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HOME Questions & Answers have been posted! |
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HOME Applicant Questions and Answers have been updated on the Iowa Finance Authority web site.
REMINDER: All applications for the 2012 HOME round must be submitted online by February 3, 2012 at 4:30 p.m.
Please contact Carla Pope with questions. |
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Iowa's HOME Rules Modified |
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In anticipation of changes to HOME regulations as outlined in the proposed HOME rule, the Iowa Finance Authority Board of Directors has adopted an amendment to the State HOME Rules on January 11, 2012 relating to purchase price and after rehabilitation limits for home buyer programs.
Paragraph 39.4(1)"a" was amended to remove the February, 2012 contract to purchase deadline date for allowance of the higher 2008 203(b) mortgage limits for after rehabilitation values and purchase of newly constructed units. This amendment will allow the continued use of these limits until such point the State HOME Rules are amended to reflect the adopted Federal HOME Final Rule. |
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Federal Government Issues Proposed HOME Rule Changes |
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On December 15, 2011, the new Proposed Rule for the HOME Investment Partnerships (HOME) program was posted on the Federal Register website. The Proposed Rule would amend the HOME regulations to address operational challenges facing participating jurisdictions (PJs), particularly challenges related to recent housing market conditions and the alignment of federal housing programs.
Additionally, the Rule proposes to amend HOME regulations to improve understanding of HOME program requirements, update property standards applicable to HOME-assisted housing, and strengthen PJ accountability for compliance with program requirements and for performance.
Comments should be submitted to HUD on the proposed rules through February 14, 2012, following the submission requirements in the Federal Register.
A copy of the proposed HOME rules and a summary of changes (provided by the Council of State Community Development Agencies) is provided on the IFA website. |
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FY 2012 Minibus Appropriations Bill Cutting HOME and Adding Oversight Provisions Enacted |
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On November 18, 2011. President Obama signed into law the conference agreement on H.R. 2112, providing funding for HUD and USDA housing programs in FY 2012. The House had passed the bill by a vote of 298 to 121 and the Senate passed it by a vote of 70 to 30.
In addition to a 37 percent reduction in HOME funding for the current fiscal year, the law also includes additional oversight provisions for the HOME program included in the Senate-passed bill. The provisions include:
- Repayment of funding provided in the bill for developments that are not completed within four years of their commitment dates, as determined by a signature of each party to the agreements. HUD can extend the deadline for one year if the delay is beyond the control of the participating jurisdiction (PJ);
- None of the funds can be committed to developments unless the PJ certifies that it has conducted an underwriting review, assessed developer capacity and fiscal soundness, and examined neighborhood market conditions to ensure adequate need for each development;
- Any homeownership unit funded with HOME money from this bill that cannot be sold within six months of completion must be rented to an eligible tenant; and
- No funds may be awarded for development activities to a community housing development organization (CHDO) that cannot demonstrate that it has staff with demonstrated development experience.
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Revised Form now on Iowa Finance Authority Web Site |
| The form used to document the occupancy status of a unit at the time of sale, "SELLER'S OCCUPANCY CERTIFICATION," has been updated on the HOME webpage to reflect the state's HOME rules.
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