Affordable Housing Category Archives

NCSHA Announces New Board of Directors

The National Council of State Housing Agencies (NCSHA) held its 2018 Board election on October 14 in Austin during the association’s 48th Annual Conference & Showplace. Voted on by the member state housing finance agencies (HFAs), NCSHA’s newly-elected Board officers are:

  • President: Tia Boatman Patterson | California Housing Finance Agency
  • Vice President: Scott Spivey | Mississippi Home Corporation
  • Secretary/Treasurer: Barbara Fields | Rhode Island Housing

Newly-elected Board directors are:

  • At-Large Executive Committee Member: Anas Ben Addi | Delaware State Housing Authority
  • Dean Christon | New Hampshire Housing Finance Authority
  • Kim Herman | Washington State Housing Finance Commission
  • Brian Hudson | Pennsylvania Housing Finance Agency
  • Gerald Hunter | Idaho Housing and Finance Association
  • Edwin King | Kentucky Housing Corporation
  • Mark Lauseng | South Dakota Housing Development Authority
  • Todd Lee | District of Columbia Housing Finance Agency
  • Mary Tingerthal | Minnesota Housing

Incumbent Board directors are:

  • Immediate Past President Grant S. Whitaker | Utah Housing Corporation
  • Audra Hamernik | Illinois Housing Development Authority
  • Margaret Salazar | Oregon Housing and Community Services
  • Jacob Sipe | Indiana Housing and Community Development Authority
  • Cris White | Colorado Housing and Finance Authority

“I’m honored that my fellow executive directors chose me for the position of Board President,” said Ms. Boatman Patterson, who is the executive director of the California Housing Finance Agency. “At this critical time for affordable housing in the United States, NCSHA, with its exceptional staff, is in a position to be at the center of the national dialogue. I am committed to NCSHA and our partners’ collaborative efforts to influence and ensure policy-makers make an affordably housed nation a priority.”

“NCSHA’s newly-elected officers and Board members are a remarkable group of public servants from a diverse set of states that are representative of the country and its housing challenges as a whole,” said Stockton Williams, executive director of NCSHA. “Under their leadership, NCSHA will continue to bring forward solutions to housing affordability challenges that are based on the proven, scalable approaches of state HFAs.”

For more than 50 years, state housing finance agencies have played a central role in the nation’s affordable housing system, delivering financing to make possible the purchase, development, and rehabilitation of affordable homes and rental apartments for low- and middle-income households.

The National Council of State Housing Agencies is a nonprofit, nonpartisan organization created to advance, through advocacy and education, the efforts of the nation’s state HFAs and their partners to provide affordable housing to those who need it. NCSHA’s vision: An affordably housed nation. Learn more at www.ncsha.org.

NLIHC Publishes Report on Year 30 LIHTC Properties

The National Low Income Housing Coalition and the Public and Affordable Housing Research Corporation have published the new report “Balancing Priorities: Preservation and Neighborhood Opportunity in the Low-Income Housing Tax Credit Program Beyond Year 30.”  The report looks at preservation challenges relating to LIHTC properties as they reach the end of their initial use restrictions.  “By 2030, nearly half a million current LIHTC units, or nearly a quarter of the total stock will reach the end of all federally mandated rent-affordability and income restrictions. Some of these units will be lost from the affordable housing supply as they convert to market-rate rents. Others may be lost to physical deterioration unless new capital investment is available for rehabilitation and renovation. This report sheds light on these preservation challenges with an examination of the neighborhood characteristics of these LIHTC units and a discussion of how scarce resources for affordable housing lead to a dilemma between the priorities of preserving affordable housing and promoting mobility for low-income families to higher-opportunity neighborhoods. The report addresses this dilemma by offering a broader vision for a housing safety net.”

The report is based on data from the National Housing Preservation Database (NHPD) and other sources. The NHPD is a national database of federally assisted rental housing, which includes properties subsidized through HUD, USDA, and LIHTC. The NHPD gives stakeholders information on when and where affordability restrictions will expire. To learn more about the database, go to https://preservationdatabase.org/about-the-database/.

Senator Heller Introduces Senior Affordable Housing Tax Credit Act

On October 12, U.S. Senator Dean Heller (R-NV) introduced the Seniors Affordable Housing Tax Credit Act (S. 3580), legislation he authored to incentivize housing owners and developers to rent to low-income seniors. Heller’s proposed legislation would create a tax credit program that allocates credits to states, which, in turn, would be awarded to owners and developers who choose to rent their properties to low-income seniors. Under the Seniors Affordable Housing Tax Credit Act, those seniors who belong to renters’ credit units would pay no more that 30 percent of their income for rent and utilities, and the rental unit’s owner would receive a federal tax credit, based on the state’s determination, as compensation for any potential loss.  The measure has been referred to the Senate Finance Committee and has no additional co-sponsors.

NYU Furman Center and Abt Associates Launch New Housing Policy Tool

The NYU Furman Center and Abt Associates launched LocalHousingSolutions.org, an online, interactive tool to help communities develop local strategies that promote housing affordability. A growing number of communities across the country are struggling with problems tied to high housing costs, including rising homelessness, fear of displacement among longtime residents, and growing numbers of households unable to afford their rents or mortgages. LocalHousingSolutions.org provides policymakers and practitioners, housing advocates, developers, and concerned community members with a single source of guidance via a library of more than 80 policies to preserve and strengthen affordability and address a range of other housing objectives.  The site will be particularly useful for cities, towns, and counties seeking to develop and implement comprehensive and balanced local housing strategies that tackle high housing costs.

