHA) today published a Mortgagee Letter that increases the threshold at which a Multifamily loan is considered a Large Loan from $75 million to $120 million. This is the first increase in the threshold since 2014 and will enable…
HUD and Census Bureau: New Residential Sales Report for May 2023 Released
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential sales statistics for May 2023: New Home Sales Sales of new single‐family houses in May 2023 were at a seasonally adjusted annual rate of 763,000, according to estimates released jointly today by the U.S. Census…
Census Bureau: Household Pulse Survey Phase 3.9 Monthly Data Released
The U.S. Census Bureau today released new data from phase 3.9 of the experimental Household Pulse Survey (HPS). The HPS is an effort by the Census Bureau and other federal statistical agencies to inform federal and state response and recovery planning by providing near real-time data on the social and economic effects of the COVID-19 pandemic and…
SBA: Report Released on Anti-Fraud Control Measures in Pandemic Relief Programs including PPP and EIDL Loans
Eighty-six percent of fraud in small business pandemic relief programs occurred in first nine months of pandemic according to findings in new agency report The U.S. Small Business Administration (SBA) today released a report detailing analysis of anti-fraud protocols put in place by the Biden-Harris Administration in SBA’s four largest pandemic programs. The report “Protecting the Integrity…
HUD: Secretary’s Award for Excellence in Healthy Homes Launched During National Healthy Homes Month
Seeking nominations best exemplifying programs and practices in health equity and maximizing healthy homes community impacts The U.S. Department of Housing and Urban Development (HUD) is accepting nominations for the 2023 HUD Secretary’s Award for Excellence in Healthy Homes in honor of National Healthy Homes Month (NHHM). Healthy housing is the foundation for strong, vibrant communities…