Yesterday the U.S. Senate Banking, Housing and Urban Affairs Committee voted unanimously to support the Frank Melville Supportive Housing Investment Act of 2010 (S.1481). The legislation reforms the U.S. Department of Housing & Urban Development's (HUD) Section 811 Supportive Housing for Persons with Disabilities.

S.1481 authorizes an innovative 811 demonstration program that promotes integrated housing opportunities for people with disabilities and could create 3,500-5,000 or more new affordable and accessible units every year without increasing Section 811 appropriations. During recent years, the program has produced fewer than 1,000 units annually.

Effective today, revised fair market rent (FMR) levels will be used to determine the amount of assistance paid by the U.S. Department of Housing and Urban Development (HUD) for apartments held by thousands of low-income households across the state.

FMRs increased 7%, relative to last year, reflecting market rents that've continued to rise and methodology refinements HUD made during recent months.

HUD's FMRs differ by county and by the number of bedrooms in the apartment. They're intended to reflect a 40% rent level. That means if the rents in a county were ranked from smallest to largest, the FMR would be the level that occurs 40% of the way down the list.

Housing Vermont presented two awards at its September meeting of its Board of Directors: Paul Stewart received the Michael M. Richardson Award; Marty Martinez received the Mile Jensen Award.

The Michael M. Richardson Award recognizes outstanding leadership, volunteer commitment, and the contribution of resources that enhance Housing Vermont’s ability to provide permanently affordable housing for Vermonters.

Paul is owner of Stewart Property Management and manages 90 properties and 3,500 apartments throughout New England. He received the award for his dedication to ensuring the promise of safe, affordable and attractive housing is sustained through the professional management of multifamily housing.

Fitch Ratings has assigned 'AAA' ratings to $30 million of VHFA mortgage revenue bonds.

Rating outlook for the bonds — Series 2010A and Sub-series 2009A-1 — is stable, according to Fitch.

'AAA' is the firm's highest rating.

Read more about Fitch's ratings.