8 months ago

Annual Performance Plan 508

Annual Performance Plan 508


PROGRESS UPDATE HUD did not meet its FY 2014 target of 48,645 additional households served, providing affordable rental housing to 36,128 additional households, or approximately 74 percent of its target. Multifamily Housing exceeded most of its goals for both the preservation and the production of rental housing. Collectively, Multifamily programs exceeded the FY 2014 target by 10,000 units. A major part of this effort came through a focus on a number of maturing projects. For example, Multifamily preserved 32.1% of maturing 236 and 202 projects with HUD use agreements or 20-year HAP contracts. Policy efforts and the launch of the Office of Recapitalization under the Multifamily Transformation made preservation transactions more feasible in FY 2014, enabling Multifamily to preserve more Section 202, Section 236 and BMR units than anticipated. In addition, tax credit reform efforts including aligning programs with the LIHTC program has enabled Multifamily to exceed the targeted number of units with firm commitments restricted under LIHTC and Tax Exempt Bonds. Collectively, Community Planning and Development (CPD) programs did not meet their FY 2014 goal, falling short by roughly 2,400 units. This was largely due to the unexpected significant increase in the percentage of HOME rental households also receiving Section 8 rental assistance. Additionally, over 7,000 occupied HOME rental units were no longer counted in FY 2014 because the period of affordability for those units expired during the year. CPD’s HOME program is addressing these forecasting issues for future targets. For Public and Indian Housing (PIH) programs, an uncertain fiscal environment remained a fundamental challenge. As a result, PIH programs collectively missed their goal of a net loss of 4,161 units, losing 23,681. Public housing authorities, still reeling from the unprecedented cuts to the voucher program budgets in the previous two fiscal years, remained hesitant to lease units quickly throughout the 2014 year, choosing in some cases to rebuild reserves devastated by sequestration. Voucher lease-ups have increased in the first half of FY 2015. More Public Housing units were preserved than anticipated, partially because RAD conversions of Public Housing units happened at a slower pace than anticipated, and also because more construction of new units was completed than anticipated. For detailed quarterly assessments of progress, readers may consult the quarterly updates on 60 Retrospective: FY 2014-2015 Agency Priority Goal Affordable Rental Housing

Groundbreaking for Alder Creek Apartments Retrospective: FY 2014-2015 Agency Priority Goal Affordable Rental Housing 61

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