FHA Seeks Feedback on Proposed Changes to Increase Access to Affordable Financing for Properties with Accessory Dwelling Units

Industry Update
April 13, 2023

Source: U.S. Department of Housing and Urban Development

The Federal Housing Administration (FHA) published for feedback a draft update to its requirements for insuring mortgages on single family homes with Accessory Dwelling Units (ADUs). The proposal adds additional flexibility in calculating market rent and in using ADU rental income to qualify for FHA-insured mortgage financing. If finalized, these updates would allow more borrowers to qualify for FHA financing for properties with ADUs, including 203(k) renovation loans. FHA’s action today advances the goals of the Biden-Harris Administration’s Housing Supply Action Plan.

“FHA is at the forefront of the Administration’s efforts to increase housing supply and affordability,” said Federal Housing Commissioner Julia Gordon. “At a time when housing supply is constrained and ADUs are gaining popularity nationwide, an updated policy has the potential to expand opportunities for low- and moderate-income homeowners to benefit from the wealth building potential of ADUs while supporting the affordable housing needs of their communities.”

ADUs are small units of housing built inside, attached to, or on the same property as a primary residence. FHA programs currently allow for the purchase, rehabilitation, or refinance of properties that include ADUs. FHA does not, however, currently allow for the inclusion of rental income from the ADU in the borrower’s qualifying income.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

HUD Awards $98 Million in Choice Neighborhoods Implementation Grants and Opens New $10 Million Funding Opportunity for Local Planning Efforts

Industry Update
April 11, 2023

Source: U.S. Department of Housing and Urban Development

U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge has announced “Supplemental Grant” awards for Choice Neighborhoods Implementation Grantees totaling more than $98 million. In addition, HUD is opening a notice of funding opportunity (NOFO) for $10 million to support local planning efforts.

Choice Neighborhoods Implementation Grants assist in the redevelopment of severely distressed HUD-assisted properties into mixed-income communities. The program has a three-pronged “Housing, People, and Neighborhood” approach that includes not only redevelopment of distressed properties, but also provides support to housing residents related to the health, education, and income, while simultaneously investing in neighborhood improvement projects which promote economic development and private investment. Since the program’s inception, the Choice Neighborhoods program has seen 11,000 new mixed-income units built across 44 cities. More than 32,000 units are planned.

“When it comes to Choice Neighborhoods, HUD is an invested partner at the table,” said Secretary Fudge. “Cities and public housing authorities are working tirelessly to address affordable housing shortages despite pandemic era construction cost increases. The additional Choice Neighborhoods funding represents HUD’s commitment to creating new housing for the communities that need it most. The Choice Neighborhoods approach is a comprehensive model that can be transformative for communities and we invite more communities to consider tapping into it.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Navajo Nation Severe Winter Storms and Flooding

FEMA Alert
April 11, 2023

FEMA has issued a Major Disaster Declaration for the Navajo Nation to supplement tribal recovery efforts in areas affected by severe winter storms and flooding from January 14 – January 17, 2023.  The following areas have been approved for assistance:

Public Assistance:

  • Navajo Nation Reservation

 

Navajo Nation Severe Winter Storms and Flooding (DR-4703)

Map of Affected Areas

List of Affected Zip Codes

Please note:  Only properties located in the Navajo Nation Reservation are approved for assistance under declaration DR-4703-AZ.

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FEMA Major Disaster Declaration – Arizona Severe Winter Storms and Flooding

FEMA Alert
April 11, 2023

FEMA has issued a Major Disaster Declaration for the Navajo Nation Reservation in Arizona to supplement tribal recovery efforts in areas affected by severe winter storms and flooding from January 14 – January 17, 2023.  The following areas have been approved for assistance:

Public Assistance:

  • Navajo Nation Reservation (Also in NM and UT)

 

Arizona Severe Winter Storms and Flooding (DR-4703-AZ)

Map of Affected Areas

List of Affected Zip Codes

Please note:  Only properties located in the Navajo Nation Reservation are approved for assistance under declaration DR-4703-AZ.

