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Protect and Renew the Community Reinvestment Act

Protect and Improve the Community Reinvestment Act  Financial regulators are reviewing proposed changes to the Community Reinvestment Act (CRA).  The Office of the Comptroller of the Currency, FDIC, and Federal Reserve have published a joint Notice of Proposed Rulemaking (NPR). Some of the proposals are quite positive. However, we fear some of the proposals will […]

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Scott Precourt | REAC Inspections

HUD Publishes New Proposed NSPIRE Rules and Seeks Comments

On June 17, 2022, HUD published an update in the Federal Register 24 CFR Parts 5, 92, 93, 200, 574, 576, 578, 880, 882, 884, 886, 888, 902, 982, 983 and 985 ([Docket Nos. 6086–N–02] – Request for Comments: National Standards for the Physical Inspection of Real Estate and Associated Protocols’ Comments will be accepted […]

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Scott Precourt | REAC Inspections

HUD Publishes Revisions to Proposed NSPIRE Standards

HUD recently published an update to seven proposed NSPIRE standards, as part of  the proposed NSPIRE protocols, which is currently being used in a demonstration program. It is important to remember that all NSPIRE standards currently being proposed will go into effect once a final rule has been published, which is expected in CY 2023, […]

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Scott Precourt | HUD and Tax Credit Compliance

IRS Increases Mileage Rate for Remainder of 2022

On June 9, 2022, the Internal Revenue Service (IRS), published Announcement 2022-13, which amends optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed substantiated. The announcement can be viewed by clicking here. […]

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Scott Precourt | HUD and Tax Credit Compliance

HUD Announces $10.3 Billion in Grants for Housing and Community Development

On May 17, 2022, HUD announced more than 10 Billion in grants for housing and community development grants. This includes much needed investments in new affordable housing, tribal housing, as well as long overdue capital fund investment for public housing modernization. “This funding is an investment in our communities and provides important services to some […]

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Scott Precourt | REAC Inspections

Resident, Owner, and Agent’s Rights for REAC Inspections During the Pandemic

In response to inquiries, Multifamily Housing has received regarding the COVID-19 pandemic and REAC inspections, HUD created this flyer. The flyer outlines the rights and obligations of residents, owners, and agents when a REAC inspection is scheduled. This includes: Residents have the right to decline to have their unit inspected as part of a REAC inspection […]

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Scott Precourt | HUD and Tax Credit Compliance

HUD Announces New Rule for Carbon Monoxide Alarms

On January 31, 2022, HUD issued a notice (PIH Notice 2022-01), announcing that HUD will enforce the installation of carbon monoxide alarms or detectors in HUD-assisted housing by December 27, 2022. Essentially, this is the action plan of applying a law passed several years ago – The Carbon Monoxide Alarms Leading Every Resident To Safety Act […]

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