Marcia Fudge

Apache is functioning normally

Secretary of the U.S. Department of Housing and Urban Development (HUD) Marcia Fudge “fired up” the crowd during her keynote speech at the 2023 National Association of Real Estate Brokers (NAREB) Annual Conference when she spoke about the recently-announced HUD-NAREB partnership designed to tackle appraisal bias.

“HUD and NAREB will work together to fight appraisal bias in the Black community,” Fudge said. “I live in a Black neighborhood by choice; my home is bigger, my lot is bigger, yet my home is valued less than the white neighborhood down the block; this must change.”

In an announcement, NAREB described Fudge’s speech as a “dynamic and inspirational address that ignited passion and commitment among attendees at NAREB’s annual convention.”

Fudge and NAREB President Lydia Pope both hail from the Cleveland, Ohio area. Fudge praised Pope’s work as the association’s leader during her speech. Fudge also addressed her commitment as HUD Secretary in addressing disparities for marginalized communities.

Fudge also addressed the access to credit for borrowers of color, and discussed the work HUD and the Biden administration are doing to address the role homeownership plays in building generational wealth, a common point of discussion for HUD under her leadership thus far.

“Some Black borrowers lack credit, but now when obtaining an FHA loan, rental history can be used as a credit history,” she said, touching on recent policy changes at HUD and the Federal Housing Finance Agency (FHFA) that considers on-time rent payments as a part of a potential borrower’s credit history.

In terms of the role homeownership takes in building wealth for families, Fudge reiterated her belief in forging a more direct path to homeownership. “We cannot deal with inflation until we deal with the housing crisis,” she said. “Most of us build wealth through homeownership.”

Fudge also admonished certain policymakers for telling younger people that they don’t need to own a home.

“Who told them that foolishness?,” she reportedly asked rhetorically. “We need to help get them in homes, so we need your advocacy. […] Stay encouraged, stay vigilant, We need you. Thank you,” she concluded.

Source: housingwire.com

Apache is functioning normally

Multiple agencies across the federal government including the U.S. Department of Housing and Urban Development (HUD), the Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) have all renewed their efforts to protect tenants renting in multifamily housing units as costs continue to climb, according to an announcement from the White House.

“[HUD], the U.S. Department of Agriculture (USDA), [CFPB], the Federal Trade Commission (FTC) and [FHFA] are each releasing guidance or best practices to landlords, operators, and stakeholders who rely on tenant screening reports when evaluating applications from renters,” the White House said in its announcement. “This guidance communicates the administration’s expectations on informing renters of what information in their screening report is responsible for their application being denied.”

For HUD, the department has announced $10 million in new funding for “tenant education and outreach in properties it supports,” and “has committed to issue a notice of proposed rulemaking that would require that tenants of public housing and properties with project-based rental assistance receive a written notice at least 30 days prior to lease termination for nonpayment of rent,” the White House said.

HUD also separately announced “an $85 million first-of-its-kind competitive [Pathways to Removing Obstacles to Housing (PRO Housing)] funding opportunity for jurisdictions and new guidance for providers of affordable housing will help communities address local housing challenges,” the department said.

On a call with reporters on Thursday morning, White House Chief Domestic Policy Adviser Neera Tanden described how the administration is promoting more widespread conversion of commercial buildings to residential space, following up on a research grant detailed by HUD this week on the topic.

“With high rates of commercial vacancies across the country, we see a tremendous opportunity for conversions to residential housing,” Tanden said.

Also on Thursday in conjunction with the announcements, the CFPB released a blog post describing how “federal housing agencies strongly encourage landlords to provide tenants written notice of their rights.”

“We must provide renters with the necessary resources to safeguard their interests and enhance their communication with landlords,” said HUD Secretary Marcia Fudge. “HUD is dedicated to collaborating with renters and ensuring they are well informed about their rights.”

Source: housingwire.com

Apache is functioning normally

The U.S. Department of Housing and Urban Development (HUD) on Thursday announced that it will be investing more than $837 million in funds from the 2022 Inflation Reduction Act and its own commitment authority to address energy costs and housing quality in underserved communities.

The funding will be distributed through HUD’s Green and Resilient Retrofit Program (GRRP), which is designed to reduce greenhouse gas emissions, address climate resilience, as well as energy and water efficiency of HUD-assisted multifamily properties located in low-income communities.

HUD Secretary Marcia Fudge will announce the funding initiative during an appearance in Center Line, Michigan.

“Under the leadership of President Biden, HUD is committed to building a more equitable and sustainable housing system and making necessary investments to reduce the impacts of climate change and improve the lives of people across America,” Secretary Fudge said in a statement. “The launch of the Green and Resilient Retrofit Program today will ensure low-income individuals and families have better access to healthy, energy efficient, and resilient homes.”

Last year’s Inflation Reduction Act allocated $837.5 million in grant and loan subsidy funding and $4 billion in loan commitment authority specifically for this program.

An additional $42.5 million will also be going toward a new HUD initiative coming in the summer, which will “collect and assess energy and water usage data from HUD-assisted multifamily housing properties to better target opportunities to save energy and water, cut costs, and reduce emissions,” according to HUD.

“Lower-income communities are often the last to obtain access to state-of-the-art efficiency, resilience, and clean energy technologies,” said Assistant Secretary for Housing and Federal Housing Administration (FHA) Commissioner Julia Gordon. “The Green and Resilient Retrofit Program will change this by providing communities with an opportunity to lead the multifamily sector in retrofitting homes to make them safer and more sustainable for the future.”

HUD noted that building owners will be able to more easily invest in new technologies designed to increase climate resilience and pay more attention to their carbon footprints. These technologies include solar panels for electricity, heat pumps for interior climate control, roofing that is more resistant to heavy winds and others.

“The program’s implementing notice and Notices of Funding Opportunity (NOFOs) released today detail a range of grant and loan funding options for multifamily housing owners with varying levels of expertise with green retrofits,” HUD said. 

The agency noted that the GRRP is the first HUD program to offer simultaneous investments in energy and water efficiency, the reduction of greenhouse gas emissions, clean-energy generation and climate resilience strategies in multifamily housing.

Source: housingwire.com

HUD announces relief for Arkansas homeowners impacted by tornadoes

On Wednesday, HUD announced relief for Arkansas homeowners who were impacted by tornadoes that ripped through the state at the end of March.

944: RERR Highlights – The Best Real Estate Podcast Clips of December 2020

We’re closing the books on 2020 and preparing to optimistically open a new chapter with 2021. But before we do, let’s look back on the great guests we had last month on Real Estate Rockstars. First, former Miss Nevada Lisa Song Sutton shared her thoughts on business diversification. BiggerPockets co-host David Greene returned to discuss new agents’ greatest weakness and how he generates high-quality, high-converting real estate leads for free. Kimberly Tocco described how she overcame great personal tragedy to do something special for first-time homebuyers. And finally, Kelly Skeval joined us for 2020’s last State of the Market to offer predictions for real estate in 2021. Catch all of their greatest moments right here on this special highlight episode!
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HUD highlights support for expanding high-speed internet access

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HUD rolling back Trump-era changes to fair lending rule

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HUD is developing an appraisal review process to investigate racial bias

HUD said lenders will have clear guidance on how to navigate the new appraisal review process for borrowers seeking FHA financing.Â