FY 2012 HUD/Transportation Appropriations Now Law, Includes Some Reg Relief for PHA's and FHA Mortgage Limit Increases.

Entire 457 page bill text of  HR 2112 is HERE.(HUD Section starts on page 355).

NLIHC has posted an additional table of comparisons of selected program funding levels HERE; it includes FY 2012 comparisons to FY 2010, FY 2011, and the FY 2012 President's requested budget. 

Fixed Income PHA Income Re-certifications Can Move to a 3 Year Cycle. Contrary to what I said in yesterdays post  the final bill does include a Section 236 [page 432] that has some PHA changes related to income eligibility. A key regulatory relief provision allows, subject to tenant self certification, 3 year income recerts for those with "fixed incomes". There are also changes to the definition of income limits for extremely low income families (it will be the higher of 30% of median family income or the poverty level). I am sure that industry groups and HUD will have more to follow on these and other eligibility changes in the coming days.

FHA mortgage limits are included in the bill [page 437], mortgage  limits did NOT increase for Fannie and Freddie. Realtor PR is HERE.

Originally created and posted on the Oregon Housing Blog.