1. New HOME Final Rule September 18, 2013
Timing: This module (through “General Program and Administrative Changes”) will take approximately 90 minutes.
Key points:
Have this slide up and visible before the briefing session begins.
Confirm with HUD staff how the introductions will be handled.

2. Background September 1996: HOME final rule published
December 2011: Proposed rule published
February 2012: Public comment period closed
HUD received 322 public comment letters
July 24, 2013: new HOME final rule published
Key points:
This is first significant rulemaking for the HOME program in many years.
HUD requested and received many comments on the proposed rule published in 2011 and spent significant time and effort reviewing and considering the concerns of PJs and other stakeholders before issuing the final rule in July of this year.
Encourage participants to read the rule and the preamble for a better understanding of the purpose of the changes.

3. Context Recent housing and credit market conditions
Administrative and management challenges
Management of growing HOME project portfolios
Complexity of PJ program designs
Reduced availability of federal, State, and local funds and limited private lending
Key points:
The changes reflected in the new rule are informed by what HUD and HOME PJ’s have learned over the past 20 years of administering the HOME program.
PJs have encountered new administrative and management challenges, challenges that have been magnified by the current housing and credit market conditions.
PJ’s have adopted more and more complex program designs.
PJ’s face reductions in federal, state and local funding and more limited access to private lending.
As a result of resource constraints, PJs are experiencing workforce reductions across the county.

4. Goals & Objectives of Rule
Clarify existing regulatory requirements
Establish new requirements that:
Enhance accountability and performance
Achieve more timely production of housing
Improve monitoring and oversight
Incorporate best practices as required procedures
Address CHDO capacity/performance issues
Achieve alignment with other federal housing programs, where possible
Key points:
The HOME Rule has not been updated since 2004, and the last major re-write goes back nearly two decades. Many clarifications, technical tweaks, and updates have accumulated and are now finally being incorporated into the Rule.
Some changes are simply codifying policy that had been issued in HOMEFires, notices, and other guidance.
New requirements have been added that aim to enhance accountability and performance, achieve more timely production of HOME-funded housing, improve monitoring and project and program oversight, incorporate best practices, and address CHDO capacity and performance issues.
Still other new and revised requirements seek to achieve alignment with other federal housing programs.

5. Key Changes Program and Project Timeframes Property Standards Match
CHDO Reservation
Homebuyer Program Design
Written Agreements
Subsidy Layering & Underwriting
Oversight of Rental Projects
Written Policies & Procedures
New and revised CHDO Roles
Project Completion Definition
CHDO Capacity
Key points:
Review this list only briefly. These are the general topics of the changes.
Point out that we will touch on the changes that fall under each of these topics.