538 NOFA
The 538 NOFA for FY 2010 was published February 26th in the Federal Register. Like FY 2009, the program has no guarantee fees or interest credit subsidy. The NOFA also refers to Ginnie Mae MFH Issuers as potential 538 lenders. There is a list of those lenders on the www.ginniemae.gov website. As a lender, if you are not received approval for the section 538 program, consider originating a loan through one of these lenders.
Approximately one-third of the FY 2010 funds have already been obligated from applications in process with the FY 2009 NOFA. NOFA responses are being accepted through December 31, 2010.
From left to right, Barry Ramsey, USDA RD Housing Program Director; Colleen Callahan, USDA RD State Director; and Michael Todd, RRHA of Illinois Executive Director.
New USDA RD State Director
RRHA Executive Director Michael Todd recently attended the 2009 Farm Progress Show in Decatur, Illinois and met with the new USDA Rural Development State Director Colleen Callahan. She briefly spoke on the title, "Revitalizing Rural Illinois, Every Day, Every Way". Mrs Callahan will attend this years Association meeting in October.
Tax Credit Utility Allowance Regulations
The new tax credit utility allowance regulations that were passed in July of 2008 gave owners several new options to select from when establishing utility allowance estimates. For the most part, this was welcome. There was one provision that created controversy, however. The regulation stated that utilities that people pay "by or through the owner" cannot be included in the utility allowance. This was a real issue for properties that had moved to sub-metering of some utilities. Although sub-metering is beneficial in many ways, persons in sub-metered units pay their utilities to the owners. The IRS has now issued notice 2009-44 to address this situation. The notice has been well-received as it allows for sub-metered utilities to be included in the utility allowance estimates. It also allows owners to charge a small administration fee.
Introducing www.ILHousingSearch.org, a FREE affordable
housing listing service across the state of Illinois.
ILHousingSearch.org is a housing locator service that will be launched across the state of Illinois in April 2009. Sponsored by the Illinois Housing Development Authority, Illinois Department of Healthcare and Family Services, Illinois Department of Human Services, and Illinois Department on Aging, ILHousingSearch.org provides detailed information about rental properties and helps people find housing to best fit their needs.
Property owners and managers, including Housing Authorities and private landlords, can use this service to manage their property listings FREE of charge. Listings can include pictures, maps, and information about nearby amenities. Property owners and housing authorities can register and manage their listings online or via phone and fax.
Download ILHS Landlord Benefits
Download IHLS Registration Form
