News + Events

HUD Publishes New Guidance for Mark-to-Market (“M2M”) Project Owners to Apply for Budget-Based Rent Adjustments

By. Stephen Niles and Scott Travers

HUD issued a new Rule and Housing Notice last week that should be of interest to owners of Mark-to-Market (M2M) projects that struggle to meet their financial and/or operational needs. Many M2M project owners have long awaited an approach to address M2M projects that have insufficient revenues because they were restricted to only Operating Cost Adjustment Factor (OCAF) rent increases under the M2M program. The new Rule and Notice invite different groups of M2M owners to apply for Budget-Based Rent Adjustments (BBRAs) that will increase their rents to a level intended to promote long-term sustainability. We think the new guidance is useful, but the priority groups set forth by HUD may mean that only those M2M properties in the most distressed condition will ultimately get the additional rental revenues they need. Click here to view our full Housing Alert addressing the new guidance.

Should you have any questions about this KH Housing Alert or require any further information, please contact Stephen Niles or Scott Travers.

To be added to the Klein Hornig Client Alert distribution list, please contact Amanda Cote.

This housing alert is intended as a source of information for clients and friends of Klein Hornig LLP. The content should not be construed as legal advice, and readers should not act upon information in this publication without professional counsel. This housing alert may be considered advertising under certain rules of professional conduct. Copyright © 2024 Klein Hornig LLP. All rights reserved.


HUD Issues Updated Implementation Guidance for Green and Resilient Retrofit Program

By Eric Herrmann and Adam Cohen

On January 8th, HUD issued updated guidance (Housing Notice 2024-01) (the “Supplemental Notice”) for the Green and Resilient Retrofit Program (“GRRP”).  The Supplemental Notice amends Housing Notice 2023-05 (the “Initial Notice”) to add flexibility in response to industry feedback and implement certain administrative changes.  GRRP is a nearly $5 billion federal investment authorized under the 2022 Inflation Reduction Act to enhance energy and water efficiency and reduce carbon emissions among HUD’s assisted housing portfolio.  To date, HUD has announced grant and loan awards totaling nearly $295 million across the Elements, Leading Edge, and Comprehensive Award cohorts and additional application windows are open in 2024.

Click here to read the article in its entirety.

Should you have any questions about this KH Housing Alert or require any further information, please contact Eric Herrmann or Adam Cohen.

To be added to the Klein Hornig LLP Client Alert distribution list, please contact Amanda Cote.

This housing alert is intended as a source of information for clients and friends of Klein Hornig LLP. The content should not be construed as legal advice, and readers should not act upon information in this publication without professional counsel. This housing alert may be considered advertising under certain rules of professional conduct. Copyright © 2024 Klein Hornig LLP. All rights reserved.



HUD Issues Supplemental Guidance to Update Rental Assistance Demonstration (RAD) Program

By Adam Norlander and Emily Ameel

On July 27, 2023, HUD issued Rental Assistance Demonstration – Supplemental Notice 4B (H-2023-08/PIH 2023-19) (the “Notice”) to enact various changes to the RAD program.  We have summarized the Notice, which includes updated guidance on RAD for PRAC contract rent setting,  energy efficiency and climate resilience, radon testing, treatment of “zero-HAP” residents, Faircloth-to-RAD developments, and RAD/Section 18 blends. Click here to read the article in its entirety.

Should you have any questions about this KH Housing Alert or require any further information, please contact Adam Norlander.

To be added to the Klein Hornig LLP Client Alert distribution list, please contact Amanda Cote.

This housing alert is intended as a source of information for clients and friends of Klein Hornig LLP. The content should not be construed as legal advice, and readers should not act upon information in this publication without professional counsel. This housing alert may be considered advertising under certain rules of professional conduct. Copyright © 2023 Klein Hornig LLP. All rights reserved.


2023 Novogradac Journal of Tax Credits Rising Stars

KH would like to congratulate our very own Jess Worthington and the other 2023 Novogradac Rising Stars. Thank you all for your inspiring stories and dedication to community development.


KH Honors 2023 Novogradac Journal of Tax Credits – Developments of Distinction Award Winners

On July 5th, the Novogradac Journal of Tax Credits announced the 2023 Developments of Distinction Awards Winners. Klein Hornig is proud to have worked alongside our clients on several of the awarded projects. Congratulations to these extraordinary developments!  

Click here to learn more about the Novogradac Journal of Tax Credit Awards.


Rhode Island legislature approves affordable housing investments, reforms

By Claudia Wack

The end of the 2023 Rhode Island legislative session ushered in sweeping reforms and investments designed to increase affordable housing development throughout the state. Notably, the FY2024 budget that Governor Dan McKee signed into law on June 18th establishes the state’s first low-income housing tax credit (LIHTC). The FY2024 budget also includes significant funds for affordable housing development and preservation and, lastly, the general assembly passed zoning and permitting reforms with significant implications for affordable housing developers. Read more.

Should you have any questions about this KH Housing Alert or require any further information, please contact Claudia Wack.

To be added to the Klein Hornig LLP Client Alert distribution list, please contact Amanda Cote.

This housing alert is intended as a source of information for clients and friends of Klein Hornig LLP. The content should not be construed as legal advice, and readers should not act upon information in this publication without professional counsel. This housing alert may be considered advertising under certain rules of professional conduct. Copyright © 2023 Klein Hornig LLP. All rights reserved.


Klein Hornig Proudly Supports the DC Raising the Bar Campaign


Massachusetts Housing Awards

On Thursday, May 18th the Healey-Driscoll Administration announced $246 million in direct subsidies and state and federal housing tax credits to build and preserve roughly 1,600 affordable homes throughout Massachusetts. Klein Hornig is proud to represent our clients in fourteen (14) of the twenty-seven (27) awarded developments! Click here to read more.

Congratulations all!


HUD Issues NOFOs, Implementation Guidance for Green and Resilient Retrofit Program

By Adam Norlander and Adam Cohen – May 2023

On May 11th, HUD launched its Green and Resilient Retrofit Program (“GRRP”) by issuing three Notice of Funding Opportunities (“NOFOs”) and HUD Notice H 2023-05 (“Implementation Guidance”).  Funding for the GRRP was appropriated under the 2022 Inflation Reduction Act, which includes $837.5 million in grant funding and $4 billion in loan authority for HUD to make investments in energy or water efficiency, indoor air quality, zero-emission energy generation, low-emission building materials or processes, energy storage or climate resilience strategies in HUD Multifamily Assisted Housing. Read more.

Should you have any questions about this KH Housing Alert or require any further information, please contact Adam Norlander or Adam Cohen.

To be added to the Klein Hornig LLP Client Alert distribution list, please contact Amanda Cote.

This housing alert is intended as a source of information for clients and friends of Klein Hornig LLP. The content should not be construed as legal advice, and readers should not act upon information in this publication without professional counsel. This housing alert may be considered advertising under certain rules of professional conduct. Copyright © 2023 Klein Hornig LLP. All rights reserved.