{"id":17375,"date":"2017-03-06T05:00:05","date_gmt":"2017-03-06T13:00:05","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=17375"},"modified":"2020-12-24T22:08:06","modified_gmt":"2020-12-25T06:08:06","slug":"the-new-hud","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/the-new-hud\/","title":{"rendered":"The New HUD"},"content":{"rendered":"

Two updates issued by the U.S. Department of Housing and Urban Development bring bad new\"affordables to homeowners.<\/p>\n

Denied Mortgage Insurance Rate Cut Costs Homeowners $500\/year<\/strong><\/p>\n

The new administration indefinitely suspended a proposed rate cut for FHA-backed mortgage insurance. Instead of dropping rates to .60 percent, they will remain at .85 percent. The decision\u2014made within the hour that the new administration assumed office– will cost homeowners a savings averaging $500 a year. Savings would vary by state. In California, the savings would have averaged $860 per year.<\/p>\n

LA Times reports<\/a> that the administration denied the proposed cut, citing risk prevention as the cause. Borrowers can have down payments of as little as 3.5 percent and credit scores as low as 580.<\/p>\n

The average credit score for borrowers, however, was a fair 679 in late 2016.<\/p>\n

Non-bank lenders often manage higher risk FHA-backed loans. These lenders may not have the same reserve requirements as banks.<\/p>\n

The California Association of Realtors president Geoff McIntosh issued the following statement on the decision: \u201cFHA\u2019s single-family home portfolio is financially sound as it has ever been, and we hope that once the new administration has thoroughly reviewed the merits of the premium reduction the suspension will immediately be lifted.\u201d<\/p>\n

Secretary of Housing and Urban Development\u00a0 Ben Carson says he intends to reexamine the decision. He plans to collaborate with FHA administrator and other financial experts to \u201creally examine that policy.\u201d<\/p>\n

American Indian Households Face Increasing Challenges<\/strong><\/p>\n

Affordable Housing Finance shared the latest developments<\/a> in an independent American Indian Housing Report initiated by HUD. \u00a0While tribes have responsibly used existing resources for improvements, dire housing conditions and a lack of resources continue to hinder progress.<\/p>\n

Researchers with the Urban Institute in Washington, D.C. examined the housing needs of American Indians, Alaska Natives, and Native Hawaiians. The team discovered that Native Americans face poorer housing conditions than other Americans.<\/p>\n

Plumbing, heating, electrical, and general maintenance issues plagued 23 percent of tribal homes compared to 5 percent of all US homes.<\/p>\n

In addition to these challenges, Native American neighborhoods lack sufficient infrastructure such as reliable roads, public lighting, and public transit. Properties also face a myriad of legal issues that exacerbate hardships.<\/p>\n

The Native American Housing Assistance and Self-Determination Act of 1996 jumpstarted the construction of new tribal housing in the US. There is still a deficit of nearly 68,000 units: 17 percent of households had at lease one double occupancy room because \u201cthey have nowhere else to go.\u201d Some units are needed to replace dilapidated housing.<\/p>\n

In a statement, former HUD Secretary Julian Castro explained, \u201cThis assessment paints a stark picture of the deep and enduring housing needs being experienced by Native American and Alaska Native households.\u201d He continues, \u201cIt\u2019s imperative that we support tribes and continue to produce more quality housing in communities where families are living in overcrowded or unsuitable conditions.\u201d<\/p>\n

Tribes resourcefully use block grants issued in 1996 to address housing and infrastructure needs. Unfortunately, inflation has diminished the potential of the funds.<\/p>\n

Nancy Pindus, a senior fellow in the Urban Institute\u2019s Metropolitan Housing and Communities Policy Center observes, \u201c[\u2026] the tribes were given the primary responsibility for planning and operating their housing programs. Tribes have demonstrated that they can construct and rehabilitate housing for their low-income members under this system, but the funding has been eroded by inflation.<\/p>\n

Visit HUD.gov for more information<\/a> as these stories develop.<\/p>\n","protected":false},"excerpt":{"rendered":"

