April 5, 2018
Texas' housing inventory hits 28-year low
By Bryan Pope, Managing Editor, Real Estate Center at Texas A&M University
COLLEGE STATION, Tex. (Real Estate Center) – Recent U.S. Census data show Texas’
population grew by more than 1,000 people a day last year. Many of those new arrivals may find housing options here limited.
A new Real Estate Center report shows the state had a 3.4-month supply of new and existing single-family homes for sale in February, a 28-year record low for the state. This means it would take 3.4 months for homes listed for sale to sell at the market’s current pace. The Center considers a six-to 6.5-months supply a balanced market. The rest of the story...
Gill Group: Carson Testifies at Senate Banking Committee HUD Oversight Hearing
At the end of March, HUD Secretary Ben Carson testified at a Senate Committee on Banking, Housing, and Urban Affairs hearing
titled “Oversight at HUD” and responded to questions regarding HUD’s Fiscal Year (FY) 2019 budget and rent reform
proposals, recent actions on fair housing, and oversight at the agency. The rest of the story...
March 27, 2018
Consolidated Appropriations Act 2018 Adds Third Optional Test for Qualified Low-Income Housing
Projects and Increases Low-Income Housing Tax Credit Ceiling
Paul Hastings LLP
On December 22, 2017, President Donald Trump signed into law tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “TCJA”). The TCJA was rushed through Congress, which resulted in several drafting errors, oversights, and disconnects that have been discovered during the months following the TCJA’s effective date of January 1, 2018. On March 23, 2018, the President signed into law the Consolidated Appropriations Act, 2018 (the “CAA”), a $1.3 trillion spending bill which also includes a series of tax law corrections in order to address some of the errors in the TCJA. The rest of the story...
March 23, 2018
House and Senate Pass Omnibus with Provisions to Strengthen and Expand the Housing Credit
Yesterday the House and the Senate voted to approve a $1.3 trillion omnibus spending bill and the president signed it into
The omnibus includes two key provisions to strengthen and expand the Housing Credit, taken from the Affordable Housing
Credit Improvement Act (S. 548/H.R. 1661):
March 23, 2018
NALHFA Claims Victory In New Spending Bill
Last night Congress released the text for a FY2018 budget deal that includes big raises to important HUD programs
and improvements to the Low-Income Housing Tax Credit (LIHTC) program. The budget deal is a substantial victory
for NALHFA and local communities across the country. If passed by Congress and signed by the President, it will ensure funding through September of this year for critical resources necessary to combat the affordable housing crisis in the United States. The rest of the story...
March 23, 2018
New Firm to Launch Alternative Financing for Affordable Housing
Developer Michael Costa is among the founders of Align Finance Partners.
By Donna Kimura
There may be a new way to finance apartment projects that include affordable housing.
Align Finance Partners, a recently formed private commercial real estate finance company, plans to provide subordinate gap financing for the acquisition, renovation, and development of multifamily communities in the West. The rest of the story...
March 21, 2018
AHF: Diverse Groups Unite for Housing
The Opportunity Starts at Home campaign includes civil rights, education, and health organizations.
With the understanding that housing means more than shelter, a wide-ranging group of organizations have joined together on a national multi-sector housing campaign. The rest of the story...
March 16, 2018
AHF: Cadik to Lead the Affordable Housing Tax Credit Coalition
She has been a key advocate for the housing credit.
Emily Cadik has been named executive director of the Affordable Housing Tax Credit Coalition (AHTCC), effective April 9. The rest of the story...
February 26, 2018
Affordable Housing Finance: Fannie and Freddie Return
There’s good news for affordable housing developers who build in places that sometime get neglected.
Sponsored by PNC
Fannie Mae and Freddie Mac are once again investing in low-income housing tax credits (LIHTCs). Their explicit mission is to invest in affordable housing developments that are underserved by LIHTC investors—particularly in times of uncertainty. The rest of the story...
February 26, 2018
Opportunity Zones: What They Are, Why They Matter
Enterprise's Lori Chatman details the newest community development program.
By Lori Chatman
As Congress considered the Tax Cuts and Jobs Act last year, the fight to save key affordable housing and community development programs made it easy to overlook another of its provisions, one to create a program with the potential to give a powerful boost to economically struggling communities. The next several months will be critical to the impact of this new program. The rest of the story...
February 7, 2018
Affordable Housing a Platform for Healthy and Stable Communities
Fannie Mae’s Bob Simpson shares how the GSE is creating innovative financing for healthy homes.
By Bob Simpson
In Evicted, author Matthew Desmond writes, “The home is the center of life. It is a refuge from the grind of work, the pressure of school and the menace of the streets.” The rest of the story...
March 13, 2018
Novogradac Report: U.S. Has Shortage of 7.2 Million Affordable, Available Homes for ELI Renters
The United States has a shortage of 7.2 million affordable, available rental homes for extremely low-income (ELI)
renters, according to a report issued today by the National Low Income Housing Coalition. “The Gap: A Shortage of
Affordable Homes” reports that only 35 affordable, available rental homes exist for every 100 ELI rental households–defined as households at or below the poverty level or 30 percent of their area median income–and that 71 percent of ELI renter households spend more than half their income on rent and utilities. In its discussion about federal policy solutions, NLIHC said it supports efforts to expand and improve the Low Income Housing Tax Credit (LIHTC) such as those proposed in S. 548, The Affordable Housing Credit Improvement Act of 2017, introduced by Sens. Maria Cantwell, D-Wash., and Orin Hatch, R-Utah.
