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Housing advocacy groups are promoting a federal initiative that would require HUD to fulfill its obligations to owners arising out of housing assistance payment contracts in fiscal year 2008 on time and in full. Federal Housing Authority Commissioner Brian Montgomery assured owners that in FY08, HUD has enough money budgeted to fund all HAP contracts through November 2008, although this is less than the 12-month period sought by the housing advocates' initiative. Meanwhile, on the state level, the importance of public-private partnerships in preserving affordable housing was stressed in a study released by the Center for an Urban Future. The report reveals that state and local governments have sought to preserve affordable housing that was at risk of being auctioned off as the result of foreclosure. New York City Mayor Michael C. Bloomberg has made the preservation of affordable housing a priority and has been making good on his promise to build or preserve 165,000 units of affordable housing over the next 10 years.
A LEGAL COMPLIANCE GUIDE FOR THE LOW-INCOME HOUSING TAX CREDIT COMMUNITY
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"Supporting the Most Promising Affordable Housing Initiatives"Please download to view full document