HUD FY 2019 Budget
This HUD Administration press release focuses on its core priority of providing direct assistance to vulnerable populations, while proposing significant cuts to capital programs and stating the Administration’s commitment to the idea that “state and local governments are best positioned to address specific needs in their communities.”
The Trump Administration’s proposed budget has raised a major policy debate regarding the imposition of work requirements for recipients of federal rental assistance. This analysis by the Center for Budget and Policy Priorities (CBPP) exams data on the income and employment of current rent subsidy recipients to help gauge the potential impact of new requirements.
Other Federal Policy News
The House of Representatives has voted to pass the Mortgage Choice Act of 2017, which would adjust the Truth in Lending Act’s definitions of points and fees under the Ability to Repay/Qualified Mortgage rule.
The Federal Housing Finance Agency (FFHA) has published a final rule that establishes new single family and multifamily housing goals for Fannie Mae and Freddie Mac for 2018 through 2020 in accordance with the provisions of the Housing and Economic Recovery Act of 2008.
Rental Housing
A large share of commercial mortgages carry a maturity of 10 years. 2017 marked the end of the “wall of maturities” for loans closed during the housing boom. Now, 2018 will see a steep fall off in maturities as the smaller number of loans closed during the 2008 financial crisis mature.
Homeownership
2017 provided a wake-up call to the mortgage servicing industry, which saw a sharp spike in mortgage delinquencies and foreclosures in the areas affected by hurricanes and wildfires. A summary of lessons learned and issues to be addressed in mortgage servicing disaster preparedness planning.
Market Trends
Online real estate firm Redfin.com reports that migration patterns in the fourth quarter saw people in expensive, high-tax coastal markets such as San Francisco, New York, Los Angeles and Washington search for homes in more affordable metros with lower taxes. This confirms the out-migration pattern seen recently in Census Bureau and Weldon Cooper Center (UVA) estimates of population change in Northern Virginia.
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