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FEMA Major Disaster Declaration – Kentucky Severe Storms, Straight-line Winds, Tornadoes, Flooding, Landslides, and Mudslides

FEMA Alert
April 10, 2023

***UPDATED 5/23/23***

FEMA has issued a Major Disaster Declaration for the state of Kentucky to supplement state, tribal and local recovery efforts in areas affected by severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides from March 3 – March 4, 2023.  The following areas have been approved for assistance:

Public Assistance:

  • Adair
  • Allen
  • Anderson
  • Barren
  • Bourbon
  • Boyle
  • Breckinridge
  • Bullitt
  • Butler
  • Caldwell
  • Calloway
  • Carlisle
  • Casey
  • Christian
  • Clark
  • Clay
  • Clinton
  • Crittenden
  • Cumberland
  • Daviess
  • Edmonson
  • Estill
  • Fayette
  • Floyd
  • Franklin
  • Gallatin
  • Garrard
  • Grant
  • Graves
  • Grayson
  • Green
  • Hancock
  • Hardin
  • Harrison
  • Hart
  • Henderson
  • Henry
  • Hickman
  • Hopkins
  • Jackson
  • Jefferson
  • Jessamine
  • Johnson
  • Larue
  • Laurel
  • Lee
  • Lincoln
  • Livingston
  • Logan
  • Lyon
  • Madison
  • Marion
  • Marshall
  • Martin
  • McCracken
  • McCreary
  • McLean
  • Meade
  • Menifee
  • Mercer
  • Metcalfe
  • Monroe
  • Muhlenberg
  • Nelson
  • Nicholas
  • Ohio
  • Owen
  • Owsley
  • Powell
  • Pulaski
  • Robertson
  • Rockcastle
  • Russell
  • Shelby
  • Simpson
  • Spencer
  • Taylor
  • Todd
  • Trigg
  • Trimble
  • Union
  • Warren
  • Washington
  • Wayne
  • Webster
  • Whitley
  • Wolfe
  • Woodford

 

Kentucky Severe Storms, Straight-line Winds, Tornadoes, Flooding, Landslides, and Mudslides (DR-4702-KY)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Kentucky

Map of Affected Areas

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FEMA Major Disaster Declaration – Tennessee Severe Storms, Straight-line Winds, and Tornadoes

FEMA Alert
April 7, 2023

***LAST UPDATED 5/18/23***

FEMA has issued a Major Disaster Declaration for the state of Tennessee to supplement state, tribal and local recovery efforts in areas affected by severe storms, straight-line winds, and tornadoes from March 31 – April 1, 2023.  The following areas have been approved for assistance:

Individual Assistance:

  • Cannon
  • Hardeman
  • Hardin
  • Haywood
  • Lewis
  • Macon
  • McNairy
  • Rutherford
  • Tipton
  • Wayne

Public Assistance:

  • Cannon
  • Giles
  • Hardeman
  • Hardin
  • Haywood
  • Johnson
  • Lewis
  • Macon
  • McNairy
  • Morgan
  • Rutherford
  • Tipton
  • Wayne

 

Tennessee Severe Storms, Straight-line Winds, and Tornadoes (DR-4701-TN)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Tennessee

Map of Affected Areas

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FHFA Announces Updated Equitable Housing Finance Plans for Fannie Mae and Freddie Mac

Industry Update
April 5, 2023

Source:  Federal Housing Finance Agency

The Federal Housing Finance Agency (FHFA) announced updates to Fannie Mae and Freddie Mac’s (the Enterprises) Equitable Housing Finance Plans for 2023. The updates build upon the inaugural plans first announced last year and make adjustments based on initial research and findings. The Equitable Housing Finance Plans are designed to complement the initiatives outlined in FHFA’s Strategic Plan: Fiscal Years 2022–2026 that promote the Enterprises’ safety and soundness and foster housing finance markets that provide equitable access to affordable and sustainable housing.

