On November 19, the House of Representatives voted 231-192 on H.R. 3055 to approve a continuing resolution (CR) that would fund the federal government through December 20. The new CR maintains an important adjustment for the Section 202 Housing for the Elderly program that will prevent renewal delays for Project Rental Assistance Contracts set to […]
Kingsley Associates released an executive summary of findings from confidential interviews with 31 large institutional investors and investment advisors on the topic of affordable housing investment. They found three main reasons these investors chose not to invest in affordable housing:
The Federal Government’s “onerous rules and regulations.”
The miseducation (or under-education) of the investment community.
Investing in affordable housing solely to meet a mandate.
The National Council of State Housing Agencies (NCSHA) and the Economic Innovation Group (EIG) published three case studies of developments that incorporate Opportunity Zone investment to create new affordable homes and support community revitalization efforts in Ohio, Maryland and Florida. These are the first in a new series of Opportunity Zone Development Profiles that detail project financing, community socioeconomic data and projected economic impact. The profiles demonstrate how Opportunity Zone investments are being utilized to develop affordable homes for very-low- to moderate-income households, and how that investment is furthering community revitalization efforts and enhancing positive community impact.
CohnReznick’s Tax Credit Investment Services team just released its annual report on the performance of properties financed with the Federal LIHTC. The data in this report provide detailed insights into the performance of LIHTC properties and the latest performance trends observed across the surveyed portfolio, consisting of more than 20,000 properties.
Eric Speichinger Joins Regions Affordable Housing’s Originations Group as Vice President and Relationship Manager
Regions Bank announced that Eric Speichinger joined Regions Affordable Housing’s Originations Group as vice president and relationship manager. Speichinger will work out of Regions’ Chicago office and will focus on sourcing and originating affordable housing transactions throughout the Midwest.
Woda Cooper Companies recently celebrated the ribbon cutting of its new 91-unit senior community on Atlanta’s BeltLine. Adair Court was made possible through the allocation of LIHTCs from the Georgia Department of Community Affairs, as well as support from the City of Atlanta, Invest Atlanta and Atlanta BeltLine, Inc. Bank of America Merrill Lynch was investor and provided the construction loan. Summit Community Bank contributed permanent loan.