The real estate industry held a meeting with C. Lamar Seats, the Deputy Assistant Secretary for the Office of Multifamily Housing Programs, at the U.S. Department of Housing and Urban Development (HUD) on March 26.
NMHC and NAA discussed HUD’s recent Notice regarding a reduction in the number of days for a Real Estate Assessment Center (REAC) inspection. NMHC and NAA, along with other real estate industry groups sent a letter on March 28 expressing concern with the newly-imposed notice period of 14-days – down from 120 days in some cases, urging HUD to withdraw the notice. In addition, NMHC and NAA also reviewed the effort to address concerns between HUD and the Department of Labor with regard to Davis-Bacon problems associated with increasing housing costs, as well as HUD staffing issues.
The Office of the Deputy Assistant Secretary is responsible for implementing multifamily housing programs authorized by the National Housing Act. They administer the FHA multifamily insurance program, oversee risk sharing programs for FHA-insured loans, ensure service to Project-based rental subsidy programs operating in multifamily housing projects and preserve properties and affordability by restructuring rents and mortgages through the Rental Assistance Demonstration program.