The Limited 203(k) Rehabilitation Mortgage Insurance Program will now be available in federally designated Opportunity Zones, and with more to loan than in the previous iteration of the program.
The Federal Housing Administration (FHA) will offer a new incentive for borrowers interested in rehabilitating homes in Opportunity Zones, according to a U.S. Department of Housing and Urban Development (HUD) announcement late last week.
To achieve its goals of increased housing rehabs, the FHA will expand its Limited 203(k) Rehabilitation Mortgage Insurance Program to homes located in Opportunity Zones.
"Beginning December 16, homebuyers seeking to purchase a home in a qualified Opportunity Zone can use the Limited 203(k) program to finance rehabilitation costs up to $50,000 into the total mortgage amount," according to the release. The rehab maximum amount in Opportunity Zones is larger than currently allowed through the program for single-family homes not located in Opportunity Zones. "Existing homeowners with homes in Opportunity Zones can also use the larger allowable rehabilitation amount when refinancing to rehabilitate their existing homes," adds the release.
HUD Issues New Flood Protection Rules
Housing that uses federal funding will be subject to stricter regulations that reflect increasing flood risks.
Losing Nonprofit Control of Tax Credit Housing?
How an ambiguous legal definition is endangering nonprofits’ control of dozens of affordable housing developments in the final years of their tax credit agreements.
HUD Toolkit Supports Landlords Supporting Residents Through the Coming Economic Hardships
The eviction moratorium put into effect by the CARES Act, applying to residents in public housing authority and Housing Choice Voucher programs, is set to expire later this month.
Alabama: Trump Terminates Settlements for Black Communities Harmed By Raw Sewage
Trump deemed the landmark civil rights agreement “illegal DEI and environmental justice policy.”
Study: Maui’s Plan to Convert Vacation Rentals to Long-Term Housing Could Cause Nearly $1 Billion Economic Loss
The plan would reduce visitor accommodation by 25% resulting in 1,900 jobs lost.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Wind Energy on the Rise Despite Federal Policy Reversal
The Trump administration is revoking federal support for renewable energy, but demand for new projects continues unabated.
Passengers Flock to Caltrain After Electrification
The new electric trains are running faster and more reliably, leading to strong ridership growth on the Bay Area rail system.
Texas Churches Rally Behind ‘Yes in God’s Back Yard’ Legislation
Religious leaders want the state to reduce zoning regulations to streamline leasing church-owned land to housing developers.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Caltrans
Smith Gee Studio
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Toledo-Lucas County Plan Commissions
Salt Lake City
NYU Wagner Graduate School of Public Service