Search Results for keywords:"Multifamily Housing Programs"

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Search Results: keywords:"Multifamily Housing Programs"

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  • 2024-31184 — Annual Indexing of Basic Statutory Mortgage Limits for Multifamily Housing Programs
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    Type:Notice
    Citation:89 FR 107155
    Reading Time:about 3 minutes

    The Department of Housing and Urban Development (HUD) has announced an adjustment to the Basic Statutory Mortgage Limits for its Multifamily Housing Programs. This change, effective January 1, 2025, reflects a 3.4% increase based on the Consumer Price Index for All Urban Consumers. The adjusted mortgage limits apply to FHA multifamily mortgage insurance applications submitted on or after this date. This adjustment does not require environmental review as it does not affect the physical state of project areas.

    Simple Explanation

    The HUD is changing the rules for loans on big apartment buildings, making them a little more expensive to keep up with prices. They did this by checking a special list of things people buy to see how much more they cost now.

  • 2024-31388 — Multifamily Housing Program Update to the Credit Report Process
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    Type:Rule
    Citation:89 FR 106977
    Reading Time:about 17 minutes

    The Rural Housing Service, part of the U.S. Department of Agriculture, has introduced a final rule updating how credit reports are obtained for the eligibility and feasibility assessments in the Multifamily Housing Programs. Starting January 30, 2025, applicants will need to provide their own credit reports instead of paying a fee for the agency to do it, simplifying the process and aligning with industry practices. This update also includes adding definitions and specific requirements for credit reports, aiming to streamline and modernize the applications for housing loans and grants in rural areas.

    Simple Explanation

    The USDA wants people who apply for certain housing help in the country to bring their own credit report, like bringing a report card from school. This means they won't have to pay a fee for the report, making it easier for them to get help.