ICAST’s IRA & BIL Instant Benefit Estimate Calculator is now available on NH&RA’s website under the Resources section.
Applications for Kansas Housing Resource Center’s (KHRC) 2021 Moderate Income Housing (MIH) program are now available. Completed applications must be returned to KHRC no later than 5 p.m. CT on September 27, 2021. Total funding for the 2021 MIH program is expected to be approximately $2 million.
The Illinois Housing Development Authority (IHDA) posted a revised version of the draft 2022-2023 QAP. Comments are due to QAPFeedback@idha.org by 5 p.m. CT on July 30. IHDA released its Draft Multifamily Underwriting Guide. This document is to be used when completing applications for most Multifamily financing programs. Sponsors applying solely for Illinois Affordable Housing Tax Credits should reference the applicable regulations rather than the draft Guide.
Governor Gretchen Whitmer (D) approved the Michigan State Housing Development Authority’s 2022-2023 QAP. The 2022-2023 Staff Report, QAP, Scoring Summary and approval letter from the Governor can be found on the “Qualified Allocation Plan” page of the MSHDA web site: https://www.michigan.gov/mshda/0,4641,7-141-5587_5601-31750–,00.html.
The Michigan State Housing Development Authority (MSHDA) opened the 14th round for the Gap Financing Program – Notice of Funding Availability (NOFA). This program is designed to improve MSHDA’s direct-lending production, achieve deeper income targeting and to assist with being able to finance tax-exempt bond transactions utilizing the four percent LIHTC.
The Michigan State Housing Development Authority’s (MSHDA) board of directors approved a Pass-Through Bond Program. $100 million of MSHDA’s bond authority will be devoted to the program. Applications that are currently in the expiring July 2020 Pass-Through Bond Program pipeline, but have not yet been approved for inducement, will automatically be considered in this July 2021 Pass-Through Bond Program. The Program Bond Cap may be reduced or increased by the MSHDA subject to having sufficient volume cap for its direct lending multifamily program and single-family programs.
Minnesota Housing is offering the following trainings in partnership with People Incorporated Training Institute. During the mental health and de-escalation for property management staff training, participants will learn how to respond to angry outbursts, accusations and threats from tenants instead of just reacting to them. Using a mental health and trauma focus we will look at the neurology of these intense and upsetting encounters and some common mistakes that people make while trying to diffuse them.
The Texas Department of Housing and Community Affairs posted the Application Log for the 2021-3 Multifamily Direct Loan NOFA, as of July 21, 2021.
Virginia Housing is providing stakeholders an opportunity to weigh in on any, or all, proposed 2022 QAP changes via an online QAP survey. The survey is broken into eight sections and each proposed change is outlined with a description, reference to the applicable page in the QAP where the change is proposed and actual language being considered. The survey will conclude on August 12. Comments can also be sent to TaxCreditApps@VirginiaHousing.com.
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 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.
Rep. Maxine Waters (D-CA), chairwoman of the House Committee on Financial Services, released the following discussion drafts in her legislative housing package: