Michael Sumichrast, chief economist of the National Association of Home Builders, is an active applicant for one of two vacancies on the Federal Reserve Board, a source in the housing industry reports.

Moussa Moaadel, a native of Iran who has been in real estate sales here for more than 10 years, has left Shannon & Luchs after eight years to open his own brokerage office in upper Bethesda. Moaadel, a bachelor who now lives in Bethesda, still owns the Alexandria house that once was owned by Gerald and Betty Ford. Moaadel said the house is now vacant.

Project Funding Corp., a mortgage banking group headed by Sondra Linden, has placed $12.5 million of federally insured financing for the development in the South Bronx area of New York City of 330 units of subsidized rehabilitated housing, with Section 8 rent assistance. The project is being undertaken by Neighborhood Community Renewal Corp. and East Construction Corp.

DeLuca Construction Co. of Northern Virginia is the general contractor for a 12-story, rental apartment building that will be built on a 5.4-acre site near the Olympus condomium at 1111 Stevenson Ave., near Shirley Highway. John F. DeLuca is the general partner of Sentinel of Landmark Associates, the developer of the $10.5 million, 272-unit building designed by architect Walter D. Neale.