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This Week in Washington

HUD announces $10.3 billion in affordable housing grants

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This Week in Washington
Monday, June 6, 2022
The Department of Housing and Urban Development (HUD) announced $10.3 billion in Fiscal Year 2022 formula grants to communities across the United States for housing and community development activities ranging from affordable housing development and public housing modernization to economic opportunities for people with low and moderate incomes.

“This funding is an investment in our communities and provides important services to some of our most vulnerable residents,” HUD Secretary Marcia Fudge said in a release. “Our local partners will be able to use these resources to boost housing supply, expand economic opportunity, and lift up American families.”

The FY22 CPD Formula Grant Program awards $6.3 billion in allocations to eligible grantees across the following grant programs for all states, Washington, D.C., Puerto Rico, and the U.S. Insular Areas. The grants were provided through the following HUD programs, administered by the department’s Office of Community Planning and Development (CPD) and Office of Public and Indian Housing (PIH): 

  • Community Development Block Grant (CDBG) – $3.3 billion. The CDBG program provides annual grants on a formula basis to states, cities and counties to develop viable urban communities by providing decent housing and a suitable living environment, and by expanding economic opportunities, principally for low- and moderate-income persons.
  • HOME Investment Partnerships (HOME) – $1.5 billion. The HOME program provides funding to states and localities that communities use - often in partnership with local nonprofit groups - to fund a wide range of activities including building, buying, and/or rehabilitating affordable housing for rent or homeownership or providing direct rental assistance to low-income people.
  • Housing Trust Fund (HTF) – $738 million. The Housing Trust Fund provides funding to produce affordable housing units for households with extremely low incomes.
  • Housing Opportunities for Persons with HIV/AIDS (HOPWA) – $405 million. HOPWA grants provide rental housing assistance and supportive services for persons living with HIV/AIDS and their families.
  • Emergency Solutions Grants (ESG) – $290 million. ESG grants provide funds for homeless shelters, assist in the operation of local shelters, and fund related social service and homeless prevention programs.
  • CDBG Recovery Housing Program (RHP) – $25 million. The RHP allows states and the District of Columbia to provide stable, transitional housing for individuals in recovery from a substance-use disorder.
  • CDBG CV-3 Reallocations – $3 million. CDBG Coronavirus (CV) Reallocations fund activities to prevent, prepare for, and respond to coronavirus.

The FY22 Capital Fund Program awarded $3.2 billion to 2,813 Public Housing Agencies for the development, financing and modernization of public housing developments and for management improvements.

The FY22 Indian Housing Block Grant (IHBG) Formula allocated $775 million to 594 eligible tribes under the IHBG Formula Program to provide funding for affordable housing activities on Indian reservations, in Indian communities, and in Alaska Native villages. Eligible activities include housing development, assistance to housing developed under the Indian Housing Program, housing services to eligible families and individuals, crime prevention and safety and model activities that provide creative approaches to solving affordable housing problems.

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“The sale of a loan after the original funding of the loan at settlement is a secondary market transaction. Such a sale is exempt from RESPA coverage as a secondary market transaction."

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12 USC Section 2605 or Section 6 is titled Servicing of mortgage loans and administration of escrow accounts. It pertains to qualified written requests, notices of transfer of servicing and the administration of escrow accounts.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. It governs escrow accounts including notifications and statements to borrowers. Section 10 also sets out penalties for those who violate the section.
RESPA Section 3 provides that a thing of value includes any payment, advance, funds, loan, service or other consideration

Regulation X says thing of value includes: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person’s expenses or reduction in credit against an existing obligation.
A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form represents the closing transaction and provides each party with a complete list of incoming and outgoing funds. RESPA requires the HUD-1 to be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.
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