Department of Housing and Urban Development July 3, 2018 – Federal Register Recent Federal Regulation Documents
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Government National Mortgage Association: Loan Seasoning for Ginnie Mae Mortgage-Backed Securities-Interpretive Rule
HUD is issuing this interpretive rule to clarify the scope of the provision of the recently enacted Economic Growth, Regulatory Relief, and Consumer Protection Act (Act) that prohibits the Government National Mortgage Association (Ginnie Mae) from guaranteeing the timely payment of principal and interest on a security that is ``backed by a mortgage'' that fails to meet certain ``seasoning'' requirements. With this new amendment, questions have arisen as to the effect of this provision on Ginnie Mae's ability to guarantee Multiclass Securities where the trust assets consist of direct or indirect interests in certificates, previously lawfully guaranteed by Ginnie Mae, but with underlying mortgage loans that may not be in compliance with the seasoning requirements. This rule provides HUD's interpretation that the statutory provision does not prohibit Ginnie Mae from making guarantees in this context. Although interpretive rules are exempt from public comment under the Administrative Procedure Act, HUD nevertheless invites public comment on the interpretation provided in this rule.
Rental Assistance Demonstration: Implementation of Certain Fiscal Year (FY) 2018 Appropriations Act Provisions
This notice implements several changes to HUD's Rental Assistance Demonstration (RAD) program that were enacted in the Consolidated Appropriations Act, 2018 (2018 Appropriations Act). For participants under the First Component of RAD relating to Public Housing conversions, this notice increases the number of public housing units that may be awarded competitively and extends the application deadline. In order to implement the unit increase, the notice describes how HUD will set initial contract rents for awards made pursuant to the expansion of RAD, simplifies the process by which public housing agencies (PHAs) can withdraw and replace their existing awards, serves as notification to PHAs that have submitted Letters of Interest (LOI) that to reserve their position on the RAD waiting list they must take additional steps to secure their award, and modifies the latest possible date for PHAs to submit an application for the final phase of a project covered by a Multi-phase Award. For the Second Component of RAD, this notice implements two provisions of the 2018 Appropriations Act relating to initial rent setting for the conversion of Rent Supplement (Rent Supp) and Rental Assistance Payment (RAP) properties and to the prohibition against rescreening residents.
Streamlining Inspection Requirements for Federal Housing Administration (FHA) Single-Family Mortgage Insurance: Removal of the FHA Inspector Roster
This final rule streamlines the inspection requirements for FHA single-family mortgage insurance by removing the regulations for the FHA Inspector Roster (Roster). The Roster is a list of inspectors approved by FHA as eligible to determine if the construction quality of a one- to four-unit property is acceptable as security for an FHA- insured loan. The removal of the Roster regulations is based on the recognition of the sufficiency and quality of inspections carried out by certified inspectors and other qualified individuals. This final rule follows publication of a February 6, 2013, proposed rule, and takes into consideration the public comments received on the proposed rule.
Rental Assistance Demonstration: Supplemental Guidance on Final Notice
On July 26, 2012, HUD announced through notice in the Federal Register the implementation of the statutorily authorized Rental Assistance Demonstration (RAD), which provides the opportunity to test the conversion of public housing and other HUD-assisted properties to long-term, project-based Section 8 rental assistance. The July 26, 2012 notice provided for full implementation of RAD, and the posting of the Final Program Notice (Final Program Notice, PIH-2012-32) on HUD's RAD website. HUD subsequently issued a number of revised program notices, the most recent on January 12, 2017 (PIH 2012-32/Housing 2017-03 REV- 3). This notice announces the posting of a supplement to the most current notice PIH 2012-32/Housing 2017-03 REV-3 (RAD Supplemental Notice, PIH 2018-11/H 2018-05). As provided by the RAD Statute, this notice addresses the requirement that the demonstration may proceed after HUD publishes the terms of the notice in the Federal Register. This notice summarizes the key changes made to the PIH 2012-32/Housing 2017-03 REV-3 through the RAD Supplemental Notice, PIH 2018-11/H 2018- 05. This notice also meets the RAD statutory requirement to publish at least 10 days before they may take effect, waivers and alternative requirements authorized by the statute, which does not prevent the demonstration, as modified, from proceeding immediately.
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