HUD: Section 202 Project Rental Assistance Renewal Contract Term Increases Announced
New, five-year rental assistance renewal contract terms reduce administrative barriers within program supporting housing for low-income seniors. The U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing Programs announced its intent to begin issuing Section 202 Project Rental Assistance Contracts (PRACs) with renewal terms of up to five years rather than the one-year terms…
HUD: Public Input Sought on Design of New Green and Resilient Retrofit Program for Multifamily Assisted Housing Properties
Part of President Biden’s landmark Inflation Reduction Act, the Green and Resilient Retrofit Program will provide funding to enhance energy efficiency and climate resiliency in HUD Multifamily assisted housing properties. The U.S. Department of Housing and Urban Development (HUD) today released a Request for Information in public inspection form in the Federal Register to obtain public input regarding the…
HUD: FHA Increases Frequency of Allowable Surplus Cash Distributions to Multifamily Borrowers
New requirements published today will free up capital more frequently for future multifamily development and align FHA requirements with industry practice The Federal Housing Administration (FHA) announced today that it is increasing the frequency of allowable distributions of surplus cash to borrowers with most FHA-insured Multifamily mortgages from two times per accounting year to up to monthly…