New HUD Multifamily Initiatives Underway
On May 29, during NAHB's spring board of directors meeting in Washington D.C, U.S. Housing and Urban Development Secretary, Shaun Donovan reported that reforms are underway at HUD and the Federal Housing Administration to put the housing market back on in addition to special initiatives to bolster the multifamily market.
 Donovan said that the HUD budget will also be reestablishing a priority for multifamily and rental markets that are “critically important” for low- and moderate-income households.
HUD has proposed a $1 billion capitalization of the National Housing Trust Fund to initiate the first new housing production program since the creation of the home investment partnerships program in 1990.
On May 4, it was announced that more than $5 billion in Recovery Act funding was being provided to finance the acquisition and construction of affordable housing through the Low-Income Housing Tax Credit at a time when close to 50% of all tax-credit deals in the country were stalled by the economic crisis.
Donovan announced that HUD is putting $100 million into an energy innovation fund “that can go to support innovative lending products across the country that have spurred new developments, new standards for single-family and multifamily housing on energy efficiency."
A “Sustainable Communities” initiative, he said, will receive $150 million to help support higher density housing that is more integrated with the transportation needs of local residents.
View the video of Secratary Donovan's presentation and the press release here.
View the full story in NBN.
[return to
top] |
