Rental Housing: Encouraging New Construction and Promoting Preservation

Arizona Department of Housing:
Centerline on Glendale

Centerline on Glendale is a transformative new mixed-income housing development in Glendale, Arizona, made possible through Arizona’s State Low-Income Housing Tax Credit program, newly established by the passage of S.B. 1124 in 2021 with strong bipartisan support from the Arizona legislature. The project exemplifies the impact of public-private partnerships, delivering 368 high-quality, affordable apartment homes, in the city’s downtown redevelopment corridor.

Illinois Housing Development Authority:
Preparing the Next Generation of Illinois’ Rental-Housing Developers

Illinois faces a severe shortage of affordable rental housing, but new developers often hesitate to start such projects due to many barriers. The Illinois Housing Development Authority launched the Next Gen initiative to address these challenges, offering knowledge and support for new developers. This comprehensive program is expanding the pool of geographically diverse developers who are motivated to build more units and help solve the state's rental housing crisis.

Iowa Finance Authority:
Iowa Thriving Communities

Iowa Thriving Communities changed where developers look—putting housing-ready communities on their radar and connecting them directly to opportunity. In two years, 17 communities generated 1,100 homes and $123.25M in impact. More than a designation, it created a statewide signal that aligned leaders, attracted developers, and turned local commitment into real housing results.

Michigan State Housing Development Authority:
Housing Tax Increment Financing (TIF): Leveraging Established Tools for Innovative Solutions

Michigan’s Housing Tax Increment Financing program is a flexible, locally driven tool that is quickly closing financing gaps, accelerating production, and offering a scalable model for HFAs to replicate nationwide. It leverages future tax growth to finance housing today. By capturing increased property tax revenue on new development for up to 30 years, local governments can reimburse projects that commit to affordability at or below 120% AMI.

Minnesota Housing:
Facing Reality: Minnesota’s Targeted Stabilization Framework for Affordable Housing

Minnesota Housing developed “Minnesota’s Preservation Framework for the Targeted Stabilization of Regulated Affordable Housing” to address a constraint facing all HFAs: There is not enough funding to preserve every property, even as financial and physical challenges continue to grow. Rather than focusing on new programs, the Framework establishes a disciplined approach to stabilization using existing tools, helping determine when intervention is warranted — and when it is not.

New Jersey Housing and Mortgage Finance Agency:
Urban Preservation Program for Multifamily Production and Preservation

New Jersey, like the entire United States, faces a shortage of affordable housing. At the same time, older units, predominately in urban centers, are at risk of exiting affordability controls. NJHMFA’s Urban Preservation Program is designed to alleviate these pressures by helping preserve, renovate, and rebuild affordable housing in urban areas. Through focused and targeted investment, this program protects the long-term affordability and habitability of New Jersey’s existing housing stock.

New York City Housing Development Corporation:
Turning Policy Reform into Housing Production – Early Deployment of the 25% Test

HDC rapidly operationalized the federal 25% Test reform through its 2026 Series A issuance. By halving the bond threshold for 4% LIHTC, HDC nearly doubled housing production—supporting 2,621 units versus 1,300 under prior rules using the same bond cap. Utilizing an innovative mix of recycled bonds and FHLB-NY index bonds, HDC mitigated interest rate risk and increased future recycling capacity by 30%, creating a replicable national model.

New York State Homes and Community Renewal:
New York State’s Reserve Replenishment Program: Expedited Assistance for Distressed Properties

New York State Homes and Community Renewal (HCR) is the State’s affordable housing agency. We offer bonds, tax credits, and subsidies, and we monitor and regulate a portfolio of 268K affordable units. Property operating costs have increased significantly, resulting in financial challenges for many properties. To fill this gap, HCR has dedicated $30 million to a new Reserve Replenishment Program (RRP) to fund projects with demonstrated need between refinancing cycles.

Oregon Housing and Community Services:
Strategies to Preserve Oregon’s Affordable Housing Portfolio

Oregon’s affordable housing properties face growing challenges to remain operational. Through OHCS’ analysis of the statewide portfolio, targeted stabilization via Property Stabilization Investments, and streamlined administrative processes for owners and agents, Oregon is leading the way in innovative, effective affordable housing preservation strategies.