FEMA: Think You Don’t Need Flood Insurance? Think Again
The recent Rio Grande Valley floods resulted in flood insurance claims valued at more than $31.1 million being filed so far by Texas homeowners, business owners and renters. But some Texans who experienced losses did not have flood insurance Why do I need flood insurance? Standard homeowner’s insurance policies do not cover flood. Flood is…
OCC: Comptroller of the Currency Visits Areas of Washington DC to Discuss Community Reinvestment Success and Opportunities
Comptroller of the Currency Joseph Otting, led a tour of Washington, D.C., areas that have benefitted from Community Reinvestment Act (CRA) activity and discussed how CRA regulations can be strengthened to promote more lending, investment, and services, where they are needed most. “CRA has help stabilize and revitalize neighborhoods across our country for more than…
HUD: Revised “Disparate Impact” Rule Proposed
New proposed disparate impact rule more appropriately reflects 2015 Supreme Court ruling The U.S. Department of Housing and Urban Development (HUD) today published a proposed rule to amend the HUD interpretation of the Fair Housing Act’s disparate impact standard. The proposed rule as amended would provide more appropriate guidance on what constitutes unlawful disparate impact…
HUD and Census Bureau: Residential Construction Activity in July 2019 Report Issued
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential construction statistics for July 2019. Building Permits Privately owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,336,000. This is 8.4 percent (±1.1 percent) above the revised…
FEMA: President Trump Approves Major Disaster Declaration for New Hampshire
FEMA announced that federal disaster assistance has been made available to the state of New Hampshire to supplement state and local recovery efforts in the areas affected by a severe storm and flooding on July 11-12, 2019. Federal funding is available to the state and eligible local governments and certain private nonprofit organizations on a…
FEMA: Noble, Okmulgee, Ottawa and Tillman Counties Added to Oklahoma Disaster Declaration
Four more counties in Oklahoma are now eligible to apply for FEMA’s Public Assistance funding to supplement state and local recovery efforts in areas that sustained damage from the severe storms, straight-line winds, tornadoes and flooding between May 7 and June 9, 2019. Noble, Okmulgee, Ottawa and Tillman counties may now request reimbursements under the Public Assistance…
FHFA: Results Announced for Fannie Mae and Freddie Mac Dodd-Frank Stress Tests
The Federal Housing Finance Agency (FHFA) today released a report providing the results of the annual stress tests Fannie Mae and Freddie Mac (the Enterprises) are required to conduct under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Dodd-Frank Act requires certain financial institutions with more than $10 billion in assets…
HUD: FHA Issues New Condominium Approval Rule
Comprehensive policy revisions include ability to approve individual units in nonapproved condo projects In an effort to promote affordable and sustainable homeownership, especially among credit-worthy first-time buyers, the Federal Housing Administration (FHA) today published a long-awaited final regulation, and policy implementation guidance, which establish a new condominium approval process. Designed to be flexible and responsive…
OCC: Comptroller Visits Baltimore Affordable Housing Event
Comptroller of the Currency Joseph Otting and senior staff visited an event promoting affordable and sustainable homeownership in Baltimore on Monday. The free “Achieve the Dream” event hosted by the non-profit Neighborhood Assistance Corporation of America (NACA) was part of a series the organization hosts around the country that provides counseling to potential homebuyers, helps…