RAD Fast-Track Process Webinar July 22nd; FHA Multifamily Rental Project Closing Documents

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

26th Edition: 7/7/14-7/11/14

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.

News of Note:

1. Webinar for RAD Fast Track Process for CHAP awardees pursuing Non-FHA LIHTC Transactions

-- July 22nd, 2:30 to 4:30 pm EDT. Register here. The webinar will also be recorded.

2. Federal Housing Administration (FHA) multifamily rental project closing documents notice announces the Office of Management Budget (OMB)'s approval of revised documents and highlights certain revisions based on comments submitted in response to the April 1, 2014, 30-day Federal Register notice. See the final versions of the Closing Documents, which include redlines (for informational purposes only). The official version of the Closing Documents that must be used for FHA multifamily rental project closings will be available at HUD's Forms Resources webpage.

H O U S I N G N O T I C E S 7/7/2014 - 7/11/2014

NAME OF NOTICE	TITLE	ISSUE DATE OR PAGE NUMBER	INFORMATION
CPD Notices	No new notices
PIH Notices	No new notices
Housing Notices	Annual Base City High Cost Percentage and High Cost Area Revisions for 2014	2014-08 Issued: July 7, 2014	In accordance with Chapter 5, paragraph 5-6 of HUD Handbook 4445.1 REV-2, Underwriting Technical Direction for Project Mortgage Insurance, HUD has reviewed the High Cost Percentages (HCP) for each Base City. Each Base City HCP has been recalculated based on CPI-U index published by the Consumer Finance Protection Bureau. The results are reflected in the attached list of authorized Base City HCPs, effective January 1, 2014.
Mortgagee Letters	Annual Base City High Cost Percentage and High Cost Area Revisions for 2014	2014-14 Issued: July 7, 2014	In accordance with Chapter 5, paragraph 5-6 of HUD Handbook 4445.1 REV-2, Underwriting Technical Direction for Project Mortgage Insurance, HUD has reviewed the High Cost Percentages (HCP) for each Base City. Each Base City HCP has been recalculated based on CPI-U index published by the Consumer Finance Protection Bureau. The results are reflected in the attached list of authorized Base City HCPs, effective January 1, 2014.
	Voluntary Termination of FHA Mortgage Insurance	2014-13 Issued: July 3, 2014	Requires mortgagees, requesting voluntary termination of FHA mortgage insurance, to obtain a signed Borrower's Consent to Voluntary Termination of FHA Mortgage Insurance from each borrower on the mortgage.

Federal Register Notices
Rules and Regulations	No new notices
Proposed Rules	Streamlining Requirements Applicable to Formation of Consortia by Public Housing Agencies	PDF \| Text \| More Issued: July 11, 2014 Pages 40019 - 40031
Notices	Home Equity Conversion Mortgage (HECM) Program: Limit on Insurability of Fixed Interest Rate Products Under the HECM Program-Solicitation of Comment	PDF \| Text \| More Issued: July 10, 2014 Pages 39408 - 39408
	Additional Clarifying Guidance, Waivers, and Alternative Requirements for Grantees in Receipt of Community Development Block Grant Disaster Recovery Funds Under the Disaster Relief Appropriations Act, 2013	PDF \| Text \| More Issued: July 11, 2014 Pages 40133 - 40137
	Notice of Proposed Information Collection: Comment Request Annual Adjustment Factors (AAF) Rent Increase Requirement	PDF \| Text \| More Issued: July 11, 2014 Pages 40129 - 40130
	Federal Housing Administration (FHA) Multifamily Rental Project Closing Documents: Notice Announcing Approval of Revised Documents	PDF \| Text \| More Issued: July 11, 2014 Pages 40131 - 40132
*Proposed Information Collection*	60-Day Notice of Proposed Information Collection: Energy Evaluation of Public Housing Capital Fund (PHCF), Category 4, Option 2 Grantees	PDF \| Text \| More Issued: July 11, 2014 Pages 40130 - 40130
	60-Day Notice of Proposed Information Collection: Request for Prepayment of Section 202 or 202/8 Direct Loan Project	PDF \| Text \| More Issued: July 11, 2014 Pages 40132 - 40133

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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