Reducing Regulatory Burdens on Affordable Housing Developers

||Reducing Regulatory Burdens on Affordable Housing Developers

As the demand for affordable rental housing increases and budgets tighten, it’s more common than ever for developers and owners to work with several federal agencies in order to house the lowest-income tenants.  But, when a development is funded by more than one federal program, owners must comply with multiple – even redundant – regulations and a host of extra paperwork. There is good reason to be thorough; because federal agencies are entrusted with administering taxpayer dollars, it’s important that agencies oversee the projects and ensure that owners are meeting each program’s requirements. However, because resources are scarce, eliminating duplicative inspections and burdensome regulations would actually save taxpayer dollars and ensure that owners can focus on providing effective and critical services to those most in need.

That is why on November 7th, 2011, the Obama Administration announced that six states – Michigan, Wisconsin, Ohio, Minnesota, Washington and Oregon – were selected to test new approaches to reducing regulatory burdens on affordable housing developers. Officials in Wisconsin and Michigan signed agreements to eliminate unnecessary physical inspections at rental housing projects subsidized through more than housing agency, saving scarce local, state, and federal resources and reducing a significant burden on affordable housing operators and low-income tenants.

Read the full article on The HUDdle.

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2011-11-08T15:40:47+00:00 Industry News|