PHAS Exemption; FHA Lending Standards Updates; November Housing Scorecard

R & C H o u s i n g N o t i c e s N e w s l e t t e r

48th Edition: 12/9/13-12/13/13

Reno & Cavanaugh's Housing Notices Newsletter contains weekly notices, proposed rules and relevant information on HUD policy and regulations. For more information, please visit www.renocavanaugh.com and R&C's Housing Policy Group's webpage.

Happy Holidays!

News of Note:

1. PHAs with RAD Awards - PHAS Exemption & PIC Removal Application for RAD Projects. PIH Notice 2012-32 REV 1 exempted all public housing units covered by a commitment to enter into a Housing Assistance Payments Contract (CHAP) from scoring under the Public Housing Assessment System (PHAS) as long as PHAs submit an abbreviated removal application in the Inventory Removals module in PIC using these instructions.

2. The Federal Housing Administration (FHA) Updates Lending Standards for Manually-Underwritten Borrowers, specifying compensating factors for loans requiring manual underwriting.

3. The Obama Administration's November Housing Scorecard.

H O U S I N G N O T I C E S 12/9/2013 - 12/13/2013

NAME OF NOTICE	TITLE	ISSUE DATE OR PAGE NUMBER	INFORMATION
CPD Notices	No new notices
PIH Notices	No new notices
Housing Notices	No new notices
Mortgagee Letters	HUD Single Family Real Estate Owned (REO) Properties: Updates on Ordering New Appraisals and Clarification on Comparables Used for Appraisals	13-44 Issued: December 6, 2013	This Mortgagee Letter includes changes to HUD's policies on: The use of an FHA-insured mortgage in the purchase of HUD REO properties; and The use of distressed properties in determining the market value of REO properties.
	Federal Housing Administration Maximum Loan Limits Effective January 1, 2014 through December 31, 2014	13-43 Attachment 1- Areas at Ceiling and Above Attachment 2 - Areas Between Floor and Ceiling Issued: December 6, 2013	This Mortgagee Letter: announces the expiration of Congressional Authority for loan limits established under the Economic Stimulus Act for 2008 (ESA), provides notice of FHA's single family housing loan limits for Title II Forward Mortgages and Home Equity Conversion Mortgages (HECMs), and provides loan limit instructions for streamline refinance transactions without an appraisal.

Federal Register Notices
Rules and Regulations	Manufactured Home Construction and Safety Standards	PDF \| Text \| More Issued: December 9, 2013 Pages 73965 - 73992
	Floodplain Management and Protection of Wetlands; Correction	PDF \| Text \| More Issued: December 10, 2013 Pages 74009 - 74009
	Federal Housing Administration (FHA) Risk Management Initiatives: New Manual Underwriting Requirements	PDF \| Text \| More Issued: December 11, 2013 Pages 75238 - 75245
	Qualified Mortgage Definition for HUD Insured and Guaranteed Single Family Mortgages	PDF \| Text \| More Issued: December 11, 2013 Pages 75215 - 75238
Proposed Rules	No new notices
Notices	Notice of HUD-Held Multifamily Loan Sale (MLS 2014-1)	PDF \| Text \| More Issued: December 10, 2013 Pages 74157 - 74159
	60-Day Notice of Proposed Information Collection: Application for FHA Insured Mortgages	PDF \| Text \| More Issued: December 11, 2013 Pages 75364 - 753651
	30-Day Notice of Proposed Information Collection: Assessment of Native American, Alaska Native and Native Hawaiian Housing Needs	PDF \| Text \| More Issued: December 11, 2013 Pages 75365 - 75366
	30-Day Notice of Proposed Information Collection: Public Housing Energy Audits and Utility Allowances	PDF \| Text \| More Issued: December 11, 2013 Pages 75366 - 75367
	60-Day Notice of Proposed Information Collection: The Multifamily Accelerated Processing Guide	PDF \| Text \| More Issued: December 11, 2013 Pages 75367 - 75367
	60-Day Notice of Proposed Information Collection: Restrictions on Assistance to Noncitizens	PDF \| Text \| More Issued: December 11, 2013 Pages 75368 - 75368
	60-Day Notice of Proposed Information Collection: HUD Multifamily Energy Assessment	PDF \| Text \| More Issued: December 11, 2013 Pages 75368 - 75369

For more information about the attorneys at Reno & Cavanaugh, please follow this link.

Contact:
	Stephen I. Holmquist Member: (202) 349-2462 sholmquist@renocavanaugh.com	Julie S. McGovern Member: (202) 349-2472 jmcgovern@renocavanaugh.com
	George L. Weidenfeller Member: (202) 349-2464 gweidenfeller@renocavanaugh.com

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