U.S. Senate passes bill to fix HUD programs

​​WASHINGTON, D.C. – The U.S. Senate last Thu​rsday passed the Housing Opportunity Through Modernization Act of 2016, legislation that leaders with the National Association of Home Builders (NAHB) said includes bipartisan fixes to HUD programs.

"This bill contains a number of reforms to increase access to affordable rental housing, provide assistance to low-income renters, and facilitate homeownership," said NAHB Chairman Ed Brady.

If signed into law, the bill will:

• Streamline inspection requirements in the Housing Choice Voucher Program, which will allow voucher holders to move into their units more quickly.
• Allow the contract terms of HUD’s Section 8 Project Based Housing Choice Vouc​her program to be extended from 15 to 20 years. This will help facilitate the use of project-based vouchers within the Low Income Housing Tax Credit properties.
• Protect Section 8 Housing Choice Voucher residents from displacement due to fluctuations in the fair market rent, which determines payment standard amounts for the voucher program.
• Change the Rural Housing Service Single Family Guaranteed Loan Program so that it will be current with other government loan programs while providing efficiencies for homebuyers and lenders.
• Reduce current FHA regulations surrounding existing condominium projects, including streamlining project certification rules and reducing owner-occupancy requirements.

The House unanimously approved a companion bill earlier this year.