HUD issues recorded guidance update

Regulation | April 17, 2020 | by Juliana Bilowich

On April 17, HUD's Office of Multifamily Housing issued a recorded update on COVID-19 guidance for affordable housing providers.

On April 17, HUD issued a recording of Multifamily Housing's latest program updates. HUD FHA Commissioner and Acting Deputy Secretary, Brian Montgomery, opened the recording to talk about the various agency efforts to support providers and residents across the portfolio.

Also providing updates on the recording was Toby Halliday, HUD Multifamily’s Director of Asset Management and Portfolio Oversight, who spoke live to over one thousand LeadingAge members just the day before:

  • Regarding stimulus checks, HUD has issued guidance in their most recent FAQs discussing how stimulus checks should be handled; both the stimulus checks and the enhanced unemployment insurance assistance should not be counted toward income;
  • Regarding move-ins, Halliday recapped the guidance available to streamline new applicant processing and remove the need for face-to-face interaction. Halliday also reiterated HUD’s position that move-ins can continue to happen during this time; LeadingAge continues to push on this area;
  • Regarding CARES Act funding, Halliday spoke specifically to the supplemental funding for Section 202 and Service Coordinators, which he said would be out “very soon;”

Bob Iber, Senior Advisor with HUD, also provided updates:

  • Regarding forbearance, Iber referenced the recent mortgage relief options made available through HUD’s mortgagee letters implementing the CARES Act. He also answered two questions that HUD is working to issue in writing,
  • Regarding delinquent mortgages, Iber said that a mortgage that is delinquent will still result in a 2530 flag throughout this period
  • Regarding construction loans, Iber said that HUD sees 221(D)(4) mortgages as construction loans, which are excluded from CARES Act forbearance relief options. HUD Section 221(D)(4) loans are for new construction or substantial rehab for rental or cooperative housing for moderate income, elderly, or disabled persons.
  • Regarding FAQ updates, Iber said that new updates will be issued either late this week or early next week.

Various other HUD staff also provided updates on production and recapitalization updates. HUD stated that the previous week’s recording had been listened to more than 1,000 times. To view the recording, visit SoundCloud. The recording agenda is as follows:

Recording Agenda:

0:00-0:25 – Introduction by Bob Iber

0:25- 4:40 – FHA Commissioner & Acting Deputy Secretary Brian Montgomery

4:40 – 10:50- Toby Halliday with asset management updates

10:50-15:00- Bob Iber addressing forbearance

15:00 – 21:50- Pat Burke & Tom Bernaciak with production updates

21:50- 25:11- Tom Davis with recapitalization updates