HUD wants more affordable housing oversight

U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan has proposed new regulatory requirements under its HOME Investment Partnerships Program (HOME).
HOME is HUD’s largest federal block grant to state and local governments to produce affordable housing for low-income families. Since 1992, the HOME Program has helped more than one million families secure affordable housing. However, HUD wants to significantly boost the program’s performance at the local level.
HUD presented a proposed rule Congress, where it will undergo a required review period. It will appear soon in the Federal Register.
In general, HUD says changes under the proposed rule:
• Require state and local governments to adopt policies and procedures that improve their oversight of projects; develop a system that assesses a projects risks; and do a better job monitoring the recipients of federal HOME funding.
• Require state and local governments to assess a developer and the long-term viability of the developer’s project before committing HOME funds.
• Require more frequent reporting by state and local “participating jurisdictions” so HUD can do a better job tracking projects as they progress.
• Set a higher “performance bar” – create a timeframe for project completion and take corrective action against jurisdictions that fail to finish what they started.
Beyond improving the HOME program’s underlying regulations, HUD is improving the department’s Integrated Disbursement and Information System (IDIS), its program for tracking HOME funds.

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