Affordable Housing Category Archives

HUD Launches New Section 8(bb) Preservation Tool

If a PBRA HAP contract is terminated or expires and is not renewed, HUD is authorized to transfer any remaining budget authority to either a new or an existing PBRA HAP contract to provide assistance to eligible families. HUD provides a list of potential properties which are eligible for an 8(bb) transfer, which will be useful to owners who are interested in transferring their PBRA budget authority.

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House Tax Reform Bill Eliminates HTC, NMTC; Eliminates Private Activity Bonds

The House Ways and Means Committee has released the full text of its Tax Cuts and Jobs Act. The Committee plans to begin markup on the proposed legislation on November 6, with plans for a House floor vote sometime in mid-November. Several changes within the code would drastically change the landscape of affordable housing and community development.

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California Schedules Workshop for Affordable Energy Efficiency Financing Pilot

California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) is hosting a public workshop on the Affordable Multifamily Energy Efficiency Financing Pilot under the California Hub for Energy Efficiency Financing (CHEEF) on Tuesday, November 7, 2017.  CAEATFA, in its partnership with the CPUC, will provide a credit enhancement to private capital lenders to expand access to financing for energy efficiency retrofits on affordable multifamily properties. The purpose of this workshop is to solicit stakeholder input on the proposed pilot design. TCAC would like its stakeholders to be aware of the following opportunity and encourages participation in this workshop.

The workshop will be held on Tuesday, November 7, 2017 from 1:00-4:00pm PST at the PG&E Pacific Energy Center: 851 Howard Street, San Francisco, CA 94103. Participants may attend in person or by webinar.

Presentation slides will be made available prior to the workshop. For additional information and to RSVP, please visit the Affordable Multifamily Financing Pilot webpage.

Rep. DelBene Introduce Legislation Expanding LIHTC by 50 Percent

According to a press release issued on October 31, 2017 Congresswoman Suzan DelBene (WA-01) today led members of the Washington state delegation representing King County in introducing the Access to Affordable Housing Act to increase the Low Income Housing Tax Credit (LIHTC) by 50 percent.  At press time bill text was not yet available.

“Making sure that every American has a safe and affordable place to call home is a moral imperative that we must address,” DelBene said. “To help lift families out of poverty and expand access to affordable housing, we need to increase the Low Income Housing Tax Credit. Washington has seen it firsthand, housing options are not keeping pace with demand and my legislation would help ensure more families can find stable, affordable housing.”

Reps. Adam Smith (WA-09) and Pramila Jayapal (WA-07) are original cosponsors of DelBene’s bill – all of whom represent King County, where housing demand and costs have sky rocketed in recent years. In Washington state, nearly 400,000 households pay half their income in rent.

“A growing number of our community members are experiencing housing insecurity. We need to do more to address our affordable housing crisis,” said Smith. “Housing is critical component of economic mobility. I am proud to join my colleagues in introducing this legislation to strengthen and expand the Low Income Housing Tax Credit. This is a necessary step in building an equitable future and ensuring that families in Washington state and across the country have access to homes they can afford.”

“Seattle is facing a housing crisis and we need to employ every tool in our toolbox to expand our low-income housing stock. I am so proud to join my colleagues in Washington state as we introduce the Access to Affordable Housing Act and tackle the housing crisis head-on,” said Jayapal. “All of our neighbors, and everyone across the country, deserves access to a safe, affordable home and a greater sense of stability. By raising the Low Income Housing Tax Credit, we are not only increasing our state’s ability to build low income housing, we are opening doors to opportunity for people across our communities.”

The Access to Affordable Housing Act would increase the Low Income Housing Tax Credit (LIHTC) by 50 percent, which could result in as many as 400,000 more affordable housing units developed over 10 years.

DelBene serves on the House Ways and Means Committee, which has jurisdiction over tax issues. DelBene is also a cosponsor of the bipartisan Affordable Housing Credit Improvement Act, a comprehensive bill to strengthen the LIHTC by providing states flexibility and encouraging development in rural communities.

Lincoln Institute of Land Policy Publishes New Report on Inclusionary Zoning Programs

The Lincoln Institute of Land Policy unveiled the largest study to date of inclusionary housing – the policy where developers reserve a portion of new development as affordable.  The study, authored by Emily Thaden and Rouniu (Vince) Wang surveys inclusionary zoning policies in 886 jurisdictions in 25 states.  The paper documents nearly 200,000 affordable housing units that have been created and nearly $2 billion in fees paid by developers in lieu of building affordable units – likely underestimates because of missing data.  Click here to learn more.

 

New York City Mayor Expands Housing Plan

New York City Mayor Bill de Blasio has announced a major expansion to the City’s affordable housing plan.   The administration is on track to build and protect 200,000 affordable homes by 2022, two years ahead of schedule. With the addition of new tools, programs and funding, the City will ramp up to securing 25,000 affordable apartments annually by 2021 and beyond—a pace it has never before reached. With that machinery in place, the City is taking on a new goal: 300,000 such apartments by 2026.  This includes a significant capital increase — $150 million more per year in capital will be allocated to extend through 2026.  This will bring the City’s investment in achieving 100,000 more homes to about $1.3 billion per year over nine years.  Click here to learn more.

HUD Extends Effective Date for Certain DDAs and QCTs

HUD has revised the effective date for designations of “Difficult Development Areas” (DDAs) and “Qualified Census Tracts” (QCTs) for purposes of the Low-Income Housing Tax Credit (LIHTC) approved for Federal disaster-related individual assistance. This Notice extends from 730 days to 850 days the period for which the 2015 lists of QCTs and DDAs are effective for projects located in an area that was approved for individual assistance, not on subsequent lists of DDAs or QCTs; and submitted applications while the area was a 2015 QCT or DDA.  Click here to learn more.

Fair Housing Groups File Suit Challenging HUD Suspension of Small Area FMRs

Several civil rights organizations have filed a lawsuit in federal court challenging HUD’s decision to suspend the implementation of the Small Area Fair Market Rent rule, which was adopted in November 2016 and suspended earlier this year.  It is unclear at this juncture how the case will proceed.

Five organizations – the NAACP Legal Defense and Educational Fund, Inc. (LDF), the Relman, Dane & Colfax PLLC law firm, the Poverty & Race Research Action Council (PRRAC), the Lawyers’ Committee for Civil Rights Under Law, and Public Citizen Litigation Group– represent the plaintiffs in the lawsuit.  The lead plaintiff, Open Communities Alliance, is a Connecticut-based fair housing organization.

Click here to learn more.

HUD Offers Extension for RAD Projects in Disaster Areas

HUD has issued a notice that permits Public Housing Authorities (PHAs) that are in Presidentially declared disaster areas to request an extension to the due date for making submissions if they meet either of the following qualifications:

  1. a) have submitted Letters of Interest (LOI) to reserve their position on the Rental Assistance Demonstration (RAD) waiting list and that have subsequently been notified that they are eligible for award if they submit a complete RAD Application, Portfolio Award proposal, or Multi-phase Award Application within 60 days of notification or;
  1. b) have received a Portfolio Award and have been provided 365 days from issuance of the Portfolio Award to submit acceptable RAD Applications for the remaining projects included in the Portfolio Award.

This notice is effective on October 23, 2017.   This authority is not limited to the recent events.   Click here to learn more.