Affordable Housing Category Archives

Virginia Governor Proposes $113 Million for Affordable Housing in 2020-2022 Budget

Governor Ralph Northam (D-VA) announced his proposed budget will include $92 million in new funding to address housing affordability, eviction rates and supportive housing throughout the Commonwealth. The Governor’s proposed budget invests $63 million in the Virginia Housing Trust Fund (VHTF), bringing the total amount to $84 million over three years.

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US Conference of Mayors Calls on Candidates to Expand HUD Funding

The United States Conference of Mayors has issued a new report “Mayor’s Vision For America: A 2020 Call To Action” which calls for new investments in infrastructure, innovation and inclusion.  The report outlines 12 priorities including to “make housing more affordable and end homelessness.”  The report specifically calls for increased funding for the Community Development Block Grant and HOME Program as well as the creation of a new program for blighted neighborhood restoration.  Additionally, the report calls for the expansion of rental housing supply noting, “There is an increased need for rental housing. The nation needs to create and pursue policies to develop more rental housing.

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Nashville Mayor Proposes To Cut Affordable Housing Fund in Half

Due to the city’s ongoing budget crunch, newly-elected Nashville Mayor John Cooper has proposed to cut funding in half for the Barnes Fund for Affordable Housing.  The city faces an estimated budget shortfall of $41.5 million.  Mayor Cooper indicated the city would only award $5 million in Barnes Fund Grants this year.  The Barnes Fund was formed in 2013 and and has invested $37 million to date in affordable housing projects.

California Seeks Feedback On TOD Housing Program Update

The California Department of Housing and Community Development (HCD) is seeking feedback on the NOFA and program guidelines for the next round of its Transit-Oriented Development (TOD) program. Thanks to new, voter-approved housing bonds, the TOD program will be releasing a new NOFA in 2020. In preparation, HCD invites you to help shape Round 4 Guidelines by reviewing the Round 3 Guidelines from Fiscal Year 2013-2014 and providing feedback.

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Court Rules San Jose Must Comply with California Surplus Land – Affordable Housing Law

The Six District Court of Appeals in California issued a ruling on November 26, 2019 requiring the City of San Jose to comply with a state law that requires cities to make surplus public land available for affordable housing.  The San Francisco Chronicle reports that, “The ruling, if it stands, will apply to 121 cities in California, including the largest cities that have their own self-governing charters, like San Francisco, and contain about half the state’s population, said affordable-housing advocates who challenged the ordinance.”

Perceptions of Affordable Housing Investment: 2019 Study Key Findings

Kingsley Associates released an executive summary of findings from confidential interviews with 31 large institutional investors and investment advisors on the topic of affordable housing investment. They found three main reasons these investors chose not to invest in affordable housing:

The Federal Government’s “onerous rules and regulations.”
The miseducation (or under-education) of the investment community.
Investing in affordable housing solely to meet a mandate.

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NCSHA, EIG Publish Three Case Studies on Affordable Housing in Opportunity Zones

The National Council of State Housing Agencies (NCSHA) and the Economic Innovation Group (EIG) published three case studies of developments that incorporate Opportunity Zone investment to create new affordable homes and support community revitalization efforts in Ohio, Maryland and Florida. These are the first in a new series of Opportunity Zone Development Profiles that detail project financing, community socioeconomic data and projected economic impact. The profiles demonstrate how Opportunity Zone investments are being utilized to develop affordable homes for very-low- to moderate-income households, and how that investment is furthering community revitalization efforts and enhancing positive community impact.

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