HUD Publishes FY 2023 Fair Market Rents
HUD Public Affairs, September 1, 2022
Nationally, Fair Market Rents will increase by an average of approximately 10 percent, enabling more households with vouchers to access affordable, stable housing. For FY 2023, HUD is using private sector data to estimatechanges in FMRs to address a temporary data availability challenge and to align with conditions. The basic methodolgy that HUD uses to estimate FMRs remains the same.
Controversial Changes to the Community Reinvestment Act (CRA)
A significant rewrite of the Community Reinvestment Act (CRA) is underway which may fundamentally change how the financial institutions are required to invest in low to moderate income communities. Some of the proposed changes are generating controversy, with headlines such as: “Financing for Sports Stadiums Could Count as Helping the Poor” (Bloomberg) and “FDIC bid to overhaul anti-redlining law sparks protest” (Politico).
Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have issued a Notice of Proposed Rulemaking (NPR) [Memo to the Board of Directors | Summary & Highlights | Full Text]. It proposes changes in 4 (four) key areas:
- What qualifies for CRA credit;
- Where CRA activity counts;
- What method should be used to measure CRA activity;
- And how banks should collect, record, and report data.
Once the proposed rule is published in the Federal Register, interested parties and organizations will have 60-days to file public comments.
Here are some reactions to the proposed Rulemaking: