6:16 PM
Julio Barreto
President Barack Obama signed legislation which provides funding for federal housing and community development programs for FY 2010. The act includes funding for programs administered by the Department of Housing and Urban Development (HUD) and the Community Development Financial Institutions Fund (CDFI).
The bill provides funding for the following HUD programs:
1. The public housing operating fund receives $4.8 billion which is a seven percent increase above the FY2009 figure. HUD officials claim this provides local housing authorities with enough funding to cover 100 percent of the cost to operate public housing units. The housing authorities’ Washington representatives disagree believing the allocation is still $450 million short of what is needed to administer public housing.
2. The public housing capital fund received $2.5 billion which is a two percent increase over last year’s allocation.
3. The HOPE VI program received $200 million FY2010 but up to $65 million can be used to fund the administration’s proposed Choice Neighborhood Initiative as a demonstration. (See ViewfromDC November 11 post)
4. The community development block grant (CDBG) program received approximately $4.5 billion with approximately $4 billion to be distributed by formula and the balance is directed to set-asides. The set-asides include $150 million for regional planning strategies which are expected to integrate housing, transportation and land use planning. Also included in the set-asides is $25 million for a new Rural Innovation Fund to address concentrated housing distress and poverty in rural communities.
5. The HOME program received $1.825 with no funding for set-asides.
6. Homeless assistance programs received $1.865 billion.
7. The voucher program received $16.3 billion for housing assistance payments and $1.6 billion in administrative fees.
There were a number of administrative provisions included in the bill:
1. HUD cannot use any FY2010 program dollars to fund projects which attempt to use eminent domain for a private project. The use of eminent domain must be for a public purpose.
2. Moving-to-Work agencies will have their funding renewed based on the terms of their existing contract.
3. At least $25 million of the regional planning grants must go to areas with fewer than 500,000 people.
Funding for the CDFI programs includes:
1. $107.6 million for the CDFI Program;
2. $80 million for the new Capital Magnet Fund;
3. $25 million for the Bank Enterprise Award Program;
4. $12 million for the Native Initiatives;
5. $4.15 million for a new Financial Education and Counseling Pilot Program; and
6. $18 million for the CDFI Fund’s administrative expenses.
S&P Issues Ratings to Housing Finance Agencies
Standard and Poors issued a series of credit ratings in December. The following received the “AAA” rating:
• Minneapolis/St. Paul Housing Finance Board’s (MN) single-family mortgage revenue bonds (mortgage backed-securities, or MBS, program -- CityLiving Home Program).
• Dakota County Community Development Agency’s (MN) single-family mortgage revenue bonds (mortgage-backed securities, or MBS, program), series 2009A.
• Nashville & Davidson County Metro Government Health & Educational Facilities Board’s (TN) multifamily housing revenue bonds, series 2009, issued on behalf of Alco Dellway Partners L.P. for the Dellway Villa Apartments project.
• West Virginia Housing Development Fund's Fund's (WVHDF) New Issue Bond Program (NIPB) series 2009.
• Georgia Housing and Finance Authority's (GHFA) single-family mortgage revenue bonds series 2009C.
• Nebraska Investment Finance Authority's (NIFA) $134 million taxable bonds single-family home ownership revenue bonds series 2009A.
• Utah Housing Corporation's (UHC) multifamily housing revenue bonds, series 2009A.
• Alaska Housing Finance Corporation's (AHFC) mortgage revenue bonds, series 2009A.
• Nevada Housing Division's (NHD) HFA Initiative multifamily bonds (NHD) HFA Initiative multifamily bonds, series 2009A.
• Nevada Housing Division's (NHD) single-family mortgage revenue bonds (NHD) single-family mortgage revenue bonds, series 2009-I.
• California Statewide Communities Development Authority's affordable multifamily housing revenue bonds series 2009A.
• Standard & Poor's Ratings Services assigned its 'AAA' long-term rating to Kentucky Housing Corp.'s (KHC) $180 million series 2009C.
S&P assigned “AA” rating to:
• New York City Housing Development Corporation's (NYCHDC) multifamily housing revenue bonds (Federal New Issue Bond Program) 2009 series 1 and 2.
• Pennsylvania Housing Finance Agency's (PHFA) series 2009-106A, B, and C ($250 million) and 2009-107 ($604.26 million) single-family mortgage revenue bonds.
Standard & Poor's Ratings Services also raised its issuer credit rating (ICR) on the Housing Authority of the City of San Buenaventura, Calif. (VHA) to 'A+' from 'A'.
