FHA to Insure Mortgages in Opportunity Zones; Fed Amendments Lower Rates in Regs A and D

FHA to Insure Mortgages in Opportunity Zones

HUD Secretary Ben Carson has announced the Federal Housing Administration will insure mortgages on mixed-use development under the agency's Section 220 Program in thousands of lower income communities across the country. By expanding this program's reach, HUD hopes to significantly boost private investment in Opportunity Zones and generate growth in development in neighborhoods that need it most.

HUD is also awarding $6 million to the Local Initiatives Support Corporation (LISC) to provide critically needed technical assistance to distressed communities with populations under 40,000, including those located in Opportunity Zones and communities struggling to recover from natural disasters.

 

Fed Amendments Lower Rates in Regs A and D

The Federal Reserve Board has published amendments to Regulations [84 FR 39723] and Regulation D [84 FR 39724] to reflect the Board's recent approval of a decrease in the rate for primary credit at the Federal Reserve Banks and revise the rate of interest paid on balances maintained to satisfy reserve balance requirements and on excess reserve balances. The amendments are effective August 12, 2019. The rate changes applicable to reserve balances were applicable August 1, 2019.

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