Two updates issued by the U.S. Department of Housing and Urban Development bring bad news to homeowners. Denied Mortgage Insurance Rate Cut Costs Homeowners $500\/year The new administration indefinitely suspended a proposed rate cut for FHA-backed mortgage insurance. Instead of dropping rates to .60 percent, they will remain at .85 percent. The decision\u2014made within the […]<\/p>\n","protected":false},"author":440,"featured_media":17376,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[133,157,528,660,322,1851],"class_list":["post-17375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-demographics","tag-economy","tag-government","tag-homeownership","tag-hud","tag-mortgage-rates"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"Two updates issued by the U.S. Department of Housing and Urban Development bring bad news to homeowners. Denied Mortgage Insurance Rate Cut Costs\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The New HUD\" \/>\n<meta property=\"og:description\" content=\"Two updates issued by the U.S. Department of Housing and Urban Development bring bad news to homeowners. Denied Mortgage Insurance Rate Cut Costs\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/the-new-hud\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-06T13:00:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-12-25T06:08:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/02\/affordable-fee-app.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Erica Rasc\u00f3n\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Erica Rasc\u00f3n\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/the-new-hud\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/the-new-hud\/\",\"name\":\"The New HUD - Yardi Corporate Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/the-new-hud\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/the-new-hud\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/02\/affordable-fee-app.jpg\",\"datePublished\":\"2017-03-06T13:00:05+00:00\",\"dateModified\":\"2020-12-25T06:08:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/d63afaf076d5863391dd49858ccef2ac\"},\"description\":\"Two updates issued by the U.S. Department of Housing and Urban Development bring bad news to homeowners. Denied Mortgage Insurance Rate Cut Costs\",\"breadcrumb\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/the-new-hud\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.yardi.com\/blog\/the-new-hud\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.yardi.com\/blog\/the-new-hud\/#primaryimage\",\"url\":\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/02\/affordable-fee-app.jpg\",\"contentUrl\":\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/02\/affordable-fee-app.jpg\",\"width\":1000,\"height\":667},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.yardi.com\/blog\/the-new-hud\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.yardi.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The New HUD\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.yardi.com\/blog\/#website\",\"url\":\"https:\/\/www.yardi.com\/blog\/\",\"name\":\"Yardi Blog\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.yardi.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/d63afaf076d5863391dd49858ccef2ac\",\"name\":\"Erica Rasc\u00f3n\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/09382010b8c97da56343095c2854ad7733a3c2e094f59f75eb5ef1aacf501bcf?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/09382010b8c97da56343095c2854ad7733a3c2e094f59f75eb5ef1aacf501bcf?s=96&d=mm&r=g\",\"caption\":\"Erica Rasc\u00f3n\"},\"description\":\"Erica Rasc\u00f3n specializes in online content creation and social media. She joined Yardi in 2011 after receiving her bachelor's degree from Kennesaw State University and serving in the Peace Corps. Erica's interests include sustainability, philanthropy, and the arts.\",\"url\":\"https:\/\/www.yardi.com\/blog\/author\/ericajarrell\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Yardi Blog","description":"Two updates issued by the U.S. Department of Housing and Urban Development bring bad news to homeowners. Denied Mortgage Insurance Rate Cut Costs","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"The New HUD","og_description":"Two updates issued by the U.S. Department of Housing and Urban Development bring bad news to homeowners. Denied Mortgage Insurance Rate Cut Costs","og_url":"https:\/\/www.yardi.com\/blog\/the-new-hud\/","og_site_name":"Yardi Blog","article_published_time":"2017-03-06T13:00:05+00:00","article_modified_time":"2020-12-25T06:08:06+00:00","og_image":[{"width":1000,"height":667,"url":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/02\/affordable-fee-app.jpg","type":"image\/jpeg"}],"author":"Erica Rasc\u00f3n","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Erica Rasc\u00f3n","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.yardi.com\/blog\/the-new-hud\/","url":"https:\/\/www.yardi.com\/blog\/the-new-hud\/","name":"The New HUD - Yardi Corporate Blog","isPartOf":{"@id":"https:\/\/www.yardi.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardi.com\/blog\/the-new-hud\/#primaryimage"},"image":{"@id":"https:\/\/www.yardi.com\/blog\/the-new-hud\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/02\/affordable-fee-app.jpg","datePublished":"2017-03-06T13:00:05+00:00","dateModified":"2020-12-25T06:08:06+00:00","author":{"@id":"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/d63afaf076d5863391dd49858ccef2ac"},"description":"Two updates issued by the U.S. Department of Housing and Urban Development bring bad news to homeowners. Denied Mortgage Insurance Rate Cut Costs","breadcrumb":{"@id":"https:\/\/www.yardi.com\/blog\/the-new-hud\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardi.com\/blog\/the-new-hud\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardi.com\/blog\/the-new-hud\/#primaryimage","url":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/02\/affordable-fee-app.jpg","contentUrl":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/02\/affordable-fee-app.jpg","width":1000,"height":667},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardi.com\/blog\/the-new-hud\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardi.com\/blog\/"},{"@type":"ListItem","position":2,"name":"The New HUD"}]},{"@type":"WebSite","@id":"https:\/\/www.yardi.com\/blog\/#website","url":"https:\/\/www.yardi.com\/blog\/","name":"Yardi Blog","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardi.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/d63afaf076d5863391dd49858ccef2ac","name":"Erica Rasc\u00f3n","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/09382010b8c97da56343095c2854ad7733a3c2e094f59f75eb5ef1aacf501bcf?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/09382010b8c97da56343095c2854ad7733a3c2e094f59f75eb5ef1aacf501bcf?s=96&d=mm&r=g","caption":"Erica Rasc\u00f3n"},"description":"Erica Rasc\u00f3n specializes in online content creation and social media. She joined Yardi in 2011 after receiving her bachelor's degree from Kennesaw State University and serving in the Peace Corps. Erica's interests include sustainability, philanthropy, and the arts.","url":"https:\/\/www.yardi.com\/blog\/author\/ericajarrell\/"}]}},"jetpack_featured_media_url":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/02\/affordable-fee-app.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/posts\/17375","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/users\/440"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/comments?post=17375"}],"version-history":[{"count":4,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/posts\/17375\/revisions"}],"predecessor-version":[{"id":24932,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/posts\/17375\/revisions\/24932"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/media\/17376"}],"wp:attachment":[{"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/media?parent=17375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/categories?post=17375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/tags?post=17375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}