Rental Housing: Encouraging New Construction
Recognizes programs that best support the new construction of affordable rental housing.
Note: Individual developments are not eligible for an award.
Rental Housing entries will be judged on the degree to which they:
- Are innovative
- Are replicable
- Respond to an important state housing need
- Demonstrate measurable benefits to HFA targeted customers
- Have a proven track record of success in the marketplace
- Provide benefits that outweigh costs
- Demonstrate effective use of resources
- Effectively employ partnerships
- Achieve strategic objectives
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Oregon Housing and Community Services
Illinois Housing Development Authority:
IHDA's Direct Purchase Bond Program
An innovative risk-sharing structure creates financial benefits for HFAs, multifamily lending partners, and borrowers.
Kentucky Housing Corporation:
Innovative Strategy to Encourage Production for Innovative Housing Solutions
KHC's key activities were strategized and connected with purpose—to approach housing, coupled with support services in new ways, to increase affordable, replicable, innovative housing solutions for underserved and growing populations.
New York City Housing Development Corporation:
Financing Mixed-Income Developments (Forward Securitization and M2 Program)
HDC’s Mitchell-Lama Reinvestment Program (MLRP) is rapidly deploying new capital to provide low-cost, long-term financing needed to anchor the affordability of the approximately 100 remaining moderate- income Mitchell-Lama developments originally developed in the 60s and 70s. These developments consist of more than 45,000 homes (of which 9000 units have been refinanced), resulting in the preservation of a significant source of affordable homeownership and rental units in New York City.
New York State Homes and Community Renewal:
Vital Brooklyn: A Comprehensive Approach to Community Health, Building Affordable Housing and Creating a Sustainable Future
The $1.4 billion Vital Brooklyn initiative empowered residents of Central Brooklyn to participate in designing a new, holistic model for community development and wellness that leverages new and existing resources, with a focus on creating 4,000 units of new, resilient and affordable housing, complemented by enhanced open space and recreation opportunities, healthy food outlets, improved education resources, economic empowerment, violence prevention, healthcare, and resiliency initiatives.
Oregon Housing and Community Services:
Local Innovation and Fast Track (LIFT) Housing Program
OHCS’ LIFT program is a powerful new tool to produce affordable rental housing in communities across Oregon. In particular, LIFT has been a game changer to open doors in rural communities by leveraging federal resources, building partnerships and fast tracking housing development. To date, LIFT has produced more than 2,000 new affordable homes across the state.
Tennessee Housing Development Agency:
Powerful Partners: The RAD Program & PHAs
In 2015, THDA made a policy decision to support the lowest income Tennesseans find safe, sound affordable housing. That decision meant business could not continue as usual. We had to step outside the box. And outside the box is where we found two unlikely partners - the Rental Assistance Demonstration program and Public Housing Authorities.
Vermont Housing Finance Agency:
Incentivizing Supportive Housing for the Homeless
When Vermont Housing Finance Agency sought to encourage the production of tax credit housing with supportive services for homeless Vermonters, it was faced with the reality that most new units would not have the necessary rental assistance to make them sustainable. VHFA’s innovative approach was to allow new units to be situated either in the new project OR in existing units elsewhere in the sponsor’s portfolio, resulting in a substantial increase in applications with supportive housing.
Stretching the 9's
VHDA created a program that is making more efficient use of 9% credits by blending them with 4% credits, thereby allowing developments as a whole to use fewer 9% credits than they otherwise would. The benefit of this program is that it “stretches” the pool of tax credits, thereby allowing more affordable housing to be built. In fact, it is estimated that one extra medium sized development (70 units) can be built each year as a result of this program.
Wisconsin Housing & Economic Development Authority:
WHEDA Financing of Welford Sanders Historic Lofts
Welford Sanders Historic Lofts is a $21 million historic renovation of an underutilized, blighted 190,000 square foot building originally constructed as the Nunn Bush Shoe Factory in Milwaukee in 1916. WHEDA and its developer partners collaborated with community leaders to construct a 59-unit affordable housing complex that also includes a 40,000 square foot job center that focuses on job creation in a community of great economic need.