USDA makes it faster and cheaper to refinance mortgages. The changes take effect June 2 and apply to mortgages issued through USDA. Homeowners will no longer be required to secure an appraisal, credit report or a debt calculation when they refinance.
#OpenTheDoor, a campaign by Home Matters, was just launched and features a stop-motion animated video, created by LA-based Jesse Dylan’s Wondros firm, to creatively bring to life – via the eyes of a child playing with her dollhouse – the importance of home’s role in unlocking a person’s potential. Research proves safe homes and communities are linked to better health, education, public safety and local economies. Watch video: https://ow.ly/4nquPa.
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The campaign also features a national search tool that will connect people who want to donate, volunteer or are in need of help, to more than 330 Home Matters supporting organizations across America.
The campaign plans to spark a conversation about the lack of safe homes and livable communities, nationally and locally. America has significant work to do in building better homes and communities. Witha national election looming, Home Matters hopes the video will not only help motivate Americans to care passionately about this critical social issue but also elevate it among policy-makers, and galvanize the private-sector to get more involved.
The MacArthur Foundation and US Bank have sponsored the video.
The effective date for expansion of USDA’s Section 502 packaging demonstration has been moved up to May 19, 2016. A final rule for the program was published April 29, 2015 with an effective date in summer 2015, later deferred to October 1, 2016, and now moved forward to May.
The program establishes requirements for individuals and organizations that help low-income first-time homebuyers apply to USDA for mortgages from the Section 502 direct program. (This is different from the Section 502 guarantee program; applicants for those mortgages apply through banks and USDA guarantees their loans.) Packaging – helping an applicant prepare documentation to request a mortgage – has been permitted for decades, and in 2010 USDA established a pilot program in a few states to regularize the process and provide fees to successful packagers. Now the program is being expanded to cover the entire country.
The notice of the May 19 effective date states that all the pilot intermediaries have been accepted as intermediaries under the program. Each may choose to cover new states as well as the states it already covers. Around the effective date, USDA will issue program guidance for the certified loan application packaging process, including how others can apply to be intermediaries.
The Housing Assistance Council is pleased to announce that it has been awarded another round of funding from the Federal Home Loan Banks. The new allocation of funding will help support rural housing issuees and improve the capacity of nonprofit organizations that develop housing in rural areas. The Federal Home Loan Banks are long-time supporters of the Housing Assistance Council and its mission.
Jennifer Ernst of FHLB Des Moines presents Moises Loza with HAC’s 2016 Funding Check
Nonprofits, state or local government agencies, public agencies, federally recognized tribes, and limited partnerships with nonprofit general partners are eligible to apply for Section 514 loans. The same entities, with the exception of limited partnerships, are eligible for Section 516 grants. The funds can be used for construction of new off-farm Farm Labor Housing units and related facilities for domestic farm laborers, and for the purchase and substantial rehabilitation of existing non-FLH properties. Section 521 Rental Assistance and operating assistance are available for new construction.
To apply, contact the USDA Rural Development state office serving the state of the proposed project in order to receive further information and copies of the application package.
Applications are due to state offices on April 12, 2016.
Bad bargain? Twenty million Americans live in manufactured housing – many of which are located in rural areas. Manufactured homes, their owners, and the economics associated with this type of housing are highlighted in a new PBS NewsHour segment.
Twenty million Americans live in mobile, or manufactured, homes that offer affordable housing, particularly in rural parts of the country. Typically older and poorer than traditional homeowners, manufactured homeowners often face serious, unique financial difficulties that make it a bad bargain for some low-income Americans. NewsHour’s Stephen Fee reports.
The Federal Housing Finance Agency (FHFA) has re-issued a proposed rule on Duty To Serve. Through HERA, GSEs have a ‘duty to serve’ traditionally underserved markets of rural, preservation, and manufactured housing. Comments are due in 90 days.
A recent edition of the “Inside Appalachia” radio examines the challenges that first generation college students are going through, and how some colleges and universities are developing strategies and programs to help these students stay in school.
The Rural Development Leadership Network (RDLN) Auction closes on December 13, 2015 at 10:00 PM EST.
Proceeds from the auction support the efforts of RDLN, a national multicultural social change organization founded in 1983, supports community-based development in poor rural areas through hands-on projects, education and skills building, leadership development and networking.
A final definition of “chronically homeless,” published Dec. 4, will be used in HUD’s Continuum of Care Program and in the Consolidated Plans that guide state and local governments’ use of HUD funds. HUD has tested three definitions of the term.