For more information, contact Valerie White, New York (1) 212-438-2078.
The bill provides funding for the following HUD programs:
1. The public housing operating fund receives $4.8 billion which is a seven percent increase above the FY2009 figure. HUD officials claim this provides local housing authorities with enough funding to cover 100 percent of the cost to operate public housing units. The housing authorities’ Washington representatives disagree believing the allocation is still $450 million short of what is needed to administer public housing.
2. The public housing capital fund received $2.5 billion which is a two percent increase over last year’s allocation.
3. The HOPE VI program received $200 million FY2010 but up to $65 million can be used to fund the administration’s proposed Choice Neighborhood Initiative as a demonstration. (See ViewfromDC November 11 post)
4. The community development block grant (CDBG) program received approximately $4.5 billion with approximately $4 billion to be distributed by formula and the balance is directed to set-asides. The set-asides include $150 million for regional planning strategies which are expected to integrate housing, transportation and land use planning. Also included in the set-asides is $25 million for a new Rural Innovation Fund to address concentrated housing distress and poverty in rural communities.
5. The HOME program received $1.825 with no funding for set-asides.
6. Homeless assistance programs received $1.865 billion.
7. The voucher program received $16.3 billion for housing assistance payments and $1.6 billion in administrative fees.
There were a number of administrative provisions included in the bill:
1. HUD cannot use any FY2010 program dollars to fund projects which attempt to use eminent domain for a private project. The use of eminent domain must be for a public purpose.
2. Moving-to-Work agencies will have their funding renewed based on the terms of their existing contract.
3. At least $25 million of the regional planning grants must go to areas with fewer than 500,000 people.
Funding for the CDFI programs includes:
1. $107.6 million for the CDFI Program;
2. $80 million for the new Capital Magnet Fund;
3. $25 million for the Bank Enterprise Award Program;
4. $12 million for the Native Initiatives;
5. $4.15 million for a new Financial Education and Counseling Pilot Program; and
6. $18 million for the CDFI Fund’s administrative expenses.
S&P Issues Ratings to Housing Finance Agencies
Standard and Poors issued a series of credit ratings in December. The following received the “AAA” rating:
• Minneapolis/St. Paul Housing Finance Board’s (MN) single-family mortgage revenue bonds (mortgage backed-securities, or MBS, program -- CityLiving Home Program).
• Dakota County Community Development Agency’s (MN) single-family mortgage revenue bonds (mortgage-backed securities, or MBS, program), series 2009A.
• Nashville & Davidson County Metro Government Health & Educational Facilities Board’s (TN) multifamily housing revenue bonds, series 2009, issued on behalf of Alco Dellway Partners L.P. for the Dellway Villa Apartments project.
• West Virginia Housing Development Fund's Fund's (WVHDF) New Issue Bond Program (NIPB) series 2009.
• Georgia Housing and Finance Authority's (GHFA) single-family mortgage revenue bonds series 2009C.
• Nebraska Investment Finance Authority's (NIFA) $134 million taxable bonds single-family home ownership revenue bonds series 2009A.
• Utah Housing Corporation's (UHC) multifamily housing revenue bonds, series 2009A.
• Alaska Housing Finance Corporation's (AHFC) mortgage revenue bonds, series 2009A.
• Nevada Housing Division's (NHD) HFA Initiative multifamily bonds (NHD) HFA Initiative multifamily bonds, series 2009A.
• Nevada Housing Division's (NHD) single-family mortgage revenue bonds (NHD) single-family mortgage revenue bonds, series 2009-I.
• California Statewide Communities Development Authority's affordable multifamily housing revenue bonds series 2009A.
• Standard & Poor's Ratings Services assigned its 'AAA' long-term rating to Kentucky Housing Corp.'s (KHC) $180 million series 2009C.
S&P assigned “AA” rating to:
• New York City Housing Development Corporation's (NYCHDC) multifamily housing revenue bonds (Federal New Issue Bond Program) 2009 series 1 and 2.
• Pennsylvania Housing Finance Agency's (PHFA) series 2009-106A, B, and C ($250 million) and 2009-107 ($604.26 million) single-family mortgage revenue bonds.
Standard & Poor's Ratings Services also raised its issuer credit rating (ICR) on the Housing Authority of the City of San Buenaventura, Calif. (VHA) to 'A+' from 'A'.
For more information, contact Valerie White, New York (1) 212-438-2078.
