Technology

HUD Updates Preservation and Protection Requirements, Allowances 

Addressing industry complaints that it had been neglecting property preservation, the U.S. Department of Housing and Urban Development said Monday it is changing its requirements and reimbursement amounts for property preservation and protection efforts — a move that will impact thousands of contractors throughout the United States that provide property maintenance and preservation services for HUD-owned collateral. Property preservation specialists have told Housing Wire the change was long overdue. “We’ve been having to live by the same standards since basically 2002,” said one source, who asked to remain anonymous. “What little updating was done through 2005 did little to address our needs, and not only made it hard to provide quality service, but also made it hard for HUD properties to maintained properly. These changes should help.”