NCSHA works with the Administration and the congressional appropriations committees to seek maximum funding for HUD and USDA programs relevant to HFAs.
In the event of a Presidentially Declared Disaster (PDD), federal agencies such as HUD and Treasury may waive certain program requirements in disaster-impacted areas.
Since the release of the AFFH final rule, NCSHA has worked with HUD on the steps the agency still needs to take before state-level grantees can begin implementing AFFH.
Federal Financial Regulations
The Dodd–Frank Wall Street Reform and Consumer Protection Act (commonly referred to as Dodd-Frank) has brought the most significant changes to financial regulation in the United States since the regulatory reform that followed the Great Depression.
FHA-HFA Risk-Share Program
Congress established the Federal Housing Agency (FHA) – Housing Finance Agency (HFA) Multifamily Risk-Sharing program in 1992 to increase and speed up FHA’s multifamily mortgage production. The FHA-HFA Risk-Sharing program allows state HFAs that meet rigorous financial standards to underwrite FHA multifamily loans in return for sharing the risk of losses on those loans.
The Federal Housing Administration (FHA) administers single-family and multifamily mortgage insurance programs within the U.S. Department of Housing and Urban Development (HUD).
Hardest Hit Foreclosure Initiative
In the wake of the nation’s worst economic crisis since the Great Depression, the Administration enlisted state HFAs’ help in solving some of the nation’s toughest housing problems.
The HOME Investment Partnerships program is a federal block grant that provides states and localities with a flexible funding source to meet their diverse affordable housing needs.
State and local governments sell tax-exempt Housing Bonds, commonly known as Mortgage Revenue Bonds (MRBs) and Multifamily Housing Bonds, and use the proceeds to finance low-cost mortgages for lower income first-time homebuyers or the production of apartments at rents affordable to lower income families. MRBs have made first-time homeownership possible for over 3 million lower income families, approximately 100,000 every year.
Housing Choice Vouchers
Many HFAs administer the Housing Choice Voucher (voucher) program, HUD’s largest rental assistance program, assisting more than five million people in 2.2 million low-income households.
The Low Income Housing Tax Credit (Housing Credit) is a federal tax credit created by President Reagan and Congress in the Tax Reform Act of 1986 designed to encourage private sector investment in the new construction, acquisition, and rehabilitation of rental housing affordable to low-income households. Over the last three decades, the Housing Credit has become the most successful affordable rental housing production program in history.
Housing Government-Sponsored Enterprises
Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (FHLBs) are government-sponsored enterprises (GSEs) that help bring capital to the housing markets.
Housing Trust Fund
The Housing Trust Fund (HTF) is a permanent federal fund authorized by the Housing and Economic Recovery Act of 2008 (HERA).
Opportunity Zones, a new community development tool authorized in H.R. 1, the Tax Cuts and Jobs Act of 2017, to encourage investment in designated high-poverty neighborhoods
State HFAs work actively to preserve affordable rental properties “at-risk” of being lost to the affordable housing inventory and offer financing to profit and not-for-profit developers to encourage the preservation of affordable housing in their states.
Project Based Section 8 Rental Assistance
The Housing and Community Development Act of 1974 created the project-based Section 8 rental assistance program. Under the program, HUD enters into contracts with property owners to provide rental assistance for a fixed period of time for low-income families.
HFAs are involved in a number of rural housing programs, including the US Department of Agriculture’s (USDA) Section 515 and 538 multifamily housing programs and Section 502 single-family housing program and the US Department of Housing and Urban Development’s (HUD) Rural Housing and Economic Development program.
Special Needs Housing
State HFAs and their partners provide affordable housing for persons with special needs, including those with physical disabilities, mental illness, substance abuse and addictions, as well as homeless families, and the elderly, all of whom may need supportive services to succeed.
HFAs’ affordable housing efforts increasingly emphasize making homes and communities more sustainable by promoting energy-efficiency, connecting housing to jobs, increasing access to affordable transportation, supporting educational opportunity, and making homes healthier.