On December 17, Governor Charlie Baker (R) signed the supplemental budget to close out the $1 billion surplus from Fiscal Year (FY) 2019. The budget includes $2.5 million for a down payment assistance program for first-time homebuyers with low and moderate incomes as well as $2 million for a rental and mortgage arrearage assistance pilot program established under Residential Assistance for Families in Transition.
General News Category Archives
On January 7, in his State of the City address, Mayor Martin Walsh (D) pledged to dedicate $500 million over the next five years for affordable housing. These new investments will create rental and homeownership opportunities, preserve public housing, and establish a city-funded rental voucher program.Read More
The Federal Home Loan Bank of Boston (FHLBank Boston) is hosting three sessions to assess its Affordable Housing Program (AHP) priorities and competitive scoring framework to ensure that the program remains a vital, flexible capital source to support a wide range of affordable housing initiatives across New England and the communities its members serve.Read More
U.S. employers added 145,000 jobs in December, below the 160,000 expected, according to Bloomberg. Like hiring, wage growth has also slowed, calling into question the real strength of the labor market after November’s surge.Read More
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.Read More
The housing market posted strong results this week. On Tuesday, Bloomberg reported that housing starts rose 3.2 percent in November, pulling the annual pace up from 1,323,000 to 1,365,000, a three-month high. In other housing news, building permits unexpectedly rose 1.4 percent in November from 1,461,000 to a 1,482,000-unit pace, a more than twelve-year high.Read More
US equity markets rebounded as various news outlets reported that the U.S. and China are getting closer to agreeing on the amount of tariffs that would be rolled back in a Phase One trade deal.Read More
The Washington State Housing Finance Commission named Steve Walker as its new executive director after a nationwide search. Walker returns to the Commission, where he was director of Multifamily Housing and Community Facilities until 2013, after most recently leading the City of Seattle Office of Housing.Read More
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.