“As we celebrate Fair Housing Month and the 55th Anniversary of the Fair Housing Act, we are reminded that every step taken towards bringing more equity into the housing finance system is a step in the right direction,” said FHFA Director Sandra L. Thompson. “In 2022, the Enterprises helped more than 834,000 households through various actions outlined in their Equitable Housing Finance Plans.”

Last year, the Enterprises released plans to identify and address barriers to sustainable housing opportunities, including the Enterprises’ goals and actions to advance equity in housing finance for the next three years. Even after the landmark Fair Housing Act of 1968, the racial homeownership gap persists, with homeownership rates for households of color more than 24 percentage points lower than the rate among white households. All plan activities are subject to FHFA’s review and oversight of any risks to, or impacts on, safety and soundness.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Arkansas Severe Winter Storm

FEMA Alert
April 4, 2023

FEMA has issued a Major Disaster Declaration for the state of Arkansas to supplement state, tribal and local recovery efforts in areas affected by a severe winter storm from January 30 – February 2, 2023.  The following areas have been approved for assistance:

Public Assistance:

  • Bradley
  • Calhoun
  • Cleveland
  • Dallas
  • Desha
  • Drew
  • Grant
  • Jefferson
  • Lincoln
  • Nevada
  • Ouachita
  • Searcy
  • Stone

 

Arkansas Severe Winter Storm (DR-4700-AR)

Map of Affected Areas

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FEMA Major Disaster Declaration – California Severe Winter Storms, Straight-line Winds, Flooding, Landslides, and Mudslides

FEMA Alert
April 3, 2023

***LAST UPDATED 7/26/23***

FEMA has issued a Major Disaster Declaration for the state of California to supplement state, tribal and local recovery efforts in areas affected by severe winter storms, straight-line winds, flooding, landslides, and mudslides from February 21, 2023 through July 10, 2023.  The following areas have been approved for assistance:

Individual Assistance:

  • Butte
  • Kern
  • Madera
  • Mariposa
  • Mendocino
  • Mono
  • Monterey
  • Nevada
  • San Benito
  • San Bernardino
  • San Luis Obispo
  • Santa Cruz
  • Tulare
  • Tuolumne

Public Assistance:

  • Alameda
  • Alpine
  • Amador
  • Butte
  • Calaveras
  • Del Norte
  • El Dorado
  • Fresno
  • Glenn
  • Humboldt
  • Imperial
  • Inyo
  • Kern
  • Kings
  • Lake
  • Los Angeles
  • Madera
  • Marin
  • Mariposa
  • Merced
  • Modoc
  • Mono
  • Monterey
  • Napa
  • Nevada
  • Plumas
  • Sacramento
  • San Benito
  • San Bernardino
  • San Francisco
  • San Joaquin
  • San Luis Obispo
  • Santa Barbara
  • Santa Clara
  • Santa Cruz
  • Shasta
  • Sierra
  • Solano
  • Sonoma
  • Stanislaus
  • Trinity
  • Tulare
  • Tuolumne
  • Ventura

 

California Severe Winter Storms, Straight-line Winds, Flooding, Landslides, and Mudslides (DR-4699-CA)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for California

Map of Affected Areas

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FEMA Fire Management Assistance Declaration – Oklahoma Gap Road Fire, Oklahoma Fmag

FEMA Alert
March 31, 2023

FEMA has issued a Fire Management Assistance Declaration for the state of Oklahoma to supplement state, tribal and local response efforts in areas affected by the Gap Road Fire beginning March 31, 2023 and continuing.  The following areas have been approved for assistance:

Public Assistance:

  • Washington

 

Oklahoma Gap Road Fire, Oklahoma Fmag (FM-5460-OK)

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies