Federal / Agency News
Preserving Mixed-Finance Properties
NH&RA’s HOPE VI/Mixed-Finance Working Group, a council formed to find preservation solutions to a portfolio of severely distressed properties, submitted recommendations to HUD last week for criteria it should consider in determining whether a property is eligible for a Section 18 repositioning.
NH&RA’s Forms New CT Council for Housing Production Agency Collaboration
NH&RA’s newly formed membership council, the Connecticut Council for Housing Production, was established to enhance and expand the utility of Connecticut’s current housing programs and streamline the processes.
Enterprise Community Loan Fund
The Enterprise Community Loan Fund (ECLF) is a leading provider of affordable housing financing, focused on creating and preserving affordable homes, especially in underserved communities.
Ford Foundation Affordable Housing Capital
The Ford Foundation provides grants and low-interest loans for predevelopment activities for affordable housing.
LISC Predevelopment Financing
Local Initiatives Support Corporation (LISC) provides flexible predevelopment funding to developers involved in affordable housing.
NeighborWorks America Funding the Costs to Closing
NeighborWorks America provides predevelopment loan funds to help developers cover early-stage costs associated with affordable housing projects.
The Treasury’s Capital Magnet Fund
The Capital Magnet Fund (CMF), administered by the U.S. Department of the Treasury, aims to support affordable housing development and community revitalization efforts.
LIHTC and JV Equity Funds Bolster Affordable Housing
Enterprise has successfully secured over $500 million through the closing of two new affordable housing funds.
Funding Predevelopment Costs
Predevelopment funding for affordable projects plays a crucial role in realizing the vision for the projects covering the upfront costs incurred before a project can formally begin.
Section 538 Loan Program
USDA Section 538 loans are part of the U.S. Department of Agriculture’s Rural Development program aimed at supporting the construction, renovation and preservation of affordable rental housing in rural areas.
HUD’s Recent Housing Investments
The recent announcement of over $279 million in new investments through HUD’s Green and Resilient Retrofit Program (GRRP) represents a significant boost for affordable housing developers, particularly those focused on multifamily rental units.
Federal Funding for Affordable Development
The Multifamily Preservation and Revitalization (MPR) Program and Section 515 Subsequent Loans for Preservation for FY 2024 offer significant financial resources to help affordable multifamily rental developers maintain and improve their properties in rural areas.