(RECAP: The Virginia Department of Housing and Community Development (DHCD) announced today the launch of a new housing pilot program with the U.S. Department of Agriculture, Rural Development (USDA-RD). Through the program, DHCD’s Neighborhood Stabilization Program will be acquiring, renovating and reselling 39 USDA-RD foreclosed properties across Virginia. This initiative is a partnership between DHCD, USDA-RD, HUD, Virginia Department of Veteran Services, the Wounded Warrior Program of Virginia, Virginia Habitat for Humanity and several housing nonprofits in Virginia. Through the partnerships, the homes will be bought, rehabbed and sold to veterans and low-, middle- and moderate-income individuals and families.)

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(RECAP: Affordable housing developers often run a daunting gauntlet when it comes to cobbling together different financing sources to go projects forward. But the job of accessing capital has gotten a lot simpler lately as lenders and agencies alike step up their focus on the sector. Freddie Mac reported a 67 percent spike in its multifamily loan buy volume last year. Fannie Mae also has reported growth in its affordable housing business. Although its market rate lending remained flat due to its $30 billion cap, Fannie reported a total lending volume last year of $42.3 billion. There are a number of factors fueling the increase from agency lenders. Robust lending on the market rate apartment side may be partly responsible. Borrowers are also finding more access to capital via banks that are lending as part of their Community Reinvestment Act requirements.)

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(RECAP: The FICO score may no longer be as vital as it once was in the mortgage application and underwriting process, as evidenced by recent statements made by a leading marketplace lender, government-sponsored enterprise (GSE) Fannie Mae and members of the U.S. House of Representatives. Meanwhile, others in the mortgage business say that although FICO, available since 1991, could use some updates to accommodate certain borrowers, it might be too soon to dismiss the measure by Honest Isaac Corp. Some changes are under way. Last year, Fannie Mae announced that beginning in mid-2016, the GSE will require lenders to use trended credit data when underwriting single-family borrowers through Desktop Underwriter. For its part, FICO is piloting a new score, FICO XD, which incorporates data from the National Consumer Telecom & Utilities Exchange, including information on whether people pay their cable, utility and other bills.)

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