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New HOME Final Rule

New HOME Final Rule. September 18, 2013. Background. September 1996: HOME final rule published December 2011: Proposed rule published February 2012: Public comment period closed HUD received 322 public comment letters July 24, 2013: new HOME final rule published. Context.

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New HOME Final Rule

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  1. New HOME Final Rule September 18, 2013

  2. Background • September 1996: HOME final rule published • December 2011: Proposed rule published • February 2012: Public comment period closed • HUD received 322 public comment letters • July 24, 2013: new HOME final rule published

  3. Context • Recent housing and credit market conditions • Administrative and management challenges • Management of growing HOME project portfolios • Complexity of PJ program designs • Reduced availability of federal, State, and local funds and limited private lending

  4. Goals & Objectives of Rule • Clarify existing regulatory requirements • Establish new requirements that: • Enhance accountability and performance • Achieve more timely production of housing • Improve monitoring and oversight • Incorporate best practices as required procedures • Address CHDO capacity/performance issues • Achieve alignment with other federal housing programs, where possible

  5. Key Changes • Program and Project Timeframes • CHDO Reservation • Written Agreements • Subsidy Layering & Underwriting • Written Policies & Procedures • Project Completion Definition • Property Standards • Match • Homebuyer Program Design • Oversight of Rental Projects • New and revised CHDO Roles • CHDO Capacity

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