Late HAP Payments
Last March, NAHMA spearheaded an industry coalition seeking congressional attention to the late HAP payment problem. NAHMA drafted a letter to House Financial Services Committee Chairman Mike Oxley (R-OH), Ranking Member Barney Frank (D-MA), Housing and Opportunity Subcommittee Chairman Bob Ney (R-OH) and Ranking Member Maxine Waters (D-CA), asking these key members to seek a study of this issue by the U.S. General Accounting Office (GAO). (GAO is the investigative arm of Congress). Other industry colleagues who signed our letter included AASHA, CARH, IREM, NAA, NAHB, NAHC, NAR, NLHA, and NMHC.
In a huge victory for NAHMA, Congress has taken notice of our concerns about late HAP payments. On June 2, the four key housing principals asked GAO to:
- determine the extent to which HUD makes HAP payments in a timely and predictable manner;
- identify the factors that affect the timely provision of HAP payments;
- assess the impact that the timing of HAP payments might have on the availability of affordable housing; and
- to the extent warranted, describe options for ensuring timely HAP payments.
HUD Nominations
President Bush has nominated Carin M. Barth of Texas to serve as HUD’s Chief Financial Officer.
Other News
The House Financial Services Committee approved legislation introduced by Rep. Pat Tiberi (R-OH) to create a zero-downpayment FHA mortgage. This legislation was proposed in the President’s 2005 budget request. NAHMA takes no position on homeownership legislation; this information is provided solely as an FYI.
