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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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01.11.2022
Amanda Gross | Capital Needs Assessments

USDA Updates Standards for Accessibility Transition Plans

On January 4, 2022, USDA Rural Development published an updated Unnumbered Letter (UL) 1-4-22 regarding the completion of Self Evaluations (SE) and Transition Plans (TP). First, and possibly most significantly, new accessibility transition plans are no longer required to be completed every three years. RD will accept a revised transition plan that has no changes other […]

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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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03.16.2020
Scott Precourt | Capital Needs Assessments

Multifamily HUD Published Memorandum on New Procedures for PRAC Properties

On March 12, 2020, HUD’s Office of Multifamily Housing released a memorandum (click here to view) regarding budget-based rent increases for PRAC Properties. In July of 2019, increases in budget based rents at PRAC properties were temporarily suspended, with the exception of approving increases for core operating costs. Once the FY 2020 Appropriations bill was […]

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12.13.2018
Scott Precourt | Capital Needs Assessments

The Capital Concerns of 202 PRAC Program

In the mid-nineties, to mid-2000s the affordable housing industry saw an explosion in the number of properties approved and built under the Section 202 PRAC program. This program was restricted to non-profit sponsors providing housing for the elderly, and the operating subsidy was guaranteed for forty-years – securing housing for the elderly for many years. […]

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06.23.2014
Scott Precourt | Capital Needs Assessments

HUD and ADA Design Standards

Changes to the Section 504 Design Requirements Late last month, HUD announced changes to the accessibility design standards. This notice states that owners of multifamily properties under HUD Assistance (Section 8, HOME, etc) can now meet their accessible design obligations under Section 504 by complying with the Justice Department’s 2010 ADA Design Standards. For quite […]

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08.02.2013
Scott Precourt | Capital Needs Assessments

UFAS/ADA Issues Caused by Reasonable Accommodations

Reasonable Accommodations That Create ADA/UFAS Issues (Additional Parking Spaces) This summer we have noticed a trend while on-site doing either Capital Needs Assessments or UPCS (Pre-REAC) Inspections. Some well-intentioned managers and property administrators are adding “accessible design” features because a tenant requests a reserved parking space or a space that is closer to their unit […]

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