By KIMBERLEY HAAS
Officials at the U.S. Department of Housing and Urban Development have awarded funding from a program established by the Inflation Reduction Act to owners of assisted multifamily housing properties and the money is going to climate-related investments.
The act, signed into law by President Joe Biden on Aug. 16, 2022, has done little to reduce inflation but is considered the most significant policy action on clean energy in United States history. It established the Green and Resilient Retrofit Program, providing HUD with $837.5 million in grant and loan subsidy funding and $4 billion in loan commitment authority.
According to a press release issued on Wednesday, money from the program will enable building owners to invest in geothermal…
By KIMBERLEY HAAS
Federal housing officials have pledged to support people affected by the wildfires on the Hawaiian island of Maui as the state’s governor warns developers to stay away.
Officials from Ginnie Mae, the Federal Housing Administration, the Federal Housing Finance Agency, the United States Department of Agriculture, and the United States Department of Veterans Affairs issued a joint statement on Friday saying they are “committed to providing homeowners flexibilities and assistance so they feel the security of knowing they will have the option to return and rebuild when it is safe to do so.”
FHA-approved lenders doing business in Maui are encouraged to familiarize loan officers and operational teams with FHA’s 203(h) Disaster Mortgage, which provides up to…
Maui already had a housing crisis before wildfires ravaged the island, destroying up to 3,000 homes.
Hawaiian governor Josh Green declared a state of emergency over the lack of housing stock in July 2023 in response to worsening affordability. The pandemic housing boom resulted in a flood of wealthy buyers to the islands, pushing home sales worth more than $10 million six times higher in 2022 than in 2020.
“It’s like nothing anyone has ever seen before,” Matthew Beall, CEO of Hawaii Life, told the Wall Street Journal. “It’s almost like a hot nightclub. It’s not can you get a deal, it’s can you get behind the rope and to the door.”
Just days before the fire, the U.S. Department…
The U.S. Department of Housing and Urban Development is devoting more than $21 million to support affordable housing for low-income Native Hawaiian families.
The funding will be distributed as a Native Hawaiian Housing Block Grant to the Department of Hawaiian Home Lands and may be used for everything from constructing new homes to buying existing homes for rehab, as well as various support services.
It can also be used to provide rental assistance to Native Hawaiians living both in Hawaii and in the continental U.S.
HUD officials say NHHBG funds throughout the last twenty years have created 750 affordable homes, supported community centers, and provided families with housing-related services like rent assistance and home repair training.
In line with this…
The Department of Housing and Urban Development is taking aim at transparency in rental housing fees in a bid to make life more affordable for the average American.
HUD Secretary Marcia Fudge announced commitments by some of the biggest rental search platforms to address unexpected and junk fees.
Zillow, Apartments.com, and AffordableHousing.com all said they will provide tools renters can use to calculate exactly how much their rental will cost. Zillow is adding a Cost of Renting Summary to its active apartment listings, while Apartments.com is launched a new calculator that includes these fees on its website. AffordableHousing.com will require listings to disclose all fees and charges upfront.
“[M]any renters today face fees that are hidden, duplicative, or unnecessary as…
By KIMBERLEY HAAS
A Virginia man who worked as an assistant inspector general for the U.S. Department of Housing and Urban Development has been sentenced to one year and one day in prison after being convicted of engaging in a scheme to steer government contracts to a personal friend.
Eghbal “Eddie” Saffarinia, 63, of Front Royal, was sentenced on Thursday, according to a press release issued by officials at the U.S. Department of Justice.
Saffarinia was employed by HUD-OIG from 2012 to 2017 and oversaw the Office of Information Technology. He was also the head of contracting activity, according to court paperwork.
Prosecutors claim tens of millions of dollars in government business was affected.
Saffarinia allegedly concealed material facts about…
By SCOTT KIMBLER
Leaders at the U.S. Department of Housing and Urban Development have unveiled their proposed budget for FY 2024 and say funds will be directed at solving the nation’s housing crisis.
Secretary Marcia Fudge said in a statement that the proposed budget will help ensure every American has access to housing.
“The budget invests in Americans at every station in life – from those seeking to purchase a home to those who receive HUD rental assistance – and will ensure families across the country can live in communities that are safe, affordable, and resilient,” Fudge said.
HUD Deputy Secretary Adrianne Todman said during a press call that the budget reflects the Biden administration’s values and provides a blueprint…
By KIMBERLEY HAAS
The Biden administration has announced a reduction on mortgage insurance premiums in a move they say could benefit an estimated 850,000 borrowers over the coming year.
New borrowers who take out loans insured by the Federal Housing Administration will see the effects of the reduced premiums, according to a press release.
The premiums will be reduced from 0.85% to 0.55% for most homebuyers, which could mean an estimated savings of $678 million for American families by the end of 2023, according to officials.
Vice President Kamala Harris and Department of Housing and Urban Development Secretary Marcia Fudge made the announcement in Bowie, Md., on Wednesday.
White House officials said the average homebuyer in Prince George’s County –…
By KIMBERLEY HAAS A new proposed rule meeting President Joe Biden’s call to fully enforce the Fair Housing Act was announced by officials at the U.S. Department of Housing and Urban Development on Thursday. “Affirmatively furthering fair housing means more than merely steering clear of housing discrimination violations,” Demetria McCain, principal deputy assistant secretary for fair housing and equal opportunity, said in a statement. “Today, HUD is taking new, bold action to eliminate the historic patterns of segregation that continue to harm American families. This action will help make the purpose of the Fair Housing Act reality by making it easier for local communities to identify inequities and make concrete commitments to address them.” According to a press release, the rule…
By KIMBERLEY HAAS Homelessness has risen for individuals and people with disabilities, according to the 2022 Annual Homeless Assessment Report released on Monday by officials at the U.S. Department of Housing and Urban Development. Homelessness among single individuals increased by 3.1%. The number of people with disabilities experiencing homelessness for long periods of time increased by 16% between 2020 and 2022. The report found 582,462 people were experiencing homelessness on a single night in January 2022. States with the highest numbers of people who were homeless in 2022 include California (171,521), New York (74,178), Florida (25,959), Washington (25,211), and Texas (24,432). Officials say the Biden-Harris Administration is working to reverse the post-2016 trend of rising homelessness. Their goal is to…
