Federal Housing Administration Risk Management Initiatives: New Loan-to-Value and Credit Score Requirements
On July 15, 2010, HUD issued a notice seeking comment on three initiatives that HUD proposed would contribute to the restoration of the Mutual Mortgage Insurance Fund (MMIF) capital reserve account. This document is limited to implementation of HUD's proposal to introduce a minimum credit score threshold and reduce the maximum LTV. At the end of the public comment period on August 16, 2010, HUD received 902 comments. The overwhelming majority of these comments focused on HUD's proposal to cap seller concessions. HUD is continuing to review and consider the issues raised by commenters on capping seller concessions as well as those pertaining to HUD's proposal to tighten manual underwriting guidelines. HUD's final decision on these two proposals will be addressed separately.
Notice of Availability: Notice of Funding Availability (NOFA) for the Fiscal Year (FY) 2009 Section 202 Demonstration Pre-Development Grant Program
HUD announces the availability on its Web site of the applicant information, submission deadlines, funding criteria and other requirements for the FY2009 Section 202 Demonstration Pre-Development Grant Program NOFA. Approximately $20 million is made available through this NOFA, by the Omnibus Appropriations Act, 2009 (Pub. L. 111-8, approved March 11, 2009). The purpose of the Section 202 Demonstration Pre-Development Grant Program is to assist Sponsors of projects that receive Fund Reservation Awards pursuant to the FY 2009 NOFA for the Section 202 Supportive Housing for the Elderly Program by providing pre-development grant funding for architectural and engineering work, site control, and other planning related expenses that are eligible for funding under the Section 202 Supportive Housing for the Elderly Program. The notice providing information regarding the application process, funding criteria and eligibility requirements can be found using the Department of Housing and Urban Development agency link on the Grants.gov/Find Web site at http://www.grants.gov/search/agency.do. A link to Grants.gov is also available on the HUD Web site at http:// www.hud.gov/offices/adm/grants/fundsavail.cfm. The Catalogue of Federal Domestic Assistance (CFDA) number for the Section 202 Demonstration Pre-Development Program is 14.157. Applications must be submitted electronically through Grants.gov.
Federal Property Suitable as Facilities To Assist the Homeless
This Notice identifies unutilized, underutilized, excess, and surplus Federal property reviewed by HUD for suitability for possible use to assist the homeless.