All posts by Thom Amdur

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New Developments: Keeping the Mission in Mind

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Barack Obama famously told House Republicans in 2009 that “elections have consequences.”  While we do not know what the results will be once the polls close on November 3 (or even when we will know who actually won) we do know that this particular election will be very consequential.

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New Developments: Designing A Better Vegetable Peeler

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A few weeks ago, I drove my family up to Connecticut to visit my parents (my first real trip since COVID-19 struck) and found myself shucking some local oysters one evening with my dad. My shucking technique is only so-so and the oyster knife I was using was a bit of an antique. The knife slipped more than a few times and, while I managed to avoid a trip to the emergency room, I felt a bit like Beetle Bailey enduring punishing KP duty.

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Connecticut Extends COVID-19 Financial Relief Available for Multifamily Borrowers through End of Year

| Affordable Housing

The Connecticut Housing Finance Agency (CHFA) extended the COVID-19 multifamily financial relief period through December 31, 2020. Any mortgagor of a multifamily rental housing development in CHFA’s portfolio experiencing financial distress due to COVID-19, beyond the financial ability of the mortgagor to correct or mitigate, may contact CHFA to request its assistance.

For more information, please see CHFA’s Multifamily COVID-19 Financial Relief Overview on its COVID-19 Update and Resources web page.

House Passes Infrastructure Bill

| Federal / Agency News

Last week the House of Representatives passed a $1.5 trillion infrastructure package (H.R. 2), which includes several housing provisions. A summary of the housing provisions in the bill can be found here. The measure passed by a vote of 233 to 188, with three Republicans crossing party lines to support it and two Democrats breaking with their party to vote “no.”  The bill now heads over to the Senate for consideration and is unlikely to advance. When asked about the bill, Senate Majority Leader Mitch McConnell said, “so naturally, this nonsense is not going anywhere in the Senate. It will just join the list of absurd House proposals that were only drawn up to show fealty to the radical left.” Senate Republicans and the Trump administration are reportedly drafting their own infrastructure package.

House Appropriations Committee Passes FY-2021 HUD Funding Measure

| Federal / Agency News

On June 7, 2020 the House Appropriations Committee released its draft fiscal year 2021 Transportation, Housing and Urban Development, and Related Agencies funding bill. The measure was adopted by the Subcommittee on July 8, 2020.  The measure heads next to the Full Committee for an additional markup.  The bill provides a total of $50.6 billion for HUD – an increase of $1.5 billion above the FY 2020 enacted level and $13.3 billion above the President’s 2021 budget request. The measure also includes $49 billion in supplemental funding to HUD programs to support the economic recovery from the coronavirus pandemic. Highlights from the $50.6 billion in “general” HUD appropriations, include:

  • $25.8 billion for Tenant-based Rental Assistance, an increase of $1.9 billion above the FY 2020 enacted level and $2.4 billion above the President’s budget request.
  • $3.2 billion for the Public Housing Capital Fund, an increase of $310 million above the FY 2020 enacted level. The President’s budget request proposed eliminating this program.
  • $4.6 billion for the Public Housing Operating Fund, an increase of $100 million above the FY 2020 enacted level and $405 million above the President’s budget request.
  • $250 million for the Choice Neighborhoods Initiative, an increase of $75 million above the FY 2020 enacted level. The President’s budget request proposed eliminating this program.
  • $430 million for Housing Opportunities for People with AIDS, an increase of $20 million above the FY 2020 enacted level and $100 million above the President’s budget request.
  • $3.5 billion for Community Development Block Grants, an increase of $100 million above the FY 2020 enacted level. The President’s budget request proposed eliminating this program.
  • $1.7 billion for the HOME Investment Partnership Program, an increase of $350 million above the FY 2020 enacted level. The President’s budget request proposed eliminating this program.
  • $3.4 billion for Homeless Assistance Grants, an increase of $638 million above the FY 2020 enacted level and $642 million above the President’s budget request.
  • $13.4 billion for Project-Based Rental Assistance, an increase of $881 million above the FY 2020 enacted level and $809 million above the President’s budget request.
  • $893 million for Housing for the Elderly (Section 202), an increase of $100 million above the FY 2020 enacted level and $40 million above the President’s budget request.
  • $227 million for Housing for Persons with Disabilities (Section 811), an increase of $25 million above the FY 2020 enacted level.

In addition, to support the economic recovery from the coronavirus pandemic, the bill provides an additional $49 billion for the Department of Housing and Urban Development programs to bolster communities nationwide by making robust and resilient investments in public housing, affordable housing, and community development. Highlights include:

  • $24.25 billion for the Public Housing Capital Fund;
  • $300 million for the CHOICE Neighborhoods Initiative;
  • $4 billion for the Community Development Block Grant;
  • $17.5 billion for the HOME Investment Partnerships;
  • $750 million for capital improvements for properties receiving project-based rental assistance;
  • $750 million for the Housing for the Elderly;
  • $179 million for the Housing for Persons with Disabilities;

More details:

New Developments: COVID-19 Musings

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A recent Federal Reserve survey found that 39 percent of households that were working in February and were earning less than $40,000 a year lost their jobs in March or the beginning of April. Given these statistics and the target demographic, owners and managers of affordable housing have been preparing for dramatic declines in rental revenue.

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New Developments: Lessons From the Crisis

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The residents we serve are amongst the most vulnerable to both the health and economic effects of the crisis so, as an industry, we cannot afford to take a break or slow down. Much of our vital work has continued (with modifications) under new social distancing protocols and I want to acknowledge our many colleagues who are risking exposure to ensure critical maintenance and services get delivered, construction projects remain on some semblance of a schedule and, of course, rents get collected.

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