The federal eviction moratorium will expire on Saturday, July 31. On-going state and local eviction moratoriums may still apply to your residents/properties. Last week, the White House held an eviction prevention progress report webinar. The full recording is available here and a summary is available here. The Department of the Treasury released slides on the Emergency Rental Assistance Program, as well as slides detailing Consumer Financial Protection Bureau resources made available through their Housing Insecurity campaign.
The Office of the Comptroller of the Currency (OCC) announced it will propose rescinding the Community Reinvestment Act (CRA) rule issued in May 2020. This decision follows the completion of a review initiated by Acting Comptroller of the Currency Michael Hsu shortly after he took office.
The National Low Income Housing Coalition released its annual “Out of Reach” report for 2021, detailing the gap between the cost of rental housing and tenants’ incomes across the nation. This year’s report reveals the extent to which costs have outpaced wages far before the economic crisis brought on by the COVID-19 pandemic, which has further exacerbated hardships and inequalities for low wage workers disproportionately affecting those who are Black, Brown, Indigenous and/or Latino. Whether the market is in a period of economic growth or downturn, low-wage workers struggle to find affordable homes.
Monarch Private Capital announced its inaugural $235 million social bond issuance. Proceeds of the Monarch Social Bond will be used to finance affordable housing projects to support the firm’s commitment to narrowing the affordable housing gap in the United States, Monarch said.
Dominium announced the successful closing of Harbor at Twin Lakes, located at 2730 Hershel St. in Roseville, MN.
The new development will complete Dominium’s commitment to the Twin Lakes Station redevelopment, which includes Harbor of Twin Lakes’ sister property Oasis at Twin Lakes—an apartment community constructed in July 2020. The total development cost for the project is $72 million, the company said.
The Louisiana Housing Corporations board of directors unanimously approved a resolution to adopt the state’s 2022-2023 QAP. The most recent draft is available here, the final document will be released to the public by August 1. The board also approved the election of Anthony “AP” Marullo, III as chairman and Tonya P. Mabry as vice-chairwoman.