KEY POINTS: • On April 20th the Secretary of HUD asked HUD staff to review the guidance on the use of criminal histories as part of tenant screening practices. HUD’s guidance has not been updated since 2017, so expect to see some changes within the next year. • HUD recently received an additional $2B to fund 25,000 extra housing vouchers which can help guarantee rent payments for landlords. • HUD received additional resources for their Community Choice Program that will cover rental damages or rental upgrades to meet inspection criteria. Think of it as a security deposit fund. • The Moving to Work Demonstration Program is currently testing out new landlord incentives for Section 8 housing and more resources will be allocated to these tests in FY ’23.
• HUD will continue using its housing counseling program to help renters navigate the court system, transition to homeownership, and help homeowners keep their housing. • Expect more Low-Income Housing Tax Credit opportunities for small to mid-sized rental developments if HUD’s $35B proposal gets approved. The Low-Income Housing Tax Credit provides a tax incentive to construct or rehabilitate affordable rental housing for low-income households. This could be a great way for you to give back and make a great investment. • Peggy Bailey recommends landlords get engaged on local issues involving zoning, be open to accepting vouchers (especially as the program becomes more landlord-friendly) and participate in HUD focus groups to help streamline HUD’s processes further.
Watch the full interview below for more details!
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