Adobe Stock
The aggregate market value of owner-occupied real estate continued its upward trend during the fourth quarter of 2017.
Adobe Stock

In order to modernize, the U.S. Department of Housing and Urban Development says it needs more funding, HousingWire staffer Kelsey Ramirez reports.

The agency’s newly appointed chief financial officer Irving Dennis says HUD is seriously lacking in three key areas which he uses to evaluate a company – people, process, and technology.

“From a process standpoint, there is a general lack of focus on process here at the agency,” Dennis said. “That’s a culture we need to change.” Before Dennis took over as CFO in January, the position had been vacant for several years.

He explained that the agency’s technology is also in dire need of an update, saying some of the programming goes back to the late 1970s.

For HUD to make the “much-needed” changes, Congress will need to approve more funding. HUD said it is still in the planning phase, and cannot yet estimate a dollar amount that it will need to complete its plan.

HUD’s new plan will consist of:

Agency-wide Governance: Implementing an agency-wide governance structure that allows for more oversight, transparency, monitoring and accountability

Finance Transformation: Developing a plan to restore discipline and accountability in the financial and reporting systems across the agency

Grant Modernization: Developing a holistic grant modernization plan to improve grant processes and reporting, including improved IT systems

Process Improvement: Promoting a HUD culture focused on documented and repeatable processes with a focus on transparency and cost reasonableness

Read More