March 8, 2018
Novogradac: Senate Democrats Unveil $1 Trillion Infrastructure Plan
A group of nine Senate Democrats, including Minority Leader Chuck Schumer, D-N.Y., unveiled a $1 trillion infrastructure plan Wednesday that includes measures from the Affordable Housing Credit Improvement Act and proposes several renewable energy tax credits. The plan suggests strengthening the low-income housing tax credit (LIHTC), but doesn’t specify how to do so. The plan would also increase funding for the Choice Neighborhoods and Community Development Block Grant programs. The proposal includes $140 billion for roads and bridges, $115 billion for water and sewer systems, $115 billion for public transportation, $80 billion for energy grid innovation, $50 billion for rail infrastructure and $30 billion for ports and waterways. The infrastructure plan calls for a rollback to some changes made in H.R. 1, the tax legislation passed at the end of 2017. The changes include an increase in the corporate tax rate from 21 percent to 25 percent and a return to income taxes and estate taxes for high-income earners that were present before the passage of H.R. 1.
March 2, 2018
Novogradac: IRS Releases Adjusted 2018 Caps for LIHTCs, PABs
The Internal Revenue Service (IRS) today issued Revenue Procedure 2018-18, which includes updated low-income housing tax credit (LIHTC) and private activity bond (PAB) state cap numbers based on a chained consumer-price index introduced by tax legislation that passed in December. The LIHTC per-capita amount is $2.40, unchanged from October, and the small state minimum is $2,760,000, just $5,000 less than announced last year. The PAB per-capita amount is $105, also unchanged from October, and the small-state minimum is $310,710,000, a decrease of $665,000 from the cap set last year.
March 6, 2018
FHFA Issues Proposed Rule Amending Federal Home Loan Banks’
Affordable Housing Program Regulation
Washington, D.C. – The Federal Housing Finance Agency (FHFA) is seeking comments on proposed amendments to
its regulation on the Federal Home Loan Banks' (FHLBanks) Affordable Housing Program (AHP).
The proposed amendments would authorize the FHLBanks to redesign their project selection systems and create special targeted funds, which would allow the FHLBanks more flexibility to align their AHP funds with the distinct affordable housing needs in their districts. The amendments would also make the program easier to use, both for the FHLBanks and award recipients, by reducing regulatory requirements that are redundant with other federal programs. In 2017 the FHLBanks' net income generated $384 million in AHP funding, and the average contribution for the last five years has exceeded $300 million per year. The rest of the story...
March 20, 2018
FRBD: Seizing the Opportunity for Equitable and Inclusive Redevelopment:
Galveston’s Trials After Hurricane Ike Offer Lessons for Other Communities
This report focuses on Galveston, Texas, and the redevelopment of affordable public housing units following Hurricane Ike in September 2008. Nearly 10 years later, many low- and moderate-income neighborhoods and affordable homes that once existed have not been rebuilt or replaced. The result is a community that is less economically diverse and likely to face serious workforce challenges in the coming years as it seeks to compete in one of the fastest-growing regions of the nation. While this report is about Hurricane Ike, Hurricane Harvey has given the story of Galveston’s redevelopment new relevance. The lessons learned can serve to inform individuals and communities recovering from natural disasters across the U.S. The rest of the story...
March 7, 2018
MFE: Why Private and Institutional Investment Is the Future of Affordable Housing Preservation
Investment in the affordable sector truly allows both private and institutional investors to align their profits with
their goals for making positive social impact.
By John R. Williams
Although the low-income housing tax credit (LIHTC) emerged unscathed in the passage of the Tax Cuts and Jobs Act last December, many industry leaders are wondering whether the corporate tax cut will reduce the amount of LIHTC equity available, leading to a slight decline in new affordable housing development.The rest of the story...
January 22, 2018
Fannie Mae Offers Incentive to Borrowers Who Improve Well-being of Affordable Housing Tenants
The Enhanced Resident Services became available Jan. 15.
Fannie Mae has introduced a new product enhancement meant to encourage multifamily borrowers to provide resident services that improve the health and well-being of tenants in affordable housing. The rest of the story...
February 20, 2018
Mixed Messages on PABs:
Fit for the Chopping Block or Cornerstone of Infrastructure Finance?
By Victoria Ozimek and Brian Teaff
Only a few months ago, the public finance industry was shaken when the U.S. House of Representatives proposed to eliminate tax-exempt private activity bonds ("PABs"), despite previous assurances that tax reform would not touch tax-exempt bonds. Although the final Tax Cuts and Jobs Act passed in late December retained all categories of PABs, some members of Congress continued to warn that the conversation relating to PABs was not yet over and the scope of PABs should be limited in future legislation. The rest of the story…
Texas Association of Local Housing Finance Agencies