News
Public Overwhelmingly Believes Housing Affordability Should Be A Top National Priority; Expects Congress and President To Take Major Action
The Opportunity Starts at Home campaign released the results of a national public opinion poll showing that the vast majority of the public (85 percent) believes that ensuring everyone has a safe, decent and affordable place to live should be a “top national priority.”
Updates to the Environmental Review Requirements for RAD Conversions – Quick Reference Guide
HUD revised the Quick Reference Guide for Environmental Review Requirements for RAD Conversions. This version provides a more streamlined organization of information, incorporates frequently asked questions and introduces simplified environmental reviews for RAD conversions to PBRA that do not entail any work.
HUD Charges Facebook With Housing Discrimination Over Targeted Advertising Practices, Investigating Google and Twitter
HUD announced that it charged Facebook with violating the Fair Housing Act by encouraging, enabling and causing housing discrimination through the company’s advertising platform. HUD alleges that Facebook unlawfully discriminates based on race, color, national origin, religion, familial status, sex and disability by restricting who can view housing-related ads on Facebook’s platforms and across the internet.
Update to NMTC Certification, Compliance Monitoring and Evaluation FAQs Available
The Community Development Financial Institutions Fund (CDFI) Fund updated its Frequently Asked Questions (FAQ) document for New Markets Tax Credit (NMTC) Program compliance. This document supersedes the May 2017 publication of the FAQ document by adding, revising, or updating select questions from the earlier edition.
CDFI Fund’s FY 2018 Year in Review
The Treasury’s Community Development Financial Insinuations (CDFI) Fund released its fiscal year (FY) 2018 Year in Review. CDFI Program award recipients last year reported $11.1 billion of lending and investment activity – an increase of nearly 50 percent over the activity reported in FY 2017.
Senate Banking Committee Holds Two Hearings on Housing Finance Reform
On March 26 and 27 the full Senate Committee on Banking, Housing and Urban Affairs held hearing on Chairman Mike Crapo’s (R-ID) Housing Finance Reform Outline. At the March 26 hearing Chairman Crapo said he wants to “bring to a close the conservatorship era.” Former Acting FHFA Director Edward DeMarco stated that “the outline captures the consensus elements of prior reform proposals and serves as a solid workable foundation from which to develop legislation.” At the March 27 hearing Chairman Crapo said he “considers Housing Finance Reform to be a top priority for the Banking Committee this Congress” and that “the status quo is simply not a valid viable option.”
FHLB Chicago 2019 AHP Application Workshops
Join the Federal Home Loan Bank (FHLB) of Chicago staff to learn more about the 2019 competitive Affordable Housing Program (AHP). Workshops cover eligibility, project feasibility and changes to the scoring guidelines. Member institutions, potential sponsors and project consultants are encouraged to attend.
Oregon’s Land Acquisition Program
Oregon Housing and Community Services (OHCS) opened a Land Acquisition Program (LAP) in November of 2018 with $2.5 million in available resources. This program is designed to provide loans for purchasing land for affordable homeownership and affordable rental housing. Loan periods may not exceed 8 years and loan terms are 1 percent simple interest and a 1 percent loan fee is paid at the time of the construction loan.
California HCD Awards Homelessness Funding
The California Department of Housing and Community Development (HCD) announced awards totaling $302 million from the No Place Like Home program. HCD also announced awards totaling $11 million from the federal Emergency Solutions Grants (ESG) program.
Nashville Mayor Commits $500M To Affordable Housing, Seeks Help From Private Sector
Nashville Mayor David Briley unveiled his 10-year housing plan, Under One Roof 2029. The initiative aims to create at least 10,000 new units by investing $750 million over the next 10 years in affordable housing in Nashville, with $500 million of that coming from the city.
Seattle Upzones 27 Neighborhood Hubs, Passes Affordable-Housing Requirements
The Seattle City Council unanimously passed Mandatory Housing Affordability (MHA) upzones that allow higher density and impose affordable housing requirements on more than two dozen neighborhoods. This action upzones 27 neighborhood hubs, requiring developers in those areas to set aside 5 to 11 percent of their developments as affordable units or pay $5 to $32.75 per square foot in fees.
Freddie Mac: Tax Incentives Set to Drive Multifamily Investments in Opportunity Zones
A Multifamily in Focus research paper released by Freddie Mac shows that the Opportunity Zones tax incentives will likely lead to a significant influx of capital to multifamily investments in Opportunity Zones. The research paper compares a hypothetical investment under the tax structures offered by both traditional and Opportunity Fund circumstances.