Fair Market Rents and Income Limits
The Department of Housing and Urban Development (HUD) has announced that Fair Market Rents and Income Limits (Income Limits) data are now available via an application programming interface (API). HUD sets income limits that determine eligibility for assisted housing programs including the Public Housing, Section 8 project-based, Section 8 Housing Choice Voucher, Section 202 housing for the elderly, and Section 811 housing for persons with disabilities programs.
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: