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June 8, 2011
Vol. 40, No. 12

• Choice Neighborhoods Initiative Planning Grants offered • New Markets Tax Credits available • IRS hopes to encourage non-real estate NMTC investments • Comments deadline extended on QRM rule favoring 20% downpayments • OMB issues 2011 Circular A-133 Compliance Supplement • HUD requests comments on future regulatory reviews • FY11 median family incomes released • June is National Homeownership Month • State of the Nation’s Housing 2011 reports challenges for ownership, brightening in rental markets • Study deems U.S. implementation of human right to housing “unacceptable.” • Mississippi Delta housing featured in Rural Voices

HOUSE COMMITTEE PASSES USDA FY12 FUNDING BILL. On May 31 the House Appropriations Committee approved the housing levels adopted by the Agriculture Subcommittee (see HAC News, 5/25/11). Amendments to eliminate funding for Section 523 self-help housing were offered and defeated at both the Subcommittee and Committee sessions. The bill, H.R. 2112, may be considered by the full House in June. It and the committee’s report are posted at https://thomas.loc.gov/home/approp/app12.html.

CHOICE NEIGHBORHOODS INITIATIVE PLANNING GRANTS OFFERED. PHAs, local governments, nonprofits, and for-profits partnering with public entities can apply by August 8 for funds to create comprehensive plans to transform distressed communities. Visit https://www.hud.gov/offices/adm/grants/fundsavail.cfm or https://www.grants.gov. Contact HUD staff, ChoiceNeighborhoods@hud.gov, 202-401-8812.

NEW MARKETS TAX CREDITS AVAILABLE. Community Development Entities, and those applying by June 22 for CDE certification, can apply for NMTC allocations by July 27. See Federal Register, 6/6/11 or https://www.cdfifund.gov. Contact CDFI Fund staff, cdfihelp@cdfi.treas.gov, 202-622-6355.

IRS HOPES TO ENCOURAGE NON-REAL ESTATE NMTC INVESTMENTS. Comments are due September 8 on a proposed regulatory change to encourage NMTC spending for non-real estate businesses in low-income communities. Suggestions of similar changes are due September 6. See two separate notices in the Federal Register, 6/7/11, or at https://www.regulations.gov. Contact Julie Hanlon-Bolton, IRS, 202-622-3040.

COMMENTS DEADLINE EXTENDED ON QRM RULE FAVORING 20% DOWNPAYMENTS. Comments are now due August 1 rather than June 10 on a regulation drafted by HUD, FHFA, and the federal bank regulators that would make non-governmental mortgages more expensive for lenders when downpayments are less than 20%. The rule would not impact USDA Section 502 direct and guaranteed, FHA, or VA loans. This provision is part of a lengthy “credit risk retention” regulation. See Federal Register, 4/29/11 or https://www.regulations.gov; the deadline extension is at https://www.occ.treas.gov/news-issuances/index-news-issuances.html. Contact Chris Downey, OCC, 202-874-4660, or Leslie Strauss, HAC, 202-842-8600, leslie@ruralhome.org. HAC will post its comments at https://ruralhome.org before August 1.

OMB ISSUES 2011 CIRCULAR A-133 COMPLIANCE SUPPLEMENT. This supplement applies to audits of states, local governments, and nonprofits for fiscal years beginning after June 30, 2010. Comments are due October 1. Visit https://www.whitehouse.gov/omb/circulars/a133_compliance_supplement_2011. Contact federal funding agencies for more information.

HUD REQUESTS COMMENTS ON FUTURE REGULATORY REVIEWS. HUD has drafted a plan for periodically analyzing its significant regulations (see HAC News, 3/2/11), and a list of rules to be examined, including those for Section 202, HOME, FHA, and public housing. Comment by August 1 on the plan and list (not the rules themselves). See Federal Register, 6/2/11 or https://www.regulations.gov. Contact Camille E. Acevedo, HUD, 202-708-1793.

FY11 MEDIAN FAMILY INCOMES RELEASED. HUD’s data for metro and nonmetro areas is available at https://www.huduser.org/portal/datasets/il/il11/index.html.

JUNE IS NATIONAL HOMEOWNERSHIP MONTH. USDA Secretary Tom Vilsack announced a “Rural Housing /Rural Jobs” theme, highlighting housing’s contribution to local economies. USDA’s press release is posted at https://www.rurdev.usda.gov. For information on local events contact a USDA Rural Development state office.

STATE OF THE NATION’S HOUSING 2011 REPORTS CHALLENGES FOR OWNERSHIP, BRIGHTENING IN RENTAL MARKETS. The annual study from Harvard’s Joint Center for Housing Studies is available at https://www.jchs.harvard.edu or from JCHS, 617-495-7908.

STUDY DEEMS U.S. IMPLEMENTATION OF HUMAN RIGHT TO HOUSING “UNACCEPTABLE.” A National Law Center on Homelessness & Poverty report card gives the U.S. failing grades on some aspects of its compliance with international standards for the human right to housing. The report calls for funding for homelessness prevention and housing, permanent protection for tenants of foreclosed properties, and a federal living wage. “Simply Unacceptable”: Homelessness and the Human Right to Housing in the U.S. is free at https://www.nlchp.org.

MISSISSIPPI DELTA HOUSING FEATURED IN RURAL VOICES. The summer issue of HAC’s quarterly magazine summarizes the results of a HAC survey of nonprofits in the region and offers articles written by local housing staffers about strategies used to address the Delta’s needs. Rural Voices is free at https://ruralhome.org. One print subscription per organization is free from Dan Stern, HAC, 202-842-8600, dan@ruralhome.org.

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