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Saying the Quiet Part Loud – Ending AFFH and Restoring NIMBY

In the last few weeks, HUD ended the Affirmatively Furthering Fair Housing (AFFH) initiative started under the previous administration. The rationale was that AFFH created administrative burdens and that the goals could be better achieved through utilizing opportunity zones. While I think that logic is flawed, it could be seen as at least somewhat based […]

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07.29.2020
Scott Precourt | Uncategorized

Saying the Quiet Part Loud – Ending AFFH and Restoring NIMBY

In the last few weeks, HUD ended the Affirmatively Furthering Fair Housing (AFFH) initiative started under the previous administration. The rationale was that AFFH created administrative burdens and that the goals could be better achieved through utilizing opportunity zones. While I think that logic is flawed, it could be seen as at least somewhat based […]

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07.27.2020
John Broderick | HUD and Tax Credit Compliance

The Return of HUD MORs During COVID-19

If you thought that the COVID-19 shutdown would cause your HUD Management Occupancy Reviews (MORs) are postponed indefinitely, you should think again. HUD has directed PBCAs (Project Based Contract Administrators) to continue their work plans regarding completion of MORs for operators of project-based Section 8 and other developments. The MORs must include a physical inspection […]

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07.25.2020
Chuck Bogan | Capital Needs Assessments

Capital Needs Assessments for 202 PRACs Considering RAD Conversion

If you operate a HUD 202 PRAC, you’re now well aware that your property is eligible to convert to a new ownership structure under HUD’s Rental Assistance Demonstration (RAD) program. But how do you know if A RAD conversion is worth the time and effort? Would it be easier to ask HUD to approve a […]

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07.20.2020
Scott Precourt | REAC Inspections

Update on HUD REAC Safety First Return to Operations Plan

NAHMA hosted a call last week on July 17, 2020, with HUD REAC’s Deputy Assistant Secretary, David Vargas, to discuss REAC’s Return to Operations and Safety First plan. Previously the plan was to include an announcement on or around July 15th. However, due to the recent resurgence of COVID-19, HUD REAC is not able to announce […]

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07.09.2020
Scott Precourt | HUD and Tax Credit Compliance

HUD Provides Outline of a Return to MORs

On June 23, 2020, HUD released a memorandum titled “Status of Management and Occupancy Reviews performed by PBCAs,” which provides an outline to the resumption of Management and Occupancy Reviews (MORs) of Multifamily HUD Properties.  This memorandum is a supplemental addition to the HUD memo dated 5/22/2020, which generally lifted the suspension of MORs, subject […]

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07.09.2020
Amanda Gross | HUD and Tax Credit Compliance

IRS Notice 2020-53 Provides Temporary Relief for Tax Credit Housing Programs

This month, the IRS published IRS Notice 2020-53 to provide temporary relief to LIHTC and Tax-Exempt Bond owners by further extending deadlines and granting additional relief for other certain compliance requirements. In April of this year, the IRS published IRS Notice 2020-23. While Notice 2020-23 did not specifically mention Section 42 of the IRC, it […]

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