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HUD Reaffirms HFA Down Payment Assistance Programs in Wake of IG Audit

Posted By Administration, Monday, July 20, 2015

On July 20, Federal Housing Administration (FHA) head Edward Golding issued a notice to housing finance agencies (HFAs) and lenders in response to a recent Department of Housing and Urban Development (HUD) Office of Inspector General (IG) report criticizing a lender’s participation in HFA down payment assistance (DPA) programs.

The memo asserts FHA’s support of HFA programs and that the agency believes existing rules for DPA programs provides “HFAs the discretion necessary to fund these programs appropriately.”  In addition, FHA is “taking active steps to completely resolve the issues raised in the audit and to provide proper clarity and guidance to the market.”

Earlier this month, the HUD OIG released an audit that found a private lender’s participation in single-family housing programs conducted by HFAs to be in violation of HUD lending guidelines.  In its audit Report, OIG contends that the HFA loan programs being utilized by the lender violate HUD rules for two main reasons: 1) the DPA is derived from a “premium priced mortgage”; and 2) borrowers are making a “repayment” of the DPA grant through an above-market mortgage loan rate. 

Upon learning about the draft findings of the audit, NALHFA voiced its concerns to HUD that the findings could potentially jeopardize HFA DPA programs that have been in place for more than 20 years, which are fundamentally designed to provide responsible access to credit for low- and moderate-income families.

To view the FHA notice, click here.  To access NALHFA’s letter to the agency, click here.  For additional information, contact NALHFA Executive Director Jason Boehlert at 202.367.1225 or jboehlert@nalhfa.org.

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Get Social with NALHFA!

Posted By Administration, Monday, June 15, 2015

Stay up-to-date with affordable housing and community development news by following NALHFA on Twitter and liking NALHFA on Facebook!

What you can expect from NALHFA’s social media updates:

·         The latest municipal news nationwide

·         Pictures and live updates from NALHFA events

·         HUD Updates

·         Low-Income Housing Tax-Credit news and updates

·         Policy and market news

·         Nationwide events

Follow NALHFA on Twitter at @NALHFAnews and “Like” NALHFA on Facebook!


Tags:  Facebook  NALHFA  Twitter 

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NALHFA Post-Conference Link

Posted By Administrator, Thursday, June 11, 2015

Thank you to everyone who participated in NALHFA’s Annual Conference! All of the post-conference materials have been posted to the website. You will find the photos, award summary, power-point presentations, and speaker bios.

Once again we would like to thank all of our sponsors:

 

                      Platinum

·         Housing Finance Authority of Miami-Dade County

                 Silver

·         George K. Baum & Investment Bankers

·         US Bank

                    Bronze

·         Raymond James 

·         Morgan Stanley

·         Southeast Texas Housing Finance Corp.

 

General

·         Brookstone Partners

·         eHousing Plus

·         Freddie Mac

·         CohnReznick

·         RBC Capital Markets

·         Related Urban

·         First Southwest

·         Chapman and Cutler LLP

·         Atlantic Pacific Communities

·         Down Payment Resource

·         City of Dallas Housing Finance Corporation

·         eHome America

·         Landmark Companies

·         HTG

 


NALHFA’s 2016 conference will be held in Dallas, TX. Stay tuned for updates regarding the 2016 conference, and our 2015 Bonds & Tax Credit Workshop, being held in Atlanta, GA. 

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Welcome To NALHFA!

Posted By NALHFA, Wednesday, June 3, 2015

NALHFA would like to thank and welcome its newest members:

·         eHome Network, Lexington, KY

o   http://ehomenetwork.org/

·         Industrial Development Authority of Phoenix, Phoenix, AZ

o   http://www.phoenixida.com/

·         Wells Fargo Securities, New York, NY

o   https://www.wellsfargo.com/com/securities/

·         Garland Housing Finance Corporation, Garland, TX

o   http://www.garlandhfc.org/

·         Nevada Rural Housing Authority, Carson City, NV

o   http://www.nvrural.org/

·         Mortgage Guarantee Insurance Corporation, Milwaukee, WI

o   https://www.mgic.com/

·         Jones Walker, Baton Rouge, LA

o   http://www.joneswalker.com/

NALHFA is here to serve its members by providing information training and representing on behalf of local HFAs and the affordable housing community nationwide. 2015 is proving to be an exciting year for NALHFA and its members. We are here to aide our membership in understanding and navigating policy, projects and market challenges. Please feel free to contact us with any questions or concerns.

 

Tags:  NALHFA  new members  welcome 

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