Day: August 22, 2019

Mainstream Voucher FY 2019 NOFA FAQ Updated

~ Tushar Gurjal ~ Leave a comment

Yesterday, HUD updated its Frequently Asked Questions (FAQ) document on the fiscal year (FY) 2019 Notice of Funding Availability (NOFA) for mainstream vouchers.

The FY 2019 NOFA would make an additional $150 million available for mainstream vouchers (a previous NOFA allocated $98 million). The application deadline for this additional round of funding is September 5, 2019.

The updated FAQ can be found here.

The Department’s Mainstream Voucher page can be found here.

[Edit: Some of the links above were corrected to point to the correct documents or websites and the correct deadline has been added.]

HUD, FHA Issue Condominium Rule

~ Georgi Banna ~ Leave a comment

Last week HUD released the final rule on FHA approval for single-family condominiums. HUD touts the rule as opening the FHA single-family loan products to both younger, first-time home buyers and seniors looking to age-in-place.

The rule sets the policies to update the Single Family Policy Handbook, expand single-unit approval, establish minimum owner-occupancy requirements, limit FHA insurance concentration in condominium projects, and institute commercial/nonresidential space limits.  The rule is effective October 15, 2019, and HUD estimates that 20,000 to 60,000 condominium units could be eligible for FHA-insured financing annually.

HUD’s press release on the Condominium Approval Final Rule can be viewed here.

The Condominium Approval Final Rule is available here.