General News
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.
Bill Introduced in South Carolina to Create State LIHTC for OZs
On November 20, 2019 Legislation introduced in the South Carolina Legislature that would create a state low-income housing tax credit (LIHTC) for properties in opportunity zones. Analysis of the legislation by Novogradac & Company finds that the measure “would create a 25 percent tax credit for investment in the state’s OZs and add OZs to other state incentive programs.
Federal Reserve Bank of Philadelphia Publishes OZ Case Studies
Lei Ding and Peter Birke of the Federal Reserve Bank of Philadelphia have published a report on Opportunity Zones, “How Are Cities Leveraging Opportunity Zones for Community Development? Philadelphia as a Case Study.” Using Philadelphia as a case study, this study intends to reflect on the selection of Opportunity Zones in major cities and to explore real estate market trends and residential mobility in designated zones in Philadelphia.
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 […]
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.
CalHFA Publishes Term Sheet & Key Program Dates for Mixed-Income Program
The California Housing Finance Agency (CalHFA) recently published a term-sheet for its new Mixed-Income Program (“MIP”), which provides competitive long-term subordinate financing for new construction multifamily housing projects restricting units (tax credit or CalHFA) between 30% and 120% of county Area Median Income (“AMI”).
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 […]
Steve Walker Named New Executive Director of the Washington State Housing Finance Commission
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.
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.
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.
Florida Governor Recommends Full Funding for Affordable Housing Programs in Budget
Governor Ron DeSantis (R-FL) announced full funding for affordable and workforce housing programs. Unveiled in his Bolder, Brighter, Better Future Budget, the Governor recommends providing $387 million to the affordable housing trust funds – $119.8 million for the State Apartment Incentive Loan (SAIL) program and $267.2 million for the State Housing Initiative Partnership (SHIP) program.
Louisville, Kentucky: Family Scholar House Helps Residents Achieve Economic Independence through Academic Success
HUD User published a case study on the Riverport Family Scholar House, one part of a larger multi-generational housing development. Riverport provides affordable housing and a network of support services to single parents and foster care alumni who are pursuing post-secondary education in Louisville, KY. Residents receive access to free or heavily subsidized child care, […]