LocalHousingSolutions.org allows stakeholders to assess a community’s current housing needs and policy goals.  An online questionnaire generates recommendations from the site’s extensive Policy Library.  Policy guidance is organized around a four-pronged framework that includes policies for creating and preserving dedicated affordable housing and for removing barriers to the creation of additional market-rate housing – two complementary ways to increase the supply of affordable housing.  The framework also provides strategies to help households afford and access private market homes, both in the rental and homeownership markets. These efforts can relieve the intense competition for a limited supply of subsidized units, and help to address historic patterns of segregation. Finally, the site offers policies to protect against displacement and improve housing conditions, critical elements of a fair and effective housing strategy.

Economic & Fixed Income Insights, 10/17/2018

U.S. homebuilding dropped more than expected in September as construction in the South fell sharply. Housing starts fell 5.30% to 1.201 million units last month, according to Bloomberg. In addition, data for August was revised down to show US housing starts rising to a rate of 1.268 million units instead of the previously reported 1.282 units. With rising borrowing costs also threatening the demand side, the housing market continues to be a weak spot in an otherwise robust economy.  In the debt markets, yields retreated slightly from last week’s highs as investors fled an equity selloff.  The benchmark 10-year UST fell 5 basis points to 3.16% while the 30-year UST finished 4 basis points lower to yield 3.33%.  Tax-exempt yields were largely unchanged from the week prior.

Interest Rate Observations

Source: Thomson Reuters, Bloomberg. The table above reflects market conditions as of October 17, 2018.

Important Disclosures

This material was prepared by Stifel, Nicolaus & Company, Incorporated (“Stifel”). This material is for informational purposes only and is not an offer or solicitation to purchase or sell any security or instrument or to participate in any trading strategy discussed herein. The information contained is taken from sources believed to be reliable, but is not guaranteed by Stifel as to accuracy or completeness. Past performance is not necessarily a guide to future performance. Stifel does not provide accounting; tax or legal advice and clients are advised to consult with their accounting, tax or legal advisors prior to making any investment decision.

Stifel, Nicolaus & Company, Incorporated is a broker-dealer registered with the United States Securities and Exchange Commission and is a member FINRA, NYSE & SIPC. © 2018

Economic and Fixed Income Insights, October 10, 2018

Rising yields have been the market focus after last week’s selloff.  Continued positive economic news, including record low unemployment and rising wages, has stoked inflation concern.  Producer price data this week shows steady upward pressure on prices in September, further supporting the notion and the Fed’s case for another rate increase this year.  For the week, US government debt yields rose 15 basis points in both the 10-year and 30-year maturities.  Municipals saw similar increases with the 10-year MMD up 14 basis points to 2.72% and the 30-year MMD up 19 basis points to yield 3.40%.

Interest Rate Observations

Source: Thomson Reuters, Bloomberg. The table above reflects market conditions as of October 9, 2018.

Important Disclosures

This material was prepared by Stifel, Nicolaus & Company, Incorporated (“Stifel”). This material is for informational purposes only and is not an offer or solicitation to purchase or sell any security or instrument or to participate in any trading strategy discussed herein. The information contained is taken from sources believed to be reliable, but is not guaranteed by Stifel as to accuracy or completeness. Past performance is not necessarily a guide to future performance. Stifel does not provide accounting; tax or legal advice and clients are advised to consult with their accounting, tax or legal advisors prior to making any investment decision.

Stifel, Nicolaus & Company, Incorporated is a broker-dealer registered with the United States Securities and Exchange Commission and is a member FINRA, NYSE & SIPC. © 2018

AHIC Updates LIHTC Underwriting Guidelines

The Affordable Housing Investors Council (AHIC) has published updated Underwriting Guidelines for its members.  The Guidelines are designed to be used as an outline for an underwriting process and for investment documents for proprietary, multi-investor, and direct investments in low-income housing tax credits (LIHTC). They examine how to analyze the financial strength and expertise of the development team; the key points to understand the sources and uses in the development budget; critical facets of underwriting the deal; best practices in due diligence; and tools for reviewing the capacity of syndicators.

NH&RA is pleased to see that once again, AHIC Underwriting Guidelines cite our affiliate, the National Council of Housing Market Analysts Model Content Standards in the market study portion of its Underwriting Guidelines.  Click here to download the Underwriting Guidelines.

State of Oregon Surplus Land Notice

This is notice that a state-owned property has been determined to be surplus to the needs of the owning agency and is available for acquisition.

Below is the most recent posting:

File #: Hillcrest, Salem, Oregon, Marion County
Location: 2450 Strong Road SE, Salem, OR

A written notice or email of interest in acquiring the property for full market value must be received by November 3, 2018.

View 30-Day Surplus Land Property Notice here.

Send written notices and get additional information from:

Darrin Brightman, AICP, MRED
Sr. Equity Portfolio Manager, Real Estate Services
Oregon Department of Administration Services
1225 Ferry Street SE U100, Salem, OR 97301-4281
Phone 503-373-7065

Darrin.W.Brightman@oregon.gov