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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

REAC Inspections to Resume June 1, 2021

We received notice from our colleagues at NLHA today that REAC will resume UPCS physical inspections beginning on June 1. When this occurs, REAC will expand the 14-day notice of inspection to 28-days. HUD intends to prioritize high-risk properties and will inform affected owners beginning Monday, April 26, 2021. HUD has consulted with CDC to […]

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Scott Precourt | HUD and Tax Credit Compliance

COVID-19 Supplemental Payments for Property Owners

Available Supplemental Payments for Property Owners Today HUD published a revised notice “Continued Availability of Funds for COVID-19 Supplemental Payments for Properties Receiving Project-Based Rental Assistance under the Section 8, Section 202, or Section 811 Programs.” This notice allows for property owners to apply for funding to offset and reimburse expenditures made to combat COVID-19. […]

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Scott Precourt | REAC Inspections

REAC Inspection Return to Operations to be Revised

Earlier this month, HUD REAC sent a notice to currently certified REAC Inspectors on the status of the Return to Operations plan. As many may remember, HUD REAC technically returned to operations in October of 2020, however, the status of the pandemic made the resumption of inspections very limited. Now, with the status of the […]

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Scott Precourt | REAC Inspections

HUD NSPIRE Standards Version 2.1 Released

HUD REAC has published an update to the NSPIRE standards – which is version 2.1. The previous version was 1.3, and in this new version, some of the standards in the previous versions have been changed dramatically, some subtly, and others have remained essentially as previously proposed. This update of the NSPIRE standards provides industry […]

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Scott Precourt | HUD and Tax Credit Compliance

New Proposed Rule Changes on NSPIRE for HUD Programs

A notice was published in the federal register on January 13, 2021, Docket No. FR-6086-P-01
24, related to NSPIRE implementation. This notice is applicable to several HUD funding programs, including HUD Multifamily Section 8, Public Housing, Voucher programs (HCV and PBV), HOME, Mod Rehab, Housing Trust Fund, and Office of Community Planning and Development Programs. CFR […]

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Scott Precourt | HUD and Tax Credit Compliance

New Eviction Moratorium and Rental Assistance in COVID Relief Package

The COVID relief bill includes several new initiatives that address the ever-expanding housing crisis.  Most notably, the new COVID-19 relief legislation extends the eviction moratorium through the end of January 2021 and establishes a $25 billion dollar rental assistance program, which is funded through the Coronavirus Relief Fund. The funds are to be dispersed to […]

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