Housing Notice - Delegated Processing for Certain Capital Advance Projects
HUD published a Housing Notice for Delegated Processing for Certain Capital Advance Projects.
HUD published a Housing Notice for Delegated Processing for Certain Capital Advance Projects. This notice aligns with HUD's most recent Section 202 and 811 Capital Advance Notices of Funding Availability (NOFA), addresses workload concerns, and aligns capital advance with Low-income Housing Tax Credit timelines.
Specifically, this is an update to H 2013-12. The updated notice streamlines the firm commitment process by mandating a timely issuance within12 months. The delegation to state and local agencies will streamline the compliance process for sponsors undertaking mixed-finance transactions (capital advance in combination with other funding sources).
The streamlining in today's notice is another example of HUD leveraging private sector partnerships to encourage affordable housing investment.