Department of Housing and Urban Development

News & Analysis as of

Orrick's Financial Industry Week in Review

ESMA Securities and Markets Stakeholder Group Responds to ESMA Consultations on Draft Technical Standards and Technical Advice on the Market Abuse Regulation - On October 13, the Securities and Markets Stakeholder...more

FHA Multifamily Rental Project Closing Document Revisions

The U.S. Department of Housing and Urban Development (HUD) has released revised closing documents that must be used for all transactions with a commitment issued after August 10, 2014. HUD has instituted a grace period in...more

HUD announces $24 million available to PHAs for Jobs Plus Pilot

This week, HUD published a Jobs Plus Pilot NOFA for distribution of approximately $24 million to public housing agencies (PHAs) for a new Jobs Plus Pilot program. The pilot, a successor to a program by the same name that was...more

Summary of HUD’s LEAN 232 Program E-Mail Blasts: Office of Residential Care Facilities (ORCF), September 22, 2014 and October 6,...

In an effort to summarize the highlights of the LEAN E-mail Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper are providing this quick synopsis of the latest LEAN update....more

HUD releases list of 2015 QCTs and DDAs

On Friday, October 3, 2014, HUD released a notice announcing new “Qualified Census Tract” (“QCT”) and “Difficult Development Area” (“DDA”) designations for purposes of the low-income housing tax credit under Section 42 of the...more

Foreclosing on FHA-Insured Mortgage in Violation of HUD Regulations Could Constitute Breach of Contract

Eleventh Circuit Rules that Failure to Comply with HUD Regulations in Foreclosing on FHA-Insured Mortgage – Including the Requirement of Having a Face-to-Face Meeting With the Debtor – Can Constitute a Breach of...more

U.S. Supreme Court Grants Cert. (again) in FHA Disparate Impact Case

On October 2, the U.S. Supreme Court granted certiorari in Texas Department of Housing and Community Affairs, et al. v. The Inclusive Communities Project, Inc., No. 13-1371, a case in which the Fifth Circuit became the first...more

HUD’s Office of Public Housing Investments issues deadlines for year end closings

Last week, Susan Wilson, HUD’s Director of the Office of Urban Revitalization, issued a memo announcing due dates for closing mixed-finance transactions with the Office of Public Housing Investments (OPHI). Generally, any 24...more

CFPB Updates Reverse Mortgage Guide

On September 24, the CFPB published an updated reverse mortgage guide on its blog to account for HUD’s recent changes to reverse mortgage programs. The blog post highlights new limits to lump sum, first-year payouts under...more

CFPB as HUD: Another Section 8 Consent Order Displays CFPB’s RESPA Approach

In a recent Real Estate Settlement Procedures Act (“RESPA”) enforcement action, the Consumer Financial Protection Bureau (“CFPB”) negotiated a consent order with Lighthouse Title, Inc. (“Lighthouse”) for alleged violations of...more

HUD Announces $35,000 Maternity Leave Fair Housing Agreement

On September 12, HUD announced a conciliation agreement with a Tennessee mortgage lender, pursuant to which the lender will pay $35,000 to resolve allegations that it violated the Fair Housing Act when it denied a mortgage...more

HUD announces competition for new Promise Zones

Today, HUD announced the process and criteria for selecting 6 urban communities and at least 1 rural and 1 tribal community to participate in the Promise Zone initiative. The 6 urban communities will be designated by HUD, and...more

HUD Plans To Work With The Mortgage Industry To Expand Availability of Home Loans.

On September 16, HUD Secretary Julian Castro spoke at the Bipartisan Policy Center 2014 Housing Summit on the principles his department intends to implement in order to improve the economy. Castro focused on housing reform...more

Senate Democrats Issue Confirmations To Floor

On September 17, the Senate confirmed by a voice vote Laura Werthheiner as Inspector General of FHFA. In addition, Bradford Raymond Hunter was confirmed as the Chief Financial Officer of HUD....more

Freddie Mac closes first direct purchase of a tax-exempt loan

Freddie Mac recently closed its first direct purchase of a tax-exempt loan. The loan financed the acquisition and rehabilitation of a 417-unit senior housing community in Dayton, Ohio known as The Lakewoods. The deal...more

HUD Issues Final Rule Eliminating ‘Post Payment’ Interest Charges, Preventing FHA Loans from Being Prohibited Next Year

On August 26, 2014, the U.S. Department of Housing and Urban Development (HUD) issued a final rule to allow FHA-approved lenders to charge an FHA loan borrower interest only through the date the loan is prepaid. The final...more

HUD Issues Final Rule Regarding ARM Disclosures

On August 26, 2014, the U.S. Department of Housing and Urban Development (HUD) issued a final rule to align HUD rules governing FHA-insured adjustable mortgage rates (ARMs) with the recent CFPB rules regarding ARM interest...more

Banks May Be Required to Increase Reserves

The Federal Reserve is expected to require the biggest U.S. banks to increase reserves in an effort to prevent the possibility of another financial crisis. Federal Reserve Governor Daniel K. Tarullo is scheduled to testify...more

Federal District Court Defers To HUD On Disparate Impact Rule Burden-Shifting Framework

On September 3, the U.S. District Court for the Northern District of Illinois declined to invalidate to the burden-shifting framework established by HUD in its 2013 disparate impact rule, but remanded to HUD for further...more

Disparate impact cases against HUD: Illinois federal court issues decision; update on D.C. case

Because of their potential impact on the CFPB’s conclusion that the ECOA and Regulation B encompass disparate impact claims, we have been following two insurance industry lawsuits involving a challenge to HUD’s Federal...more

HUD OIG report critical of asset repositioning fee calculations

HUD’s Office of Inspector General (OIG) issued an audit of HUD last week pertaining to awards of asset repositioning fees (ARF), the funds that public housing authorities (PHAs) may receive in connection with demolishing or...more

Summary of HUD’s LEAN 232 Program E-Mail Blast: Office of Residential Care Facilities (ORCF), September 2014

End of Fiscal Year! ORCF has asked us to emphasize that it is very close to meeting their 2014 fiscal goals. The ORCF Closing team invites all complete closing packages to be submitted to the assigned HUD Attorney and...more

HUD Issues Final Rule To Eliminate Post-Payment Interest On FHA Loans

On August 26, HUD issued its final rule prohibiting mortgagees from charging post-payment interest under FHA’s single family mortgage insurance program. The final rule is responsive to the CFPB’s ATR/QM rule, under which...more

HUD Issues Final Rule To FHA ARM Rate Adjustment Regulations

On August 26, HUD issued its final rule to amend FHA’s single family adjustable rate mortgage (ARM) program regulations to align with the interest rate adjustment and notification periods required for ARMs under the CFPB’s...more

CDFI Fund provides guidance for CY 2014 NMTC Program participants

Last week, the CDFI Fund provided guidance for CY 2014 NMTC Program applicants by updating its 2014 NMTC Program Allocation Application Frequently Asked Questions. Responding to various questions it received during